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SpinDistribute.com Article Directory

The following article was published in our article directory on December 22, 2011.
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Specialty Credit Card: Credit Card Application for Students

Article Category: Finances

Author Name: chickie maxwell

With all the mumblings and grumblings about stringent standards for good creditworthiness as a condition for credit card application approval, there is one group of clients being offered credit cards without the credit score and credit history requirements. With a population of more than 21 million, college students are considered as individuals with distinct requirements for credit, and are thus, eyed as consumers for the so-called specialty credit cards for students. In the interest of fair play , however, since college students' credit cards are generally financed by their parents, the features are scaled down a little, together with the rewards and other benefits. Nevertheless, this move by credit card issuing organizations to offer student credit cards are highly appreciated by many students and some parents on the basis of the opportunity given students to build up their credit history earlier.

Owing to the vulnerability of students to targeted advertising, particularly campus visits from credit card company representatives, students are easily enticed to file credit card applications under the student card category. After all, at their very young age, they are considered to have financial naivet� and are sensitive to on-campus and online marketing plans. It is, therefore, important that students and their parents have substantial knowledge about student credit cards before signing any credit card application.

Based on credit card reforms stipulated in the Credit Card Accountability Responsibility and Disclosure Act of 2009, otherwise known as the Credit CARD Act of 2009, college students are provided with several safeguards in relation to parent liability , privacy, and how credit card companies should act when dealing with schools and students. In terms of parent liability, the new law states that maximum credit amount available increases for student credit card accounts with joint parental liability shall require approval from parents. Since student credit card accounts are considered to be significantly risky , any request for a credit limit increase should be accompanied by a written approval from the parent, guardian, or spouse when the cardholder is below 21 years old. The letter of approval shall indicate approval and acceptance of joint liability.

In terms of privacy, educational institutions are required to inform the public about any contract or agreement entered by the institution and a credit card company in relation to marketing of credit cards inside the campus . In addition, credit card companies are not allowed to offer any item to students with the intention of encouraging students to sign in for a credit card. This applies to credit card marketing activities made inside or near campus premises, as well as campus-sponsored events and activities. In addition, educational institutions are encouraged to implement regulations requiring creditors to notify the institution of any marketing activities within the campus and to limit the number of locations where these activities will take place. Credit card and debt education, as well as counseling sessions are, likewise, required during orientation of new students.

Student credit card applications are the second most important highlight in the life of college students next to their driver's license. While driving fosters responsibility among young students, a credit card cultivates self-control and serves as a hands-on activity in financial management. Given the appropriate support by parents and painstaking efforts from the credit card companies to offer pertinent information to the student cardholder and his guardian, the "credit card nation" as coined author Robert Manning can address and endure the problems associated with mismanagement of credit card liabilities .

Keywords: credit card application

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