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18/07/2011 -
College students applied for fewer credit cards last year, likely reflecting legislation from the 2009 Credit CARD Act that placed a limit on the how much issuers could market cards to the young demographic.The Federal Reserve reported last week that the number of cards issued through colleges, universities and alumni associations fell by 17 percent in 2010. The number of marketing agreements between credit card companies and educational institutions dropped by 4 percent from the previous year.
There was also a 13 percent drop in the amount of money schools received from credit card marketing associations, further underlining the role CARD Act stipulations played in curbing the number of credit cards among the student population.
"I don't think the industry has given up on students, but some colleges have eliminated students from their ongoing contracts," Ed Mierzwinski, director of the consumer program at the National Association of State Public Interest Research Groups, told USA Today.
The news came the same week as a FICO survey that found 69 percent of bankers in the U.S. expect consumer delinquency rates to remain level or decrease over the next six months.
