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Student credit cards and young credit

IUPUI students see good and bad in new credit card law

Summary

Credit card law’s limitations sets some students at ease at Indiana University-Purdue University Indianapolis, though some are wary of those restrictions.

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School info

School: Indiana University-Purdue University Indianapolis (IUPUI)
State: Indiana
City: Indianapolis
Colors:
Enrollment: More than 30,000
Website: http://www.iupui.edu

What other students are saying

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A relatively new university founded in 1969 in downtown Indianapolis to serve as a commuter campus for the metro area, IUPUI is a joint project of two major universities — Indiana University and Purdue University. It offers more than 180 undergraduate majors.

Kathy Purvis, director of IUPUI’s Office of Student Financial Aid Services, says on-campus credit card marketing has changed dramatically over the past five years.

T-shirt giveaways and other freebies aren’t accepted practices on campus anymore.  “I do remember when we used to see that,” says Purvis, “but I just don’t know when we stopped.”

Students learn about managing their money, including credit and debt, from online courses offered at cashcourse.org, an interactive site developed by the National Endowment for Financial Education.

Here’s what some students at IUPUI have to say about the new credit card law and managing credit cards:

“I think [the law] is smart. Kids my age, we go into thousands of dollars of debt because we are irresponsible.”
— David Leeper, 19


IUPUI’s library

“I’m just nervous [about] making payments … I don’t need any more bills — really.”
— Patrick Gruell, 20

“I wanted it [a credit card] just for big purchases.”
— Michael Guttrich, 20

More about credit cards and students

See related: Sample credit card contract for parents and their young adult children, Law alters cozy relationship between colleges, credit card issuers, Study: Undergraduates relying heavily on credit cards, A comprehensive guide to the Credit CARD Act of 2009, Obama signs new credit card reforms into law, Interactive timeline: How the credit card bill became law, when its provisions take effect, Will the new credit card law hurt more consumers than it helps?, Annual fees return in credit card mail offers, How to cope until the new credit card rules take effect, What the new credit card rules mean for you, New credit card rules don’t cover business, corporate credit cards, Federal banking regulators finalize sweeping rule changes for credit cards

What’s up next?

In Student credit cards and young credit

A credit card contract for parents, adult children

This downloadable contract between parents and their young adult children about credit card use can be a starting point for talk about co-signing for a credit card.

Published: July 8, 2009

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