February 2010 Show Me StreetWise Guide to Using Financial Services CashPak The DCU Way StreetWise Scam Alerts Street Smarts By Will DeHoo, DCU Show Me Spokesperson Read This Before Using a Campus Card Are you in college or heading there soon? Here's a rundown on campus cards many schools provide to students. Campus cards are a jazzed-up version of a student identification card. Initially, these cards were used for meal plans in the cafeteria. Over the past few years, however, campus cards were assigned other uses: The card may give you access to residence halls and other campus buildings. It could give you discounts on recreational facilities, books and school materials, sporting events, or even shuttles and public transportation. In some states you may get a tax break while using your campus card. At some schools, you can use your campus card as an ATM card. Some consumer advocates are expressing concerns about who really benefits from the new uses of these cards. Check out these three key concerns: Campus cards that are also ATM cards. To use this new feature, you have to establish a banking relationship with the card issuer – you've got to put money in the bank associated with the campus card. Usually, the fees to use this card or even maintain an account are a lot higher than the fees you may pay at DCU. Why pay more? Spending habits. You walk into the campus bookstore to get a textbook and walk out with three sweatshirts, too. You didn't need them, but your campus card made it easy to buy them. These cards make it easy to spend more than you can afford. Identity theft. Since most recent campus cards are used for ID purposes, they normally contain sensitive personal information. Lose the card and it's easy for a scammer to steal your identity. So make sure you guard your campus card as if it were cash. A campus card may be great. It will depend on how wisely you use it. Slow down and think before you draw or spend money. Hope this helps! Cheers, Will « Previous Main Menu Next »

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