Consumer Payment Card News

Student Cards

A nationwide study of 750 college students found that nearly two-thirds now have credit cards and more than half of student cardholders pay card balances off each month. According to the survey conducted for Washington, DC-based The Education Resources Institute and the Boston-based Institute for Higher Education Policy, 82% of college students have balances of $1,001 or less. While 59% said they pay their balance off each month, the majority of those who revolved balances paid significantly more than the required minimum payment. About half of the students surveyed indicated that building a credit history was the most important reason for signing up for credit cards. The study also found that 55% of students received their first card in their freshman year in college with 25% obtaining their first credit card in high school.

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