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Credit Cards

Credit Card Basics:
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-Fees & Costs
-Student Card Guide
-Unsecured Offers

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Asses the features of the different types of credit cards being offered by Listed are the pros and cons of the different kinds of major credit cards. This information will help you choose a card that is best for you.

Rewards Credit Cards -

- These types of credit card offer rewards for spending in the form of airline miles, cash, and/or points to be used for savings and discounts at various types of stores and restaurants. A credit card with rewards is a great choice for you if you anticipate paying your balance in full every month.

Cons - The terms and conditions of these cards need to be examined carefully. Interest rates and annual fees associated with these cards are typically high. So, if you carry a balance every month, the amount you pay in interest is likely going to outweigh any rewards you receive.

Pros - Building credit is easy with a student credit card. These types of credit cards are designed for people with no credit looking to establish a positive credit history. Apply for a student credit card and get the spending power you need!

**Please note that also offers low rate student car loans and personal student loans that will help those with no credit build credit.

Cons - Typical interest rates associated with these types of cards are higher than regular credit cards. It is not uncommon for students to end up with debt and poor credit as a result of credit card mis-use. Learn more about we can help if you become a victim of student debt.

Pre-Paid Credit Cards - APPLY FOR A PREPAID CARD!
Pros - These types of cards can be used in the same manner as a regular credit card. Instead of a credit line, these cards require you to 'load' your card with money. You can spend as much as there is money on your card. Obtaining approval for a prepaid credit card is very simple, even if you have bad credit or no credit.

Cons - It is not uncommon for your repayment history to not be reported to the credit bureaus. Therefore, a prepaid credit card is not an effective means of building or re-establishing your credit. Applying for a bad credit credit card will also help re-establish credit.

Also, there are situations when a prepaid credit card can not be used. For example, airline tickets, hotels and car rentals can not be purchased with a prepaid credit card.

Secured Credit Cards
Pros - Utilizing a secured credit card is one of the best means for building or re-building your credit. These cards function exactly the same as a regular credit card.

Cons - You will have to put down a security deposit between $150-300 when you apply for a secured credit card.

The interest rates and annual fees associated with these types of credit cards also tend to be higher. Interest rates are usually 14% or more. Annual fees are at least $50.

Business Credit Cards
Pros - If you are looking to build your company's credit, then a business credit card is a great choice.

Cons - It is not uncommon for a credit card company to require that a business be in operation for a minimum of two years before a business card is granted. However, approval will likely be granted if you can provide a letter of reference from your bank, supporting a positive account history.

We also supply business loans for generating cash.

Related reading:
-Credit vs. Debit Cards


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