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Why do I need a student credit card?Student Credit Card Questions & Answers1. You need to start or continue building your credit. Eventually you will probably want to buy a car or a home and you need a credit history. Without a good one, it can be very difficult or impossible to get a reasonable rate on loans. Getting a student credit card will let you start building that credit right now. 2. A student debit card can be fine for some small purchases from very trustworthy merchants, like the on campus store when you buy some groceries. However, it's just plain foolish to use a debit card online or somewhere less trustworthy. If one of these on or offline stores steals your debit card number, they can use it to make purchases directly from your bank account. It may be days or weeks before you notice, and in the meantime you could be bouncing checks thinking you have more money in your account than you do. Even then, getting the money back into your bank account can be a time consuming process. Using a credit card protects you so that if someone gets access to your card information, they won't be taking money directly from your bank account. Instead, with these student credit cards you are protected from all fraudulent purchases. At the end of the month when you go to pay your credit card bill, if there are fraudulent purchases you simply call the credit card company and they will work with you to get the charges off your account (and send you a new card number). When you do pay your bill, you are paying only for your real purchases, never for fraudulent ones. 3. All of these student credit cards have no annual fee, so it's foolish to shop without the protection they offer. |
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