After the CARD Act of 2009 severely limited credit card companies ability to market and distribute cards on campus, many colleges have decided to team up with card companies. North Carolina State University just announced that it is teaming up with U.S. Bank to create the Wolfpack One Card. The new card has no monthly fees, no fees for withdrawals at U.S. Bank ATMs, and no minimum balance requirement. The Wolfpack One Card is backed by Mastercard.
North Carolina State is not the only university using a prepaid card for an ID card. Harvard students are automatically enrolled in the Crimson Cash program. This allows them to make purchases at numerous nearby stores and restaurants.
Despite all the fees that are attached to most prepaid cards, their popularity is growing. According to a study by Javelin Strategy and Research, 13% of all Americans use prepaid cards. This is up from 11% in 2010.