College students can get themselves into trouble with credit cards if they’re not careful. They’re good to have in an emergency but exercise caution.

Melanie Hicken of CNN Money provides this report.

Credit card issuers still cashing in on college students, alums

While government reform has significantly curtailed the number of credit cards being offered on college campuses, card issuers and universities are still cashing in.

The total number of marketing agreements credit card issuers had with colleges, universities and affiliated groups like alumni associations in 2012 was down 41% from 2009, when the Credit Card Accountability, Responsibility, and Disclosure Act was passed restricting the marketing of credit cards to college students, according to a report released Tuesday by the Consumer Financial Protection Bureau.

The CARD Act includes a number of protections for college students, such as banning the use of gifts to entice them to apply for credit cards and barring the marketing of pre-approved offers to those under 21 years old without their consent. It also prevents issuers from extending credit to someone under the age of 21, unless they have either proven their ability to make payments or have secured an adult cosigner.

Still, more than 1.2 million college-affiliated credit card accounts, which can be held by students, alumni or other cardholders, remained outstanding last year. Bank of America (BAC, Fortune 500) subsidiary, FIA Card Services had nearly 1 million open accounts.

Bank of America spokeswoman Betty Riess said that alumni and other non-students are the target audience for these cards and make up 98% of all open accounts. “We don’t market credit cards to students on campus and haven’t done so for many years,” she said.