Citi, Capital One, Chase… still pushing credit cards to students below 21?
Try this:
- go to the Student Cards section of the Visa website
- pick a card
- click on the Apply button
Do you get any hint that you are not eligible if you are less than 21 and don’t have a co-signer on the card or can’t prove that you can repay the debt?
No.
In spite of the CARD Act being in effect since February 22, 2010, banks are just looking the other way. To be fair, maybe they are actually filtering people less than 21 out after enrollment. I did not go all the way through a full enrollment to check.
Wouldn’t the banks have a lot to gain by being upfront and claiming loud and clear that they are OK with not dragging students less than 21 year old further into debt and being happy to comply with the new law?
Instead, it is business as usual for the big banks. Consumer protection? Not their cup of tea. Demonstrating good will and compliance? Naaahh…
I predict a massive consumer exodus from these inconsiderate corporate giants in favor of fair and transparent services offered by innovators.
