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If you’re in the market to get a  secured credt card , you may be wondering if you can find a card that has a low interest rate. While most of the rates on secured cards are generally high, there are some options when it comes to finding a low rate. Here’s a few tips you can use in order to find a lower rate.

Look for higher fees - I know you won’t want to pay higher fees when it comes to annual fees, monthly fees, etc but generally, when the fees are higher, you’re going to pay less interest. This is a way for the credit card companies to recoup the costs.

Look for intro rates - I know intro rates don’t’ last for long but if you can find one that’s good enough, you may be able to use the card and then request a different type of card. Sometimes this works and sometimes it doesn’t. It never hurts to try! The worst thing that can happen is that you will need to cancel the card.

Research online - There are a lot of cards out there. It’s your job to research all of the cards and find the lowest rate if that’s what you’re worried about. Since rates change on a daily basis, I can’t tell you exactly which card has the best rate.

As long as you do your research and you follow some of the tips above, you’ll be able to find a card that hopefully suits your needs. Honestly though, in the long run, worry about paying your card off in full so that you can avoid the interest rates.

Top Debt Reduction Tips

As far as debt reduction tips go, this is an important one: move your existing high-interest credit cards to a lower interest rate card, or get a secured loan with a lower rate. Do a little research to find a credit card with a low interest on balance transfers. If your credit is good, you can usually find a zero percent interest rate on balance transfers, at least for a certain period of time. 

Credit Cards Offers

An option for those with bad credit is a secured credit card. This type of card requires you to open a savings account. The account serves as security for the line of credit. The credit available to you is a percentage of your deposit. 

How to Get a Credit Card With No Credit History

If you use a credit union, ask about secured credit products before checking out other sources. Otherwise, search Bankrate’s list of secured credit issuers (go for one with low fees) and make sure the issuer you choose reports to the credit bureaus.

Author: Tom Tessin

Start finding low interest secured credit card applications all at FINDsecuredcards.com, where you can find more of Tom’s work.

Article Source: http://EzineArticles.com/?expert=Tom_Tessin

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Want to apply for a secured credit card?  Click here .

Today with the economy being in such a bad state and credit getting even tighter the best way to obtain a credit card is applying for a  secured credit card . Most lenders are more than happy to approve you for this type of card. The reason of course is the fact that you have to make a deposit in their lending institution for the amount of credit you are seeking to obtain. The credit lender is now able to have money in an account that they can use for other purposes when necessary and you have a credit card that you can use for the purposes that you need.

The only problem is that you need to make sure that you are not going to be paying out more for the use of the credit card than it is worth to you. The interest charges, late fee attachments, yearly member fees can mount up to the amount of credit that you are allowed to use. Remember you cannot touch the money that you have on deposit that is what makes your credit card secured and the lenders use that to take out your fees so if you use most of it for those fees then you do not have much left to spend.

When you are making reservations for the things you want like airlines, hotels, etc. you need to keep enough in your account so that you can get the reservations without difficulty. When it comes time to apply for a card, don’t settle for the first one you see. Instead, do your homework and apply for one that suits your needs.

Apply for a Secured Credit Card To Build A Credit Rating 

Credit cards are no longer a luxury. In fact, in a list of ‘five things you cannot live without’, you may very well find credit cards on the number three spot.  

Secured Credit Cards With Rewards

When you get a secured credit card you are still entitled to the rewards offered by other credit cards that are available.  Airlines will give you a secured credit card and offer you frequent flyer miles.

Bad Credit and Unsecured Credit Cards

Since an unsecured credit card isn’t very likely if you are having issues with your credit the best plan of action is to look into a secured credit card for the time being. 

Secured Credit Cards

There is an alternative way that can help you establish a credit rating and at the same time, get a credit card. This is called secured credit cards. This particular credit card is great for people who are looking for a way to establish credit.

Author: Tom Tessin

Browse the best secured credit card applications and find out more tips like this all at FINDsecuredcards.

Article Source: http://EzineArticles.com/?expert=Tom_Tessin

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When credit card offers start arriving in your childs mail, they can become an easy remedy for being broke and this will lead to even more money mismanagement and even credit problems or worse, bankruptcy! Teaching your children about money doesn’t have to be a hard lesson though and if you get to them while they are young, it will be easy and fun for them and you will be setting up good habits to carry them through for life.

There are a number of ways to begin teaching money management so they don’t have troubles in the future.

Introduce them to money itself! Help them with homework math problems and get them used to the idea of counting money, quarters, pennies, dimes, dollars and so on. Have then do simple math like adding and subtracting and so on. As they get older you can add more complicated math problems and issues such as understanding how to calculate interest from credit cards, the first type of credit they are likely to get.

Teach by being an example! This can be harder on us than our children, but it is worth it. Your children will learn about money management easier when you learn the lessons you are teaching! You children won’t believe a word you say if you don’t have good money management skills yourself, so learn all YOU can about credit, budgeting, investing, saving and avoiding or reducing frivolous debts.

Give them an allowance! Yes, that means your going to have to give them some money yourself, even if it is only a dollar or two a week. let them make their own decisions about what to do with it. Some say a dollar for every year of age is realistic in our current times. If you have a 10 year old, give them 10 dollars per week or month depending on your own budget. If they are never given any money, they will never learn how to manage it! Hopefully they will have learned from you by the knowledge they have received how to spend it or even if they want or need to. Whether they blow it on the first want or decide to save it, they will be better money managers when they become adults.

Teach them one thing at a time! Don’t overwhelm them with all types of responsible money management at once or you will lost them in the process. Children are not often great managers of much at a young age and if you let them fall once in a while, this can be the best lesson of all! The more experience they have with money, the better skilled they will become in managing it. If they so choose to blow it as soon as they get it, then this will teach them about patience and saving for what they really want and avoid impulse buying. You are also setting up the foundation for investing at this time, but this can be brought into the picture later when they are older.

Teach them about credit and credit cards! Human beings are impatient creatures and we want things now even if we don’t have the money for them! Credit cards have become the staple of modern families which often goes into impulse as well as necessity buying leading to out of control credit card debt as well as other types of debt. Using credit wisely can open the door to better financing options when buying a home or car and this depends greatly on your credit score! Teaching your children that credit is a loan not a gift and that it has to be paid back, often with high interest rates, and that only when they develop a plan to pay it back, should they get a credit card.

Have family discussions about money! Talk to them about their money management. Encourage them to come to you with any concerns they have about money and setting up a time to discuss money keeps everyone on track. If they are younger, talk about checks and credit cards and when they are teenagers, talk about the effects on the economy, what inflation and deflation means or how to economise at home and finding other alternatives to spending money such as borrowing an item or renting it for a one time use purpose or even making this yourself!

Show them the importance of saving and don’t bail them out! Bailing out your children when they are in financial trouble can be the worst mistake of all. If they were saving and suddenly blew their savings and don’t have the money later for something important will teach a valuable lesson. It’s going to be a costly lesson, but learning that every decision has it’s consequences will never be forgotten and the next time they may choose differently! Teenagers will need money for car payments and insurance plus maintenance so they need to budget their money for those things. If they run out of money, it will hurt when they are on foot before they are paid again and you will how fast they figure this out! If they have to walk, ride their bike or take the bus to work, most likely they will be more careful with their money next time.

We all are aware of how money can be fun and if you teach your children while at a young age about how to handle money, you will set them up for ways to insure their financial future and help them make it the best it can be. Contact your bank and other financial institutions for educational information you can use to teach your children the responsibilities of money, including these articles and my websites!

Government publications can be useful too. Encourage them to open a bank account that best fits their age group and other account options that help them spend and save wisely. When they are ready, teach them the importance of having a credit card and a saving account so they will have resources for emergencies. It will not always be easy and the best lessons you can teach are the ones we often need ourselves, but raising children who understand money and using it wisely sets them up to achieve their share of the American Dream and these lessons can never be taken away!

The Skinny On Credit Cards

How to get rid of credit card debt; How to teach your kids about credit card debt; How to avoid late fees and identify credit card company tricks; How to take advantage of 0% credit card balances transfers; How to improve your credit.

American Kids Switched On To Saving

The new poll results also indicated that kids are more cautious and measured when it comes to using credit cards. Only seven percent of people aged 29 or younger said they would use a credit card to purchase an item that they couldn’t afford.

New Bill Gives Kids No Credit

The answer may lie in how we teach our kids about finances and credit scores … Perhaps there should be a class in high school on the subject required for graduation that teaches kids about credit cards, FICO scores and investing.

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 Do you need a secured credit card?   Click here to apply.

The introduction and subsequent popularity of debit cards is proof that consumers are making the choice to move away from choosing the credit option when making their purchases. Particularly in these tough economic times more and more people are looking for ways to cut costs and tighten the budget. It may not be widely known but there is another product on the market that can help to keep an even tighter lid on spending - pre-paid cards.

Most of us are familiar with "gift cards" which operate in a similar way. There is a set amount of available credit on the card and you cannot access any more than what is preloaded in value. These types of cards are known as a "closed loop" card as you can usually only use the card in nominated stores. They are also "disposable" as once the credit balance has been used up the card is thrown away.

The new type of pre-paid card, that has actually been in use in Australia for a number of years now and is gaining in momentum, is an "open loop" pre-paid card. These cards are able to be continuously "topped up" when the credit runs out and are able to be used at a range of retail and service stores, much like a credit or debit card.

These cards are perfect for a large section of the population for various reasons. For example, if you are not able to qualify for a credit card or do not have a bank account you can still use a pre-paid card as it is not linked to any line of credit application or deposited funds and can be topped up over the phone or on the internet. For this reason there are also added security benefits for consumers, particularly travellers, as there is no personal information stored on the card. So if it is lost or stolen there is little risk of fraud. Additionally, if lost or stolen most reloadable cards can be cancelled similar to a credit or debit card.

One thing to be aware of though is to check the fine print in relation to associated fees and costs. Some vendors may charge application and/or transaction fees and other service fees such as balance enquiries. It is also important to confirm that the card is actually reloadable when you purchase it.

The cards are quite flexible in their application and can be used according to various consumer requirements. For example, it can be used to provide a weekly allowance to children. This teaches them to operate on a set budget and will ensure that they do not get out of control with their spending. It can work well for travellers, allowing them to only have access to the funds that they have loaded on to the account, or mum and dad can deposit a set amount every week to help with the travel expenses.

Individuals could also use the cards to help them stick to specific budgets for various areas of spending. They could have one card for clothes and shopping and one for holidays. By having a set regime where you only top up each card with a set amount every month you are forced to stick to your nominated budget.

Whilst not all retailers currently accept the pre-paid cards it is hoped that over time awareness and acceptance of the cards will grow and see them a regular part of our purchasing culture.

Credit Cards - Current by Discover - Teen Prepaid Debit Card

The Current by Discover - Debit Card for Teens is a prepaid debit card developed especially for teens, but with their parents in mind. This card helps parents and teens work together to set spending limits and establish responsible spending habits. 

BuyRight Prepaid MasterCard - Review

The BuyRight Credit Card is a prepaid debit card. This means first you must deposit money before you can use your card to make purchases.  

Prepaid Cards: Pros and Cons

When you buy a prepaid card — you have to load it with your money and then you can use it like you would use a debit card. Most prepaid cards will charge you a fee when you are loading it initially and then other fee like — annual fee.

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Do you need a credit card with a good interest rate?   Click here to apply. 

Although the vast majority of adult Americans (and many minors, as well) have some kind of credit to their name or have accrued debt, remarkably few have a strong understanding of how this affects them in their daily lives.

Credit ratings are earned through the accrual of debt and how these debts are paid, be they paid on time, paid late, or if payments go into default. Typically, a person gathers debt in one of three ways: credit cards, automobiles, or homes. Most people build their credit rating (or ruin it) by using a credit card (or cards) that are easily attainable by someone without a credit history. When the individual pays their balance in a timely fashion, a positive rating begins to build. Conversely, when debts are left unpaid one’s rating plummets.

Most ratings range between 500 and 800 points, with 800 being excellent and 500 being poor. The better a person’s credit rating, the lower their interest rate will be. For example, a young person just beginning to build their credit history will tend to have high interest rates between 12 and 22% APR (Annual Percentage Rate — the actual amount the borrower pays in interest annually). After establishing themselves as a reliable borrower (via on-time payments), the individual will usually find themselves paying rates in the single digits.

When it comes time to make a major purchase, such as a vehicle or house, it is especially important to have achieved a high credit score. Large purchases are usually done with a long-term loan and/or a sizeable down payment. When a buyer has a good credit rating they usually get a low APR as well as being required to put forth a smaller down payment. When a buyer attempts to make a large purchase with poor credit, they not only must put more money down, but will usually pay a much higher interest rate and may even have to pay this higher rate over the course of a longer term loan. For example, whereas a buyer with excellent credit may put down a 2% down payment ($2,000) on a $100,000 house and get a 30 year loan at 6%, a person with poor credit may be subject to putting $5,000 to $10,000 to get a similar interest rate (and may still need to extend the loan by an additional 5 to 10 years). Each additional year amounts to several hundred extra dollars paid in interest alone.

By these simple figures, it’s easy to understand that a good credit rating saves the buyer money in both the short AND long term, therefore paying back debts in a timely manner is the best investment.

By: Connie Barker -

Article Directory: http://www.articledashboard.com

Connie Barker is the owner of several financial websites including those which deal with Credit Ratings

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Bad credit is created by overextending yourself. When you borrow more than what you can comfortably pay back, your home, your car, credit cards, and you do not have the right habits and schedules in place to pay your credit debts predictably, early, without worry, you are living outside of your means.

There are many problems that create a situation of over-extension. You could be trying to impress your neighbors, friends or colleagues. Your desire for more could put you in the hole by applying for more than you can pay for. Procrastinating on payments, borrowing with unsure income, and many other situations also contribute. Another problem is that many people see credit as only a short way to say credit cards. Credit is much more than that - it is your credibility and integrity in your finances. It is a picture of trust and reliability that others can view about you. Credit cards are only a resource that credit provides.

So how do you make sure you are living within your means when you borrow?

1) Only have 1 - 3 credit cards. Only use your credit cards for purchases that you have the cash in your pocket to afford, and make it a habit to pay your credit card bill every week, not every month. Early payments look much better than on time payments, and they work to protect you better as well.

2) Hold yourself to realistic financial standards. If your income only allows small expenses right now, honor them, and make it a goal to build your line of credit so that you can purchase assets to increase your income. Remember, credit is a gateway to greater income, so the better you treat it, the better benefits you will receive. Don’t allow "keeping up with the Jones’" to sabotage your credibility.

3) Do not use your credit cards as income. Credit cards are only meant for small purchases that you have the cash on hand to handle. Do not use credit cards to pay for other credit cards, and do not use them when you do not have the money to care for them.

What you can do to make your credit scores, lines of credit and reliability grow?

1) Make your payments early, not on time.

2) Make your payments more than 1 time each month. Pay your credit card bill at the end of each week.

3) Never miss or be late on your mortgage payment.

Zero Percent Interest Credit Cards

When applying for a zero percent interest credit card, it is important to know which charges qualify for zero percent. 

Credit Card Rate

Interest rate on debit card is ALWAYS zero (I mean 0) percent! And have you ever heard of a DEBIT CARD COLLECTOR? I have not because there is no need. As you are the one in control here. Just cut up those stupid credit cards. 

How To Seize Good Deal For Bad Credit Card

Just be sure that once you get a new credit card that you keep up with the payments so that you do not get a bad credit rating and you won’t have to pay high interest rates. An ideal bad credit credit card would have no charges associated with it and would require zero or a very small amount as minimum bank balance.

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Do you need a prepaid credit card?   Click here to apply. 

The advantages and drawbacks of prepaid credit cards…

Prepaid credit cards are useful for people whose applications for regular credit cards were unsuccessful. The reason for such a rejection is invariably a bad credit rating. Not owning a credit card is a major drawback when it comes to making reservations for hotels, motels, car rentals and airline flights. One also needs a credit card to place orders online, or telephonically. With a prepaid credit card, one can still make all these transactions - but there are limitations.

One opens a prepaid credit card account by depositing money into its account in the same way that one would make a deposit to open a checking or savings account. Once this amount registers on the account, the applicant receives a prepaid credit card. The owner can use this prepaid credit card in the same manner and in all the same places as a normal credit card.

Probably the biggest advantage in using a prepaid credit card is that one can only use the money one really has in the account. Once the money is exhausted, the user cannot spend any more until the deposit in he or she replenishes the prepaid credit card account. This also means that there are no bills and no interest charges to consider. The principle is similar to that of using a debit card that a bank issues in connection with a savings or checking account.

As already mentioned, a prepaid credit card has some limitations. Apart from the fact that one cannot charge more than what one really has, the user has to pay a fee to establish the account. The payable amount to open a prepaid credit card account varies from bank to bank. Further, the applicant will have to pay additional fees every time he or she deposits more cash into the prepaid credit card account. Nevertheless, a prepaid credit card is usually the only viable option for a person with bad credit. With such a credit card, the user can reserve rental cars or hotel rooms without having to worry about credit card bills and interest payments afterwards.

Another limitation of a prepaid credit card is that the owner cannot use it to pay for a monthly Internet subscription, or to make a purchase on monthly installment payment terms. Businesses that offer such arrangements are usually averse to allowing the use of prepaid credit cards. This is because of the possibility that a prepaid credit card holder will have no money in the account when the bills are due for payment.

All said and done, a prepaid credit card is still a useful way out for those with bad credit ratings. It is a fact that one needs a credit card to get by in today’s world, and a prepaid credit card does offer most of the advantages of a credit card. Even the limitations can work to one’s advantages, because they equal better financial control. In fact, using a prepaid credit card often cures all the inconsistencies in spending habits that led to bad credit rating in the first place!

A variant of the prepaid credit card is the student version. With these one can allocate a certain amount of money for credit charging to one’s child who is studying at college within or outside the country. Many parents find it a very useful tool for allocating a pre-set allowance to their children.

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Do you need a student credit card?  Click here to apply. 

Credit cards for kids are all over, which ones are the best? Have you seen some of the fees on these cards? Ouch! However, some are pretty good you just need which ones are the best for you and cost the least to have…

Parents are turning to credit cards for their kids in record numbers all across the nation. For good reason too, they’re safer than cash and they allow parents to easily track their kids spending habits. That being said, the question is, what type of card you should use and what will it cost to use it. The three varieties are debit and prepaid cards, secured credit cards and  student credit cards . Each of these cards have the visa and Mastercard insignia and are accepted most places regular credit cards are accepted.

Debit/Prepaid cards - The difference between these two cards is negligible, one pulls from a bank account and the other is preloaded like a phone card. These cards are largely used to fund children’s allowances, or college students that still receive money from home. If the children are under-age parents can have the cards issued into their names and simply have the child added as a user of the card.

These cards are also popular for undocumented workers as an alternative to the high cost of check cashing operations. For this reason, the fees associated with these cards range from barely acceptable to highway robbery. Most of the cards will charge a per-transaction fee or a flat monthly fee for using the card. What you need to pay particular attention to is the annual fees and the reloading fees. Many of these cards have neither, however, since these cards cater to each side of the economic spectrum you need to do your homework before getting one.

Secured Credit Cards - These cards differ from debit cards and prepaid cards in one area, they build credit by reporting to the credit bureaus. The only reason to use this card is to help your child build credit. This is because they require you to pay your credit limit up front, and then they charge you interest to use it. No really, think about it, you give the bank $500, and when you need to "borrow" some of your money, they charge you interest. Kind of sounds silly when you say it out loud, doesn’t it?

However, these cards can be a safe alternative for you to build credit for your child, if they are used wisely. The trick is, to get the card and never use it. Credit cards only have to be used once to begin reporting to the bureau. After that, you can tear the card up and never use it again. Most people mistakenly believe that the card has to be used regularly to build credit, this simply isn’t true. Credit bureaus only report, how long you have had the card, what your limit is and if you have been late on your payments.

Student Credit Cards - These cards are, for the most part, used by college students without the parent’s involvement. These cards usually give small initial limits and steady increases as the student shows fiscal responsibility. These cards aren’t designed for people with bad credit, but specifically for students without any credit at all. The credit card issuers will usually require that the student provide school transcripts, a diploma or a student id before approving the card.

This is an ideal way for student to build their credit or ruin their credit early in life. Many student loans have been turned down due to a poor payment history on student credit cards. Some student credit cards will require co-signers from the parents to ensure that the account is paid as agreed. Make no mistake though, if you cosign for your child, and he or she skips a payment or two, your credit will suffer right along with theirs.

A good alternative for parents to get credit cards for kids while allowing their child to build credit is to use a combination of the secured card and a prepaid card. As a parent, you can simply fund a secured credit card and stash it away, then use a low cost universal prepaid card to fund their expenses. This way, when the child leaves the nest, he or she has a good credit reference that could possibly get you ‘off the hook" from having to co-sign for that first car.

Aubrey Clark is an Author and editor for Direct Banc, a lowest interest rate credit card directory specializing in credit cards for fair credit. Aubrey writes extensively about how the average consumer, with marginal credit, can get a great deal on average credit cards. Aubrey lives in Atlanta Georgia with his wife and four children.

Credit Cards for Kids

Credit card for kids!? What purpose do they solve? What is the need if we are giving them their pocket money?

Credit Cards for Kids

Debit cards and prepaid credit cards are of similar nature. These are the cards which are most commonly used by the parents to fund their children. The companies have their fee structure for these cards.

How to Talk to Your Kids about Credit Cards

The credit card process is mysterious to kids. Most children don’t realize that when you charge a purchase, you have to pay for it later – and then some. 

Technorati Tags: unsecured credit cards for people with no credit

Free Credit Report without a Credit Card

Federal law has made it possible to get free credit report without a credit card for every citizen from three of its major credit reporting agencies. One can also get these credit reports from other websites but making a choice of finding the right website holds the key.

Everyday, while surfing internet we come across the numerous advertisements which tell us that it is our right to get free credit reports. But the question arises in the mind of many people that whether they can get their free credit report without a credit card. What does free credit report without a credit card mean actually? In fact, Free credit report without credit card means an individuals can have a look at his credit score or a financial background at no charge.

Actually if we try to find the answer of the above question, it will come as ‘no’ because every time you go to check your re-credit report, you will be hard pressed to look for company that will be ready to do it. The most important reason behind it is a simple one. Credit card serves a major tool in identification of an individual. It is used to verify your true identity. But don’t get disheartened.

There are ways to get your free credit report without actually possessing a credit card. You can write an application demanding your free credit report to anyone of the credit reporting agencies with a proof of your identity attached along with. Your identity proof can be a copy of your driving license or a copy of your recent bill. You can also give a call to these credit reporting agencies to obtain your free credit report.

Credit Report

A credit report is a document depicting your financial status which becomes a very important tool to derive your specific credit score. The information regarding your financial transactions, loans, dates, bills is gathered and maintained by these credit reporting agencies. These records include the information about your bad loan history, delayed mode of re-payments, penalties slapped and your own credit liabilities. Thus, a credit report is a reflection of your financial position and the credit score indicates your reliability as a borrower for financial institutions and banks to decide whether your credit worthy or not.

A person having a better credit score like 700 or above can easily get loans or mortgages at much lower interest rates, unlike the persons suffering from bad credit score. As your credit report is a reflection of your financial status, it helps you to manage your resources in much better way. Your credit score becomes a reference point and makes it much easier to plan your financial activities accordingly. Thus, in modern consumer based society, it serves as a guiding tool to ensure that you are not trading the path to bankruptcy.

There are only three credit reporting agencies to provide a credit report for any individual. Those are Equifax, Experian and Trans Union. Only these three major companies can track and report your credit history. On September 1, 2005 the Federal Trade Commission, the consumer protection agency of US has pass the law by which everyone in the US is now entitled to get a free copy of their credit report from each of the three major credit reporting agencies mentioned above in each single year.

As the official website of FTC says "annualcreditreport.com is the only authorized online source to get a free credit report under federal law. You can get your free report from each of the three companies every 12 months." Although annualcreditreport.com is easily accessible and very easy to get your free credit report there is a small catch. From this site you can’t get access to your free credit report more than once in a single year. So, if you want to check the report again within the 12 months you have to switch over to another websites which claim to offer free reports but may charge you after a specific span if you not cancel their offers within that free trial period.

There are few things which you can adapt while getting free credit report.
1. Don’t try to get the credit reports from all three companies at a single time. This will allow you to space out your free credit reports thrice in a year over a regular time interval. Thus, you can see the changes that occur over time in a year.
2. Check out for the correct spelling of your web address as there are many spam activities on the bogus sites which slightly differ in their spelling from the original ones.
3. Download your free credit report immediately as you may not be accessible to it later.
4. Quit your browser after getting your free credit report, so no one else can have access to it. This will prevent the identity threat.

There are numerous websites offering you the opportunity to get your free credit report. The only obligation here is a normal 30 day three trial periods. So in case you use this facility then don’t forget their membership within the free trial period. Don’t give your credit card information or any such information which can become the cause for identity theft. As credit report guides you in planning and managing your financial sources, avail this facility regularly!

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Do you need a credit card for your child?   Click here to apply.

If you’re like a lot of parents, your first thought upon reading this title was, "Are you crazy? Why would a child need a credit card?" But believe it or not, the reasons extend well beyond the shopping mall.

Credit cards are handy for children traveling abroad or even locally with school or a youth group. They won’t be renting cars, but they will be eating and almost every fast food chain now accepts them. It’s also something your child can keep handy just for emergencies. There are plenty of other reasons why minors should have credit cards, including as a tool to teach financial responsibility.

Giving a credit card to a minor really is a decision only parents or guardians can make. If this is something you’ve been considering, here are some options to consider.

It’s important to realize first that minors cannot have their ‘own’ credit cards. Issuance of a credit card is a contractual matter and because of their age, minors aren’t allowed to enter into legally-binding contracts. Therefore, a minor’s credit card has to be attached to a parent or guardian’s account.

Secondary cardholder

Listing a minor as a secondary cardholder is easy. Applications and credit history checks aren’t required because what matters is the creditworthiness of the primary account holder. A secondary card might have a different account number, making it easier to track expenditures or to cancel if it’s ever lost or stolen.

But on the downside, the primary account holder assumes full responsibility for making all payments. Should problems arise, it’s the primary account holder whose credit history is affected.

Debit cards

These look and feel just like credit cards but there’s one big difference: no credit’s involved. Debit cards are linked to bank accounts and as purchases are made, funds are immediately withdrawn. The downside of being linked to a parent’s checking account is immediately apparent when the minor doesn’t control its use and the parent suddenly finds a depleted bank account. So do yourself a favor and find a bank that offers youth accounts. That way, your child can only use the debit card as long as there is money in his/her account. If spending is managed, youth debit cards are great for teaching children that they have to earn money before they can spend it!

Charge cards

The difference between a charge card and a credit card is that at the end of each billing cycle, the balance must be paid in full; interest doesn’t accrue. It’s another situation in which the minor is considered a secondary card holder. Because you can’t carry a balance with a charge card, it is a good way to stress the importance of managing spending.

Prepaid cards

These are cards onto which you load money that can be used for making purchases anywhere the other major credit cards are accepted. As long as money’s available, they can also be used at ATMs for cash withdrawals. When funds run low, all mom or dad or the child has to do is reload!

Secured cards

This too looks and feels like a credit card, but it’s more like a debit card because the user can only make purchases as long as the card’s funded. The way this type of card is funded is by making deposits to the institution which issues the card. Secured cards are often used by minors trying to establish credit history. From a parent’s point of view, it’s a good alternative to co-signing.

To co-sign or not to co-sign

Most parents do whatever they can to help their children succeed. That’s admirable, but when it comes to co-signing for a credit card, they really need to think twice. Once they turn 18, young adults can apply for credit. If they’ve not established sufficient credit though, they won’t be approved without a co-signer.

And the co-signer assumes responsibility for making payments. If your adult child doesn’t have a job, you’ll be paying the bills. If you don’t your credit is affected. What’s worse, if your adult child hasn’t been taught good money management skills, you might end up paying down those cards you co-signed for a long time!

Kids with credit cards are good for the economy

As horrifically as it sounds, credit cards for children can be the smartest thing parents can do for their children. 

Credit Cards for Teenagers: Educational Tool or Gateway Drug 

It even lets you design your own card using a favorite photo, making it even more fun to use. Has anyone tried this system? Do you find it’s a good way to teach your kids how to handle credit responsibly, or is it just getting them hooked on credit cards?

College Kids and Credit Cards: Sallie Mae’s Latest Study

Sallie Mae just released its 2009 study, "How Undergraduate Students Use Credit Cards." The results show that, despite the credit crisis, college students are relying on credit more than ever before.   

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This article is courtesy of CreditorWeb.com, where you can compare business credit card offers and apply for credit cards online.

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