These days, federal laws prohibit credit card companies from marketing to students on college campuses, but many are finding a loophole by turning instead to many young adults' favorite online activity: social networking.
While many lenders have taken to marketing their products just off-campus to skirt federal consumer protection laws, many are also stepping up their game on Facebook and Twitter to market to college kids, according to a report from the Charleston Business Journal. Through these sites, many lenders are offering exclusive promotional items and discounts, extra rewards points just for signing up, and even bonus introductory offers for new accounts.
Recent surveys show that since the passage of the Credit Card Accountability, Responsibility and Disclosure Act, the number of credit cards owned by college kids has dipped 27 percent, and balances on those accounts are now growing at a slower pace, the report said.
Consumers of any age who are dealing with troublesome accounts may want to check their credit reports to ensure there are no errors or unfair markings that have an adverse effect on their credit standing.