Links to documents related to Ohio Attorney General Marc Dann's investigation of deceptive marketing by Citibank and Potbelly Stove Works ("free" sandwiches require completed credit card application).
This study is an in-person survey of a diverse sample of over 1500 students, primarily single undergraduates, at 40 large and small schools and universities in 14 states around the country conducted between October 2007 and February 2008. It analyzes how students pay for their education, how many use and how they use credit cards and, as an important goal of the survey, their attitudes toward credit card marketing on campus and whether or not they support principles to rein in credit card marketing on campus.
The findings confirm that students are using credit cards in significant numbers and that a significant number are paying the price through late fees, high balances and delinquencies. The findings also show that banks are marketing aggressively to students through a variety of channels. Finally, the findings demonstrate that an overwhelmingly majority of students support limits on credit card marketing on campus to rein in unfair bank practices.
Along with asking colleges to adopt fair credit card marketing principles, we're conducting FEESA (sounds like VISA) credit card counter-marketing campaigns on colleges around the nation. We hand out financial education literature and "don't be a sucker" lollipops, not sandwiches, t-shirts, cash-back or iPod Shuffles. And, we don't require a completed application.
