Bank of America spends exponentially more money than any other bank to recruit students for credit cards.
In 2009, Bank of America unit FIA Card Services paid colleges and alumni associations $62 million for the rights to market cards to students and members, according to a report from the Federal Reserve.
The second biggest spender, Chase, dropped $13.8 million to recruit new borrowers, while U.S. Bank forked over $2.5 million.
When the Credit Card Accountability and Responsibility and Disclosure Act — better known as the CARD Act — went into effect in February, it required credit card companies to disclose how much they pay colleges for the right to set up on campuses — plus how many new borrowers it racked up. On Monday, the Federal Reserve made its first report, which can be found here.
via Banks spend $82 million to sell credit cards to students.
