Bankrate: Student cards vs. secured cards

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Secured credit cards come with one benefit that makes them a better choice for a variety of people.

—Get approved with limited credit or no credit. It’s possible to get approved for a student credit card when you have no credit history at all provided you meet other requirements that vary by card issuer.

—Earn rewards for spending. Many student credit cards offer cash back or other types of rewards for each dollar you spend, which is a major advantage for young people who are strapped for cash.—You have to be a college student to apply. Student credit cards typically require you to attend college to apply, so they won’t work for everyone.

—Rewards and perks are limited. Student credit cards tend to come with low limits, and the rewards and perks may not be that great.While student credit cards are for college students who need to build credit, secured cards can be for students or anyone else who needs help building or repairing credit.are so easy to get approved for that they are often marketed to people with low credit scores and bad credit due to mistakes made in the past.

—Build credit with responsible use. These cards report to the three credit bureaus, which can help build credit for the future.

 

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