CFPB report: University affiliated credit card offers continue to decline

Credit cards offered in conjunction with colleges, universities and affiliated organizations have continued to decline since the CARD Act was passed in 2009, the CFPB said in a report today. The CARD Act requires issuers to report to the CFPB the terms of any agreements they enter into with colleges and requires colleges to publicly disclose agreements they enter with card issuers.

The number of agreements between issuers and institutions has fallen to 155, while the total number of accounts open at the end of 2021 has fallen to just over 517,000. The bureau noted that agreements with alumni associations dominate the market, and that a majority of accounts opened were issued under these types of agreements and thus do not likely affect students.