4 ms·

You’ll be happy to learn that the CARD act of 2009 limited credit card companies’ marketing activities on college campuses.

by mkmk 5y ago

alistairSH 5y ago
Good to know! When I was in school, they'd camp out for the day near the student section in the football stadium and hand out free stuff to anybody who took a card. Free gifts and big credit lines to drunk 19 year olds - bonkers.
- mindslight 5y ago
  Did anybody actually give them real info? To us it was just a game of filling out made up details, and recalling enough to survive their quizzing to win the prize. That's probably impossible with online verification now, though.
kart23 5y ago
what does it specifically say? I remember seeing prominent BofA and some other bank's booth at my college's welcome week in 2017, and a decent number of people crowded around. Felt very scummy.
- mkmk 5y ago
  Wikipedia claims: “Eliminates excessive marketing to young adults. Consumers under the age of 21 must prove that they have an independent income or get a co-signer before applying for a credit card. The Act also prevents credit card companies from mailing offers to consumers under 21 unless they "opt in," and prohibits companies from wooing students with T-shirts, free pizza and other free gifts at university-sponsored events.” Not sure how much companies toe the line/what was going on at the event you saw.
  - kart23 5y ago
    I think it's a little more nuanced than the wikipedia article suggests, I saw some other sources saying that they're allowed to hand out stuff, but not if it's like a reward for signing up for the card. For example: handing out a shirt in exchange for applying wouldn't be allowed, but handing out a shirt to anyone that visited the booth would be ok. from https://www.ftc.gov/sites/default/files/documents/statutes/credit-card-accountability-responsibility-and-disclosure-act-2009-credit-card-act/credit-card-pub-l-111-24_0.pdf https://www.ftc.gov/sites/default/files/documents/statutes/c...: (2) INDUCEMENTS PROHIBITED. —No card issuer or creditor may offer to a student at an institution of higher education any tangible item to induce such student to apply for or participate in an open end consumer credit plan offered by such card issuer or creditor, if such offer is made
    - mkmk 5y ago
      Nice catch, thanks!
- alistairSH 5y ago
  Looks like the Act prevented the extension of credit to students >21yo and banned the handing out of food/gifts. But, didn't outright prevent banks from setting up tables to push their services. From Wikipedia... Eliminates excessive marketing to young adults. Consumers under the age of 21 must prove that they have an independent income or get a co-signer before applying for a credit card. The Act also prevents credit card companies from mailing offers to consumers under 21 unless they "opt in," and prohibits companies from wooing students with T-shirts, free pizza and other free gifts at university-sponsored events.

You’ll be happy to learn that the CARD act of 2009 limited credit card companies’ marketing activities on college campuses.

by mkmk 5y ago

You’ll be happy to learn that the CARD act of 2009 limited credit card companies’ marketing activities on college campuses.

alistairSH 5y ago

Good to know! When I was in school, they'd camp out for the day near the student section in the football stadium and hand out free stuff to anybody who took a card. Free gifts and big credit lines to drunk 19 year olds - bonkers.

mindslight 5y ago
Did anybody actually give them real info? To us it was just a game of filling out made up details, and recalling enough to survive their quizzing to win the prize. That's probably impossible with online verification now, though.

kart23 5y ago

what does it specifically say? I remember seeing prominent BofA and some other bank's booth at my college's welcome week in 2017, and a decent number of people crowded around. Felt very scummy.

mkmk 5y ago
Wikipedia claims: “Eliminates excessive marketing to young adults. Consumers under the age of 21 must prove that they have an independent income or get a co-signer before applying for a credit card. The Act also prevents credit card companies from mailing offers to consumers under 21 unless they "opt in," and prohibits companies from wooing students with T-shirts, free pizza and other free gifts at university-sponsored events.” Not sure how much companies toe the line/what was going on at the event you saw.
- kart23 5y ago
  I think it's a little more nuanced than the wikipedia article suggests, I saw some other sources saying that they're allowed to hand out stuff, but not if it's like a reward for signing up for the card. For example: handing out a shirt in exchange for applying wouldn't be allowed, but handing out a shirt to anyone that visited the booth would be ok. from https://www.ftc.gov/sites/default/files/documents/statutes/credit-card-accountability-responsibility-and-disclosure-act-2009-credit-card-act/credit-card-pub-l-111-24_0.pdf https://www.ftc.gov/sites/default/files/documents/statutes/c...: (2) INDUCEMENTS PROHIBITED. —No card issuer or creditor may offer to a student at an institution of higher education any tangible item to induce such student to apply for or participate in an open end consumer credit plan offered by such card issuer or creditor, if such offer is made
  - mkmk 5y ago
    Nice catch, thanks!
alistairSH 5y ago
Looks like the Act prevented the extension of credit to students >21yo and banned the handing out of food/gifts. But, didn't outright prevent banks from setting up tables to push their services. From Wikipedia... Eliminates excessive marketing to young adults. Consumers under the age of 21 must prove that they have an independent income or get a co-signer before applying for a credit card. The Act also prevents credit card companies from mailing offers to consumers under 21 unless they "opt in," and prohibits companies from wooing students with T-shirts, free pizza and other free gifts at university-sponsored events.