If you're getting a credit card on campus, chances are it will be from Bank of America.
The bank had the highest number of agreements with colleges and universities to market cards to students, according to a report released today by the Federal Reserve.
Seventeen issuers submitted 1,044 college credit card agreements to the Fed. Of those, 906 were from FIA Card Services, a subsidiary of Bank of America.
FIA paid nearly $62 million to colleges, alumni associations and other such groups and opened 38,610 new accounts last year. The total number of payments by all card issuers to schools and other organizations was more than $83 million.
This annual report is required under the new credit card reform act. That law also requires a periodic study on the impact of these college credit card agreements have on student debt.
All the Maryland schools in the report have agreements with the Bank of America subsidiary. Here is how much they received from those deals and the number of new accounts opened last year:
College of Notre Dame aryland received $8,375, and 14 new accounts opened last year.
Hood College in Frederick received $3,385; 19 new accounts.
Johns Hopkins University received $ 40,202; 78 new accounts.
Loyola University of Maryland received $ 75,075; 33 new accounts.
Mount St. Mary's University in Emmitsburg received $ 14,565; 18 new accounts.
University of Maryland School of Law received $155; but no new accounts.
Washington College in Chestertown received $ 2,605; 0 accounts opened.
