Law to Reduce Credit Card Marketing at Colleges

Companies could be barred from aggressive advertising, marketing and merchandising of credit cards on college campuses in New York, according to a law approved Tuesday by Gov. George Pataki.

Aimed at the crushing debt incurred by many students, the law takes effect July 1.

Critics, however, say the bill does little to stem the growing $2 billion credit card debt federal officials estimate college students have amassed nationwide. The state law limits credit card marketing to newspaper and magazines or at a bank branch on campus, unless a campus administration creates a policy. Such a policy could allow, restrict or ban current practices including the hard-sell by credit card representatives at tables on campuses, leaflets included with campus store purchases, and junk mail. A policy also may continue to allow, restrict or ban gifts offered for completing an application, according to the bill.

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