Student Credit Card or Prepaid Debit – Which One is Best?
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...
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