Canadian Secured Credit Cards are good for Students
I remember getting my first credit card back in 1982-ish.
I started a new job and was anxious to get my credit started.
I wanted the feeling of having a piece of credit with the banks. I knew that if a bank gave me credit, that was a good step.
The only problem was that I was living on my own and didn't have anybody to co-sign for me. I didn't want to ask my mother as that was not cool. They didn't have secured credit cards back then. So I had to find someone to co-sign for me.
I remember asking my employer if he would co-sign for me. He was kind enough to help and I got my credit card. I've never looked back.
When I got my first credit card, I would spend $20-30 a month just to see what my statement would say. Then I would quickly pay it off.
( I'm the type that worried about owing $5.00 on my credit card! ) Over time I felt more confident with my ability to manage money and credit. I learned to keep my spending well within my budgets. These lessons have helped me in business many years later.
- University / College Students have no credit rating
My story is the same as university students who are just starting off. They don't have a credit rating with Equifax or TransUnion and thus are required to either get a co-signor for an unsecured card, or put up some security for a secured credit card.
- Students want independence from parents
Like myself, students want their independence. They want to feel like they can handle themselves away from home. This gives them a sense of well being in that they are able to manage themselves away from their family of origin.
- Students need an affordable credit card
Students who have part time jobs are able to scrape some money together to put a deposit on a secured credit card.
The good thing in this case is that students can get an affordable secured credit card for a deposit as little as a $75.00
This makes it affordable for them get the card and start their credit rating.
- It helps Students learn to manage money and credit.
Students who are just starting off need to learn how to many their money. A credit card will help teach them the responsibility of making payments on time. This is very helpful as they will have to keep bills current as with a mortgage payment, electrical bill, gas bill, phone bill etc when they purchase their own home or rent an apartment.
A secured credit card allows the student to get a reasonable priced credit card, start a credit rating and then "practice" to make payments and keep his/her credit in good standing.
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