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A Guide To Business Credit For Women, Minorities, And Small Businesses - Part I
By John Helwig
The need for funding is a critical and perennial concernfor the owners of businesses. Indeed, few things are ascrucial to the health of a small business operation. Many businesses are Read more...
The Benefits Of A Home Equity Loan
By Ken Chranley
A home equity loan allows you to borrow money using the equity in your home as security. By equity we mean the market value minus any mortgage or loan amount attached to it. You can borrow the money Read more...
Getting Out And Staying Out Of Credit Card Debt
By William R. Nabaza of http://www.nabaza.com/ecommerce.htm, Mon Jan 2nd
Credit card debt is a major cause of over one millionbankruptcies each year. The reason is that many people get acredit card without researching and reading the fine print. Bythe time annual fees Read more...
Mortgage After Bankruptcy - Credit Tips On How To Get A Mortgage To Buy Your Dream Home
By Dean Shainin
These days, many lenders understand that irresponsibility is not the only reason why people become bankrupt. High cost of living, education, healthcare, and homeownership; as well as some other Read more...

 

 

 

 

 

 

 

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Student Credit Card Or Prepaid Debit - Which One Is Best?
By Robert Alan
Student credit cards come in a variety of forms. But, there are two primary forms in which a student credit card can be found. The first is an unsecured student credit card while the other is a prepaid debit card. Understanding the differences and the pros and cons of each will help you to better determine which is best for you.

The Unsecured Student Credit Card

An unsecured student credit card is like a traditional credit card. With this type of student credit card, the college student (or high school student, as the case may be) receives a line of credit. Typically, student credit cards keep low lines of credit of about $500 to $1,000. This is partly because those applying for student credit cards typically have very little credit history and do not qualify for higher credit limits. The lower limit is also in place in order to help prevent the college student from accruing an insurmountable debt.

Not all credit cards for college students have such a low credit limit. So, if you require a student credit card with a larger limit, you might want to shop around. Similarly, if you want the restriction of a small credit limit in order to keep yourself under control when it comes to spending, be sure to seek a student credit card with a low credit limit.

The Student Prepaid Debit Card

A student prepaid debit card is a card that looks like a credit card and is accepted everywhere a credit card is accepted, but has one major difference: a line of credit is not extended to the cardholder. In order to make purchases with a student prepaid debit card, money needs to be placed on the card first. This money can come from a variety of sources. The student can place the funds on the card him or herself. Or, the student's parents can choose to add money to the card. In fact, parents can generally set it up so a portion of their checks from work is added to the debit card each pay period.

Pros and Cons of Student Credit

Cards

Student credit cards can go a long way in helping to establish a student's credit history. In addition, a student who does not have money to pay up front can certainly benefit from being able to take out small loans with the credit card in order to make purchases. Another perk is the fact that the student doesn't have to wait for money to be added to the card before using it. So long as there is credit available on the card, the student can spend as much as he or she wants.

On the other hand, a student credit card increases the chances of creating a poor credit history. If the student accumulates a debt he or she is unable to pay, or if the student is late making monthly payments, it can reflect poorly on the credit reports. In addition, many students are already starting their adult lives in debt as they pay off college loans. Adding more debt from a credit card can be overwhelming and seem impossible to overcome.

Pros and Cons of a Student Prepaid Debit Card

A student prepaid debit card makes it easier for a student's parents to keep track of college expenses and to monitor the student's spending. In addition, there is no risk of destroying a credit history that has yet to be created because the student cannot spend more than what is placed on the student prepaid credit card. Many of these cards also report to credit bureaus, which helps in building a positive credit history.

Unfortunately, prepaid credit cards generally have many more fees than credit cards for college students. In fact, there usually are no fees associated with credit cards. Debit cards, on the other hand, often have an application fee and an annual fee. There are also fees added every time more money is placed on the card. All of these fees can easily add up to hundreds of dollars each year. When it comes to choosing which is right for you, it is really necessary to evaluate your own needs and spending habits.


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Bank of England Surprises with Base Rate Hike
The surprise 0.25 percentage point hike in the base rate by the Bank of England to 4.75% left the majority of borrowers and economists wrong footed, sending UK equities, Gilts and short sterling falling. But with inflation the only focus of the BoE, the question may not be if, but when will rates rise again?

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Best Balance Transfer Credit Cards - Helping To Eliminate Debt
By Robert Alan
If you are seriously looking to eliminate debt, then you need to consider applying for a balance transfer credit card. With the help of balance transfer cards, you can get yourself back on track and Read more...

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Online Loans - Everyone Wins
By Greg Mathews
The huge growth of the internet has meant a win-win situation for both loan companies and the general public. Loan companies get access to a huge nationwide market of millions and millions of Read more...