Friday, February 26, 2010
By Danielle Robson
A recent report from
SmartMoney.com notes that companies that make credit card offers
are still finding ways to market to college students on campuses.
The
website noted that some card companies are trying to attract parents in
an effort to get cards into the hands of younger people. Through the Credit Card Accountability, Responsibility and
Disclosure Act, people under 21 will have to get a co-signer to get a
card, unless they can prove they have the income to support accepting a
credit card offer.
The Credit CARD Act also keeps companies from
giving away freebies like pizza and T-shirts to college students in
exchange for having them apply for an account. However, Christine
Lindstrom, who is with the advocacy group U.S. Public Interest Research
Group, told the site that companies can still make giveaways as long as
they aren't tied to inking a student to an account application on the
spot.
Students aren't the only ones affected when it comes to
incomes and credit card offers. The Credit CARD Act also requires
lenders to take into account a person's pay before issuing them a card
or raising their limit.
