Credit Card Incentives For Student Applicants May Be Halted
Saturday April 7, 2007
Most college students have been exposed to the "free t-shirt" tactic used by credit card companies as an enticement to get more credit card applications filled out. Some have even fallen prey to it. After all, what college student doesn't want a free t-shirt? In California, however, this gimmick may soon be put to its death.
A San Jose Assemblyman, Joe Coto, is seeking to pass an act that will keep credit card companies from using incentives to get college students to fill out card applications. The bill, named "The College Student Protection Act", will also require banks and institutions of public universities to publish information about credit card marketing campaigns.
Without a free gift as compensation, college students will likely see credit card application requests for what they are - solicitations - and turn down the request rather than complete the application.
A San Jose Assemblyman, Joe Coto, is seeking to pass an act that will keep credit card companies from using incentives to get college students to fill out card applications. The bill, named "The College Student Protection Act", will also require banks and institutions of public universities to publish information about credit card marketing campaigns.
Without a free gift as compensation, college students will likely see credit card application requests for what they are - solicitations - and turn down the request rather than complete the application.
Comments
I agree that solicitation of college students is a potentially unethical marketing act by credit card companies, but isn’t offering low initial APR and point reward systems the same thing? It’s not a t-shirt in your hand, but it is an incentive to get them to fill out that application. Where do you draw the line?
I agree to this ammendmant and it should be a law
Credit card company’s have no business on a college campus
Students do not have a job and they should be studying and not shopping or partying on the credit card. It got me in trouble and it will haunt me for the rest of my life.
cash cash cash if you dont have it go get a job or dont sssssssspend it
I think this is smart. There are instances where students need access to credit cards , but this should be done with a non gimmick approach!