Pros and Cons of Secured Student Credit Cards

If you do not have a good credit score then getting loans from the poor credit lenders is the best option. Poor credit lenders are those who will be willing to take more risks and give loans to people with horrible credit scores.

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Many college, and even high school, students have a need for carrying a credit card.

Pro: Secured Student Credit Cards Allow You to Monitor Spending

Secured credit cards are different from traditional credit cards in that you put funds on the credit card ahead of time.

In addition to preventing your child from going into debt, a secured student credit card also allows you to set your child up with an allowance. Depositing money onto these cards is easy.

Con: Secured Student Credit Cards have a Number of Associated Fees

Although secured student credit cards allow you to monitor your child’s spending habits, there are a number of fees associated with these guards.

Pro: Secured Student Credit Cards Provide Freedom and Flexibility

Pro: Secured Student Credit Cards Teach your Child Financial Responsibility