Since it’s back-to-school time, I’m going to devote this week to a series of posts related to college students and credit cards.
According to a growing body of research, banks are getting both more aggressive and more creative in their efforts to pitch credit cards to college students.
The latest sign: A study released by the U.S. Public Interest Research Group shows that 76% of students say credit cards have been marketed to them through tables set up on or near college campuses, and nearly a third of these students have been offered a free gift to sign up. T-shirts were the most common gift given, but students also received Frisbees, candy, pizza — even iPods — to fill out a credit card application, according to the group’s research.
Research conducted by USA TODAY shows that despite nearly a dozen states’ restrictions on credit card marketing on college campuses, banks have become more aggressive about reaching students through phone calls, e-mail and off-campus locations.
College students have long been an attractive demographic to banks because they have few financial ties. Banks compete to provide students with credit cards and bank accounts in hopes that students will come back to the banks when they need mortgages and car loans.
Source: USA TODAY.com
