>>1026525I would sand off the rust, clean the area with a wax & grease remover, paint on some rust converter like pic related (dries black), and then cover it with hobby paint or nail polish.
More important imo is to spray some rust inhibitor into the frame tubes. I use LPS 3 i think it's called, but there's a bike specific product called frame saver that's good too. Steel frames are far more likely to rust from the inside out. This is good annual practice.
Another good option is to not give a fuck and do nothing, because a little rust is fine, but just offering some alternatives.
