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Obtaining student credit card after the CARD act just got tougher

[Monday, April 11th, 2011]

With spring just round the corner, students are trying hard to find a credit card to adorn their wallets to fund their small vacations. However, the implementation of the CARD Act has made the process of obtaining one tough. With the Federal Reserve placing several restrictions on banks desperately trying to woo youngsters, financial institutions have also changed their way of marketing to this segment of customers.

Desiree Fish, VP for Public Affairs and Communications at American Express, said that the bank no more markets directly to students. Instead, they reach out to parents are request them to avail add-on cards for their children. The Custom Limits feature offered by this bank allows parents to vary the credit limit on their child’s card whenever necessary.

Bank of America takes into consideration their debt ratio and repayment ability in addition to the line of credit before disbursing credit cards to students. The bank also has credit education programs for young adults that coach the young minds about managing their finances wisely.

Pam Girardo, the Communication Director at Capital One, said that after the implementation of the CARD Act, the bank offers student cards only to students who are able to furnish proof of income. They do not encourage applications with co-signers. Also, students who do get cards are given low credit limits so they can learn to manage the available funds wisely. The Journey Student Rewards Credit Card is an exclusive card for students that not only has low credit limits, but also offers email and SMS services to remind card holders about the upcoming payments.

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