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Are prepaid debit cards better for students?

[Monday, November 22nd, 2010]

Several college students are hard up in getting personal credit cards. College students who want to have their credit card are now heavily regulated. Aside from the fact that credit card companies check their backgrounds, they are also mandated to have an adult who will co-sign in their application. Thus, college students who are applying for credit card must make sure some other adult validates their application. But besides the use of credit cards, several alternative and options are out in the market which can greatly lessen the possible risks of credit card use especially for college students.

One of these options is with the use of prepaid debit cards. Therefore, if you are planning to find your child the best credit instrument that can best be suited for your child`s needs and capacity, going for prepaid debit cards is the best way to go.

Prepaid debit cards offered by major and big credit cards companies. Some of these companies issue these cards that can actually work in a different style and manner. Such cards carry symbols which are popular and are almost recognized by all firms and establishments. Some of these are labels like Visa, American Express, Master Card, etc.

Prepaid debit cards differ greatly form credit cards because prepaid debit cards are bought with an outstanding balance within it. Meaning, there is an existing amount of money that these cards have upon purchase.

Credit cards make you borrow money from its lenders. Thus, you are required to pay the interest rate that they will charge you from borrowing money. With prepaid debit card, what you just do is to consume the remaining balance inside the card. After spending all your money in the card, you can use it again provided that you deposit amount again.

But most college students and their parent ask which instrument should they invest with credit or prepaid debit card.

Each instrument has its own advantage. But prepaid debit cards offer a unique system that credit cards do not.

Prepaid debit cards allow your child to manage his expenses properly. College students need to learn how to manage their expenses especially for food, and other things that they will need in their college days. Giving them prepaid debit cards will make them more responsible in choosing which expenditures they should prioritize due to the limited fund.

Therefore, by looking at this advantage, it somehow lessens the risks and problems that credit cards give to these students.

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