WASHINGTON (11/28/12)--Three credit unions are among the top 10 college credit card agreements with the largest number of new college card accounts opened in 2011.
According to an annual report on college credit cards, submitted in October by the Consumer Financial Protection Bureau (CFPB) to Congress, the University of Illinois Employees CU (UIECU) opened the largest number of new college credit card accounts during 2011. UIECU 's partner in the venture is the University of Illinois Alumni Association.
During 2011, the credit union opened 3,452 new accounts, which moved it up four notches to the top spot. That compares to 779 new accounts it opened in 2010, when it ranked fifth in the nation.
UIECU's affinity card is marketed to the university's alumni, fans and credit union members, but not students (News-Gazette.com
Nov. 27). The credit union received the contract for the card on July 1, 2010, replacing a long-term relationship between the alumni association and Bank of America.
Purdue FCU, working with the Purdue Alumni Association was in the No. 3 spot, with 2,877 new accounts in 2011, compared with 2,642 accounts in 2010, when it ranked No. 1.
The third credit union in the top 10--at the No. 5 spot--was Michigan State University FCU, working with Michigan State University. It opened 1,115 new accounts in 2011, compared with 302 in 2010, when it ranked 24th on the list.
Rounding out the Top 10 list were:
- Barclays Bank Delaware (working with the Harvard Alumni Association);
- FIA Card Services, N.A., which had four spots on the list for its programs at University of Notre Dame, Auburn Spirit Foundation, Alumni Association of the University of Michigan and Phi Theta Kappa International Honor Society;
- Capital One, N.A., working with Georgia Tech Alumni Association; and
- USAA Savings Bank, working with the Association of Graduates of the U.S. Air Force Academy.
The 10 agreements account for roughly 35% of all new college credit cards opened last year. They opened a total of 15,041 new accounts, compared with 9,065 accounts in 2010.
For the full report, use the link.