The Principles of Responsible College Credit Card Marketing
We're working to get colleges to adopt these principles. Sign below in support of these principles to promote responsible credit card marketing on campus. These principles are supported by the
American Council on Education, the National Association of College Business
Officers, and NASPA (Student Affairs Administrators in Higher
Education).
1. Prohibit use of gifts in marketing on campus. Credit card banks, issuers, and vendors shall be prohibited from offering anything of value, including food, clothing, sports equipment, travel vouchers, coupons, or equivalents, for purposes of soliciting an application for a credit card on campus. In addition, credit card banks, issuers and vendors are prohibited from offering financial support or other goods and services to any campus employee or campus department in exchange for marketing privileges.
2. Control passive marketing techniques. Posters and flyers shall comply with college posting regulations. Credit card banks, issuers and vendors shall be prohibited from leaving their marketing materials posted or displayed for longer than the posting regulations that govern the campus.
3. Block acquisition of student lists. Purchase of student lists shall be prohibited on campus. Credit card banks, issuers and vendors are prohibited from purchasing lists of students of any kind currently enrolled at the campus.
4. Stop group sponsorship. Student group or departmental sponsorship shall be prohibited. Credit card banks, issuers and vendors are prohibited from negotiating deals with student groups and other campus departments such that the student group or department will receive financial support or any other goods and services for applications collected on behalf of a credit card company.
5. Increase financial education. Financial education shall be enhanced on campus. Colleges and universities shall increase resources to support training and educational programs that increase students’ consumer awareness and ability to navigate issues of student debt responsibly.
6. Credit card contractual terms and conditions that take advantage of students as consumers shall be discouraged. Colleges and universities should discourage specific credit card terms that take advantage of the consumer. Such practices include universal default - where a company will increase a consumer’s interest rate based on her payment record on another account not associated with the card; hidden fees - where a company does not disclose certain fees for paying by phone or ordering a copy of a bill; mandatory arbitration - where the consumer gives up the right to legal action against the company; changing contracts - where the company reserves the right to change all terms on the credit card at any time for any reason; and penalty interest rates above 20% that stay in place indefinitely.
