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Are the credit card banks responsible in the campus?

[Tuesday, November 30th, 2010]

Credit card banks will support and defend their programs by saying that they are responsible enough in their partnerships with colleges across the country. They say that along with gaining access to the market of young adults, their programs also help encourage the market to be more responsible in their financial management.

While the critics would argue the other way around by saying that the presence of credit card issuers in colleges exposes the young adults to a culture of indebtedness early on their lives, the credit card banks point out that the experience they provide by giving credit is safer under the existing legal set-up compared with the young adults exploring financial management outside of legally allowed venues.

The credit card banks also say for the part of the school administrators, monetary contributions given to them directly benefit the colleges in the face of growing deficits in the budget for education.

Along with the economic recession, the issuers say that the colleges were able to see how helpful their partnerships with banks can be for their mutual interests.

In fact, to further prove that they are responsible enough, issuers say they have long funded literacy seminars inside different campuses to help newly opened credit card account owners to manage cash and debt at the same time. Along with making transparent efforts at informing and assuring full understanding of credit card terms and applications to the students, the credit card banks say that they do business in fulfillment of some important roles as well.

Bank of America, known to be one of the major banks making monetary contributions in college partnerships, gives out handbooks to students to help them through credit matters even if some students do not have plans of applying for new credit card accounts at all.

Bank of America also has special applications for student credit cards. These include credit limits which are realistically weighed against the general capacity of students for repayment, lower interest rates, etc.

Wells Fargo, for its part, has provided three online credit and debt management help programs, easily accessible by students who may be curious or seriously having troubles.

The credit card banks are then firm in concluding that what they do right now is part of long-term strategies of building well-founded banking relationships with the students.

They say that in the long run, the main beneficiaries will be the students in the current market themselves.

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