Student Credit Cards

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Colleges Pimping Their Students

Thursday, July 9th, 2009

Students on Campus

Students go to universities to gain an education, to discover their interests, to network, and to pursue degrees in their chosen fields of study. It should be a time to focus on academics and perhaps to have some fun. However, students are increasingly being targeted by predatory credit card lenders. Moreover, instead of safeguarding our students, universities and their alumni associations have elected to assist these card-issuing banks in exchange for additional revenue.

Some Universities in Bed Credit-Card Companies

Recently, BusinessWeek has uncovered over two dozen secret contracts between card-issuing banks and public universities. The main offense is universities are selling students’ personal information, typically to the highest bidding credit-card companies. This allows for the card-issuing banks to target their marketing campaigns to students. For example, the Ohio State alumni association worked out a seven-year, multimillion dollar deal with MBNA where the association provided the bank with email addresses, home addresses, and phone numbers for their 55,000 undergraduates. Under the contract, the card company was allowed to send at least 5 direct-mail marketing campaigns each year and contact students at least three times by phone each year. (Read more at: Watson Inc)

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{Photography by Euthman}

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Colleges Profit as Banks Market Credit Cards to Students

Friday, January 2nd, 2009

Michigan State Capitol Rotunda

EAST LANSING, Mich. — When Ryan T. Muneio was tailgating with his parents at a Michigan State football game this fall, he noticed a big tent emblazoned with a Bank of America logo. Inside, bank representatives were offering free T-shirts and other merchandise to those who applied for credit cards and other banking products.

“They did a good job,” Mr. Muneio, 21 and a junior at Michigan State, said of the tactic. “It was good advertising.”

Bank of America’s relationship with the university extends well beyond marketing at sports events. The bank has an $8.4 million, seven-year contract with Michigan State giving it access to students’ names and addresses and use of the university’s logo. The more students who take the banks’ credit cards, the more money the university gets. Under certain circumstances, Michigan State even stands to receive more money if students carry a balance on these cards.

Hundreds of colleges have contracts with lenders. But at a time of rising concern about student debt — and overall consumer debt — the arrangements have sounded alarm bells, and some student groups are starting to push back.

The relationships are reminiscent of those uncovered two years ago between student loan companies and universities. In those, some lenders offered universities an incentive to steer potential borrowers their way. (Read more at: NYTimes.com)

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{Photography by Jim Bowen}

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What you should know about credit cards for students

Monday, October 27th, 2008

Student life: Harvard Yard
Most credit card issuers have special credit cards for Students.  Usually these credit cards carry a higher interest rate because of the higher risk represented by students with little or no credit history and little or no income. At the same time, if used properly, student credit cards provide the best chance for young Americans to start a credit history that will ultimately give them a good credit rating.

From a student’s perspective, building a good credit rating is essential upon graduation to secure a car loan to commute to work, and to obtain a mortgage to buy a condo or a house instead of wasting money in rent.  Moreover, more and more employers are using credit score in their hiring process, and a good credit score will add an advantage against other candidates for the most prestigious positions.  And last but not least, insurance companies are starting to use credit scores as a way to assess risk and therefore rate, meaning that all other things being equal, individuals with a better credit score will pay lower premiums than individuals with lower credit score.

Of course a student credit card doesn’t come with all the perks as a regular credit cards.  Usually there are restrictions on credit limit, no-fee student credit cards are hard to come by, and there are few rewards offered.  Think of this as the “starter credit card”, you can use it to build credit and to make life on campus easier.  Use it to charge necessities like your books and school supplies and then pay off the balance in full at the end of the month. Parents also can benefit from their students carrying a credit card, so that instead of sending money and not having a good account of where the money was spent, they can better monitor expenses by checking the credit card bill, and then pay it on a monthly basis.  And in case of emergencies, like an unforeseen trip back home, when time is of the essence, the student can easily manage without worrying too much about having the parents send money, check clearing, or wiring fees.

It’s a very good idea for parents and student to discuss and plan the use of a credit card as a way to ease college life, to better manage the money aspect of education, and to prepare and educate the student to life after college.

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Sponsored by:

Photo Credits: Patrick Haney (cc)

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College Students! Here’s The Card For You: Capital One Platinum for Students

Friday, August 15th, 2008

Young adults just starting out in the world, mainly college students, lack the credit needed to qualify for a regular credit card. Or worse yet, they are offered high interest credit cards with high credit limits and college students just aren’t ready for that kind of responsibility.

Well now, Capital One Platinum for Students is offering college students with little or no credit history to begin the foundation of establishing a safe and affordable line of credit. This is the perfect beginners card; sort of like a credit card with training wheels. The Capital One Platinum for Students allows them to build their credit without putting them into financial ruins before the age of 21.

They offer a 0% APR on all purchases up until the end of 2008, then the rate increases to 19.55% APR. There are no fees for transferring balances and no annual fee.

The great thing about this card is they make it safe for college students starting out with a credit line that is manageable so you won’t get in over your head. So many times a college student will get their first credit card with a high credit limit. Before they know it, they have maxed it out and have no way to pay it back. This happens all too often. With the Capital One Platinum for Students they limit your spending so you can start slow and build your credit right. And if your card ever gets lost or stolen, there is $0 liability. How safe is that? Students can’t go wrong with the Capitol One Platinum for Students and parents will have the peace of mind knowing they aren’t going to have to mortgage their house to cover over spending that regular credit cards might make happen.

|| CLICK HERE TO APPLY ||

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A creative way to look at credit and credit cards for back to school

Friday, August 1st, 2008

Back to school season is a mixed blessing, new clothes, books, school supplies, the works.  No matter how well you have prepared there are always miscellaneous expenses and incidentals that creep out here and there, and then the real hassle begins: with little time to deal, how to pay shouldn’t add to the stress.

Include the Amazon.com Gift Card in your Back to School shopping, and it will come to the rescue when these emergencies will come to the horizon.

Some of the features:

  • Redeemable for millions of items;
  • Ships for free, never expires;
  • Available in any amount from $5 to $5,000.

Amazon.com has the most flexible way when it comes to gift cards, you can:

  • E-mail the gift card;
  • Print it at home;
  • Have Amazon.com send the gift card by (snail) mail.

And all without having to deal with the hassles and uncertainties of giving your kids your credit card.

|| CLICK HERE TO GET YOUR AMAZON.COM GIFT CARD ||

Amazon.com Gift Card via E-mail

Amazon.com Gift Card Print at Home

Amazon.com Gift Card by Mail

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A credit card that rewards students for good grades? YES, thanks to Upromise

Wednesday, July 30th, 2008

Credit Cards Mojo prides itself on navigating the credit card world to scout the best deal and match the best offerings with the best users.  If you are a good student, do you know what is the best card for you?

It might be the UPromise World MasterCard by Citi.  Why? you ask.  Here’s some reasons:

  • No minimum income required (*);
  • Extra points for getting good grades (*);
  • 10% EXTRA college savings on thousands of grocery and drugstore items (*);
  • 10% EXTRA college savings on 8,000+ Upromise Dining restaurants (*);
  • 1% college savings everywhere you shop (*);
  • No annual fee;
  • Low APR on balance transfers;
  • MasterCard® PayPass® Card, just tap and charge, no swiping, no signature required at participating retailers;
  • Year-end account statement;
  • 24-hour Global customer service.

No other card does more for students, and it’s good for parents too!

|| CLICK HERE TO APPLY ||

Upromise Citi World MasterCard

(*) See UPromise/Citi official web sites for details.

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Back to school: get the card that’s cool for you

Sunday, July 27th, 2008

Do you have a plan of action for your back to school experience?

Is a credit card design with the needs of a student like you in mind in your strategy?  It should be!  Incidentals, emergencies, necessities like books . . . much more efficient to use Capital One’s Platinum Credit Card for Young Adults, a financial tool that meets the needs of both students and parents, and what a great way to prepare for the real world by also building a good credit history?

  • 0% intro APR– pay no interest on purchases until the end of the year;
  • Fraud protection–$0 fraud liability if your card is lost or stolen;
  • Exclusive benefits–enjoy free online account servicing, special shopping discounts, extended warranty protection, and more;
  • No annual fee–get the convenience of credit without paying an annual fee.

Presenting Capital One’s Platinum Credit Card for Young Adults, now in 6 styles to match your personality:

|| CLICK HERE TO APPLY ||

Capital One Standard Platinum Credit Card for Young Adults Design 1

Capital One Standard Platinum Credit Card for Young Adults Design 2

Capital One Standard Platinum Credit Card for Young Adults Design 2

Capital One Standard Platinum Credit Card for Young Adults Design 4

Capital One Standard Platinum Credit Card for Young Adults Design 5

Capital One Standard Platinum Credit Card for Young Adults Design 6

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