Getting your first credit card carries with it a degree of excitement and independence. Not only does it mean that you do not have to carry cash around with you, but you also have the power to “charge it.” A student credit card is often a little different than a regular credit card, and for that reason, there are some pitfalls that you need to be aware of before you apply for yours. Here are some things you need to know in order to get a good one to suit your needs.
In some cases, a student credit card will not require a cosigner, or even a minimum income – but most of them will. Basically there are two different types of student credit cards. One is like a regular credit card, the other is called a secure card.
The secured credit card works like a credit card, but you must deposit an amount equal to at least half of the credit limit – sometimes as much as 150% of it. With some of these there can be excessive fees so be sure to know exactly what is involved before you apply. It is even possible to have it so loaded with up front fees that there is very little to actually charge anything once you get the card. Check out the company...
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