Should credit cards market on college campuses?
When you're 19 years old, getting a free t-shirt for filling out a form is like trading a dirt for gold. I don't know if it's the "free" part, the "t-shirt" part, or both, but I remember walking by tables set up on the quad and giving up my name and social security number for a gray Citibank t-shirt that read "COLLEGE" across the front. A few weeks later, I had a bright, shiny credit card with my name across the bottom. Now, I don't have either.
At that age, life is about expressing your adulthood in as many ways as possible, including swiping a credit the way you'd seen your parents do. Credit card companies know this and it's one of the tactics they use to lure eager teenagers into applying for credit cards before they're ready.
A New York State Attorney General's assistant is currently doing an investigation on credit card companies and college campuses. So far, he's found that credit card companies often have monetary arrangements with campuses to market credit cards to students. Marketing methods include giving away free items like I described above, using peer pressure, and cobranding with colleges. (via U.S. News)
Poll:Should credit cards be allowed to market on college campuses?
Comments
College students need to learn the basics of building good credit before getting a credit card. A student should not apply for a credit card to receive some free giveaway that is being offered to them on campus. A student does have the right to get credit if they want though. When a student is educated and ready they should consider their options and compare student credit cards side by side. Use the internet, a site like StudentCreditCards.com, and avoid on campus credit card marketers