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Banking and Cards Research

Digging into the Customer Experience: Banking and Credit Cards

Corporate Insight’s Bank Monitor, Credit Card Monitor and Small Business Card Monitor provide ongoing coverage of the products, websites and overall customer experience offered by the nation’s leading banks and card issuers. Our value-added banking and credit card research digs deeply to evaluate the retail and small business customer experience.

Student-branded Cards PDF Print E-mail
As a part of their portfolios of credit card products, many card issuers offer credit cards specifically for college students. These cards offer a way for college-age prospects to begin to build credit without a co-signer, and are available through standard card sites. In this report, we take stock of the current stable of student-branded cards offered by credit card firms online.
Abstract:

In this report, we delve into the student-branded card market, looking at which firms are offering cards specially designed or branded for college-age prospects, and what attributes these products carry. Our first look into the student-branded market since 2007, this edition of Credit Card Monitor Report investigates the features and availability of these cards through firms' standard websites, looking at both traditional credit card attributes and any function that may be directed towards student card holders. In particular, this report concentrates on the following Key Issues for each card product:
  • What are the fees, APRs and other standard attributes for each card?
  • Are rewards-carrying cards offered for students by any CCM firms?
  • What student-related perks or online resources are associated with each issuer's student-branded cards?
Currently, only six of the major credit card issuers are currently offering student-branded cards, with a total of 12 cards promoted. These cards offer variety of rates and options to potential card holders, with APRs in this report varying from a low of 11.99% to a hefty 24.9%. Eight of the 12 cards we looked at offer rewards programs to card holders, with two cards providing cash back earnings. Most other rewards programs feed into the issuer's standard in-house rewards program, though two cards offer earnings in standalone rewards programs. While the cards we looked at provide a variety of rewards options for prospects to consider, very few offer student-oriented features or perks as a part of their card products. One of the few truly college-related attributes offered by card issuers is access to a student credit learning center, a feature available at 50% of issuers with student-branded cards.

As we delved further into the student-branded card market, we came across the following additional Key Findings:
  • Basic student cards with no rewards are offered by four firms
  • Three cards include rewards bonuses for students that keep their accounts in good standing each month
  • One issuer provides free ID Protection services for its student-branded card
 
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