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Secured Credit Cards For Students

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                                                   Secured Credit Cards For Students
                                                                    By Tom Tessin



  Many times parents want their child to have a credit card when they go off to college but they are
not sure what the best type to select is. The “Secured Credit Card” is one of the best cards that you
can get for your student when they are going off to college because you have better control over the
amount of money that can be spent. You cannot increase the spending amount unless you deposit
more money into the students account.

 A secured credit card requires that you open up a savings account with the lender who in turn holds
that account as a security deposit against the credit card. Most secured credit card accounts are
normally around $300 to $500. You can of course make the amount as high as $5,000 this depends on
how much you plan on putting into the students account for expenditures. The card is secured because
of this deposit but it is still credit and must be paid according to the agreement.

 This is a great way for the student to build their credit score so that they can apply for an unsecured
credit later without worrying about a co-signer. It is best when you do have a credit card to make sure
that you make your payments without being late. It is most beneficial for any student with a secured
credit card to pay off the amount they use each month before the bill comes due. This enhances their
credit record giving them a higher credit score.

 When you’re looking at all the types of student cards on the market, there are a few things that you
have to keep in mind when applying for one. A regular card and a secured card are completely
different when you compare the two and let me explain why they are different.

 When you apply for a secured card, you’re going to find out that the bank is going to ask for a deposit
since you’re at a higher risk. They are going to use this as collateral and if you don’t pay your bills off
each and every month, they can dip into your account and take the money that they need. This of
course is going to affect your credit rating. This is why it’s important to pay your card off in full each and
every month.

 If you do decide that you want to apply for a student card that’s secured, always look at the fees as
well as if it reports to the bureaus. If it doesn’t report to the major credit bureaus, you may find out that
it’s going to be useless because the credit reporting agencies will never even know you have the card.
This is why it’s essential when it comes down to doing your homework. If you don’t do your homework,

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you may find that you’re using a card that you don’t want. Look at the regular cards and the secured
cards and see what will work out for you in the future.

Find the perfect student credit card and more of Tom's work all at http://www.findcollegecards.com.




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                                          Debunking 5 Secured Credit Card Myths
                                                          By Sean Masterson



 When it comes to secured credit cards, many myths abound. From "they're only for people with bad
credit" to "they're more expensive than unsecured cards", you can't always distinguish the truth from
the lie. Worry not. I'm debunking the most common secured credit card myths.

1. Secured Cards are a Bad Credit Stigma

Think a secured card announces to the world that you have bad credit? Guess again. Most secured
cards are indistinguishable from unsecured cards. Your card itself won't say anything and your credit
report won't show the fact that your account is secured.

2. Secured Credit Cards Have High Interest Rates

Many people assume that secured cards are for people with bad credit, and as such they have a
higher interest rate attached to them. This isn't the case. A secured credit card is less of a risk to
creditors because the credit line is backed by a bank account. Because of this, secured cards often
have lower interest rates than many of the bad credit unsecured cards.

3. They're For People with Bad Credit

If you think a secured credit card is only for people with bad credit, you can rethink that logic. Secured
credit cards are for people from all walks of life. You don't have to have bad credit to carry one. Many
people with decent credit qualify for unsecured cards, but not the best ones. In these cases, a secured
credit card can offer better terms and higher credit limits.

4. They're Issued by Predatory Lenders

Secured credit cards, more often than not, are not issued by predatory lenders. The cards issued by
predatory lenders have high interest rates and high annual fees and processing charges attached to
them. While a secured credit card is likely to have an annual fee it will usually be reasonable (in the
$50 range), as will the interest rate.

5. A Secured Card Is Like a Debit Card

This one couldn't be further from the truth. Secured cards are connected indirectly to a bank account,
but they work nothing like debit cards. Your secured credit card account will be reported to the three
credit bureaus, helping you improve your credit rating. Debit cards don't do this. And like unsecured
cards, you must pay your secured credit card statements when they come in each month even though
your security deposit is securing that line of credit.

So are secured cards the black sheep of the credit card family? Absolutely not. A secured credit card
can be a valuable financial tool -- it's just a matter of differentiating the myths from the reality.




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For more tips on secured credit cards, saving money and avoiding getting taken, check out
CreditCardWhizKid.com, a website that specializes in providing credit card tips, advice and resources.
http://www.creditcardwhizkid.com/secured-credit-cards/




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Related eBooks:

Debunking 5 Secured Credit Card Myths
What Sets A Student Credit Card Apart From Other Credit Cards
3 Things You Need to Know About Secured Credit Cards
Capital One Secured Credit Cards Get Consumers Back On Track
What You Need to Know Before You Apply for Secured Credit Cards

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