A relatively tiny bike-sharing operation doesn't sound like a good business decision, especially since the partnership will make it more affordable for universities. See, Zagster, which already runs a bike-sharing business, charges schools a $150 monthly fee per bike on its own. Zipbike will reduce that amount by 90 percent. Despite the huge reduction in cost to their clients, Zipcar told CNN Money that it still has something to gain from the partnership: new customers.

While students can sign up just for Zipbike itself, they'll get a discount if they sign up for both the bike-sharing service and Zipcar's main offering. Since they might need a rental car every now and then anyway, say to haul groceries or to take a new Ikea table to the dorms, they might be inclined to take advantage of that discount.

Zagster co-founder Timothy Ericson said: