Credit card companies including American Express, Discover, and Chase say they are not trying to circumvent the CARD act restrictions that keep them from offering free pizza and T-shirt promotions to the under-21 age group. However, they all have increased their advertising presence on social media sites that have a huge under-21 presence, including Facebook, Twitter, and social media games like Farmville since the restrictions went into effect.
Regardless whether these credit card companies are truly attempting to target the youth of America, it just goes to show that it is impossible to protect them completely through legislation alone. The banking industry will simply come up with a new and innovative way to target these kids and legislation will always be reactive and in reality too late for those already snared in their financial trap. A better way is teaching our kids about how to handle money and their finances before they leave the nest. This way they won’t be as tempted by something like extra bonus points given to them by a credit card company for the latest game they’re into because they will know that at 24% interest, it’s just not worth it!