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Get the FACTS about Credit Cards...

Here is what you need to know...
   to break free of Credit Card Karma:

Credit Card Deals...
Specialty Credit...
   Student Credit Cards

Everyone has to start somewhere with credit cards... many people - with kind and loving parents - start with Student Credit Cards. Before you go this route, here are some things to consider:

* Would your child view a credit card as "free money"
    and go on a hog wild spending spree?
* Is your child's school a safe environment?
    Is there a realistic risk that their credit cards could be stolen?

* Can you take the risk of your child
    adversely effecting your credit if they misuse the card?
* Is your child mature enough to handle a credit card responsibly?
    If not, a debit card is a better answer.

There is a special breed of credit cards especially created for students...
These cards allow students to get a credit card in their name before they complete their education and get a job. Student Credit Cards are the same as other unsecured credit cards... with the following differences.

* The credit limit on Student Credit Cards is really low
    ($500-$1,000 maximum on monthly spending).

* All Student Credit Cards have additional restrictions and
    higher annual percentage rate interest charges (APR).
* The vast majority of Student Credit Card applications
    require the parent to co-sign it as a guarantee.

* Some Student Credit Cards have extra fees to cover the
    credit card company's risk for first time cardholders.
* Some Student Credit Cards require credit card insurance
    to cover the risk of cardholders with no history.

Student Credit Cards offer their cardholders.. the following advantages:

* Building a Good Credit Rating:

A student will earn a good credit rating as they use their credit card in a responsible manner over time (paying on time, not overspending, not refunding too often, no fraud, etc). This credit rating is built at "independent" credit bureaus (there are three of them and they all work together). This rating from Student Credit Cards will be used in credit decisions about mortgages, loans, or credit cards.

* Developing Good Spending Habits:

A student will learn - hopefully in a safe and easy manner - how to use credit responsibly. If the student can learn to pay on time, to keep within their budget (credit limit), to deal with reputable vendors (keep away from fraud), and to purchase what they intend to keep (no always returning), they will make a great start in their financial lives.

* Becoming Familiar with Credit:

A student will get a crash course in credit cards. They will need to learn about protection against fraud, interest and fees, how to report credit card loss. They will have to learn to avoid the debt trap... the temptation to treat credit as "free money" which never is paid back.

Here are some good rules of thumb for students to keep in mind:

* Stick to having only one credit card
    until you are certain that you can handle credit wisely.

* Try to remain within 60% of your credit card limit and
    never, ever go over the credit limit.

* Pay off more than the minimum balance on the credit card
    each and every month.

* Use the credit card for only what you need
    for your schooling (partying does not count!).

* Keep your card safe: do not let others know where you keep it
     and do not carry it unless you have to.

* Keep your credit statement safe:
    check it to make sure there are no unauthorized charges.

* Make sure that you report any credit card loss promptly
    (your parents will understand!).

* Never, ever give it to friends for any reason:
     if you want to buy something for them, do it yourself.

Students who want to learn all about credit... should study all this information!