Changes in Credit Card Marketing For Young Adults and Students
| July 27, 2009 |
I can still remember those days. Walking back from class and seeing signs and leaflets stating “Get a Free Large Pizza”. These signs and leaflets were always popping up on what seemed to be on Fridays, and thinking about it now was probably a great strategy to get about any college student thinking about it.
As you probably already know, the pizza was not exactly “free”. To get your pizza all you had to do was fill out a credit card application, and get quizzed by people trying to determine if the information that you wrote down was yours or not. Well needless to say, I went home that day with a large pizza.
Well with the Card Accountability, Responsibility and Disclosure Act, there will be a couple of changes to the way credit card issuers are able market to student and young adults on and off campus. For those that are on campus, this act includes requirements that card issuers and universities disclose agreements with respect to the marketing or distribution of credit cards to students. For those young consumers that may or may not be on campus the act still requires some things that may protect them for the time being.
Some requirements include:
- Signature of parent/guardian, or someone willing to take financial responsibility for debt
- Information indicating means for paying back any credit extended
- Proof that individual has completed certified courses
What have been some of the things that you were offered to get a credit card? Do freebies or discounts help you determine whether you get a card or not?
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