University of Colorado will end deal that gives kickbacks when students sign up for debit and credit cards
October 1, 2010
The University of Colorado next summer will end an agreement with Elevations Credit Union that allows the school to receive a financial kickback when students sign up for debit and credit cards.
The Boulder campus now receives between $1.25 to $1.75 from Elevations -- which has a branch in the University Memorial Center and seven ATMs on campus -- every time a student signs up for a card. The agreement nets CU about $65,000 a year, and $10,000 of that is a marketing fee that Elevations pays to the campus.
Debit cards account for 78 percent of the new sign-ups and credit cards make up 38 percent, said CU-Boulder spokesman Bronson Hilliard. The overlap represents students who signed up for both credit and debit cards.