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How to Select The Student Credit Card That Is Right For You

A secured card is much like a debit card. Your credit line is equal to the amount of cash you deposit into the account. So if you make a $500 deposit on your secured card, you'll be able to use the card up to $500 (minus any annual or additional fees the card issue may charge you).

Secured cards typically report your payment transactions to the 3 major credit bureaus, so you have a way to show you are making payments on time. This will result in a higher credit score over time and the ability to eventually get a regular loan or credit card.

Pros:

* Good for rebuilding or establishing credit
* Allows for online shopping (and possibly online bill paying)
* Allows for use of most ATM machines
* Reports to the major credit bureaus
* Pre-set limit keeps you from going over the limit
* Peace of mind when traveling, etc. that you have a card as opposed to carrying cash

Cons:

* Possible high monthly/annual fees
* Possible high interest rate
* Possible nickel and dime you to death with additional fees

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