Applying for a loan is not that easy especially for the young ones. By having no income yet and a credit history this could almost be impossible. With this, you can see a lot of young people taking part-time jobs, borrow money from friends or relatives or apply for scholarships just to get through college.  With most of your friends having financial difficulties as well and most of your time spent on school project, how can you find time to earn extra for yourself?

Credit cards can be of great help to students but with most companies not willing to approve a credit card for them, how can they avail of such a ‘privilege’? Sounds difficult, but it is possible.

Without credit history, a secured credit card is the card type that students can own. This is a special card used by people without or with bad credit reputation. When you have practically nothing to practically get started with then you’ve got the help you needed.

Banks have different policies regarding secured cards for students. Some requires a deposit with the bank or with the credit card provider while there are banks which only ask a consumer to open a bank account.  Students should be very careful with their choice of a company. Don’t get too excited having your credit card.  You need to check the reputation of the bank or the credit card company. Check whether the other consumers are satisfied with their service. Bear in mind that even if you have the cash available without a bank account, you may likely be denied.

Not only are secured credit cards good for establishing and fixing credit history but also high chances of building a good reputation to get a job and insurance. While students can have their secured cards, a lot of them though also fail due to unwise spending. This is because of their first time experience of swiping their plastic.

Having a credit card, calls for discipline and diligence. Discipline in spending and diligence in paying for your bills. For students, they should only use their cards for school-related expenses. Besides, you got that card for two reasons; to help establish your credit history and t help you with school expenses.

Let companies compete over you and not you competing for their cards. As they say, collect and then select in the end. Have several options on your list and go with the best after comparing their rates and policies.

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