Credit card applications, a quick primer
Other campuses may see changes soon, as many state legislatures are cracking down on practices regarding the marketing of student credit cards. California, Oklahoma, New York and Texas are among the states that have passed laws that rein in marketing and solicitations of student credit cards, and Illinois is currently debating similar restrictions. The first week of February, New Jersey joined the list of states trying to crack down on predatory solicitations of student credit cards on campuses. A bill was introduced that requires companies to provide educational programs for students prior to any student credit cards being issued. The programs must provide an understanding of how debt affects credit, how interest on balances is calculated, the different interest rate terms and the consequences of not paying balances in full each month.