Major credit card firms have long targeted college students with aggressive marketing campaigns on campuses. However, thanks to provisions in the Credit Card Act, these firms are no longer able to offer rewards such as a free T-shirts or other benefits.
In an interview with The Associated Press, chairman and founder of Credit.com Adam Levin said that it was now much harder for those under 21 to sign up for merchant services programs.
“In the old days, if you could fog a mirror could get a credit card,” said Levin in an interview with the source. While they can no longer do it on their own, if a person under 21 does want to get a credit card they will likely have to have a parent co-sign.
According to finance website founder Scott Gamm, it can be a good idea for young adults to sign up for card programs in order to start building a positive credit score.
Among the products available to college students is the American Express Campus Edition Prepaid Card at Barnes and Noble stores.Back To Blog