The innovative spending idea for the Gen-next is a Student Credit Card. Popularly knows as cards or the Plastic money these open a gateway to financial freedom to the contemporary youth. On one hand student credit card also provide an opportunity to an adolescent to start building up his credit profile but on the other hand these are known to generate a vicious circle of debts and money short falls.
Various companies and banks offer lucrative schemes to lure students to opt for credit cards. These offers vary as low interest rates; cash back rewards, no annual fees, etc.
Various credit card companies have specifically launched student credit card towards the adolescent and youth. This card offers a bonus towards financial freedom and an opportunity to live independently away from the parents. Many parents also open bank accounts and also provide supplementary card to their kids to offer independence of expenditure. Most of the student credit cards require parents consent to offer a credit limit.
Student credit cards provide low credit limit as the students usually do not have credit ratings plus credit companies often suffer non-payment and bad debts...
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