Illinois State Treasurer Alexi Giannoulias has proposed legislation to restrict the promotion of student credit cards at Illinois colleges and universities.

This legislation would ban free gifts from credit card lenders to students, force disclosure of marketing agreements and require education for freshman students if a school allows such marketing.

“I think it is a good idea to have regulations that prevent credit card companies from trying to obtain information from students. I do not believe promotions are a good way to get that information,” said Anne Villamil, professor of economics.

“Students start getting credit cards in the mail and can potentially get themselves into real trouble.”

The U.S. Public Interest Research Group conducted a study on credit card use at 40 college and university campuses in early 2008.

The study found that 76 percent of students stopped at a credit card table on campus to consider an offer or apply for a card. Eighty percent of students supported stricter regulation of campus credit card marketing.

Some believe these tactics by the credit card company are harmless.

“I perceive University students as smart and I think they can do a decent enough job of figuring out what is in their interest,” said Dan Bernhardt, finance professor.

“They are introduced to credit cards elsewhere.”

“I don’t think I need a credit card at this time and I think it is annoying when I get bothered to sign up for one, especially while at school,” said Josh Shownkeen, sophomore in Business.

“When I need one, I will go out and sign up for one myself.”

John Tichenor, T.I.S. Bookstore manager, said credit card companies used to promote their products at T.I.S. a few years ago.

He said they were too aggressive and turned customers off.

“In my opinion the credit card companies were too pushy even though they are not associated with the store, and I felt they were a customer turn-off,” said Tichenor.

“They were kind of like pitbulls.”

T.I.S. Bookstore no longer invites credit card companies to promote at the store anymore.

“Colleges should discourage or even ban credit card companies from approaching students on campus, instead colleges should offer free seminars to teach students financial responsibility,” said David Fennell, sophomore in LAS.

“If colleges truly have their students’ best interests in mind, such classes should be offered and credit card companies should not be permitted to solicit to students.”