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The Watercooler
Credit card for teens???
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<blockquote data-quote="DammitJanet" data-source="post: 554104" data-attributes="member: 1514"><p>I thought a secured credit card meant you had to put X amount of money onto a credit card through a bank and it would help build your credit. Normally you start off with say a $250 or $300 limit. You can get more if you put more money in though. Now a prepaid credit card is more like a debit card but you dont have a bank account backing them. You just buy them at a grocery store or Walmart or even online and add funds. I wouldnt think they would report to credit agencies at all. Debit cards dont and it appears banks dont. At least not as far as checking and savings accounts nor anything to do with having anything in an investment account.</p></blockquote><p></p>
[QUOTE="DammitJanet, post: 554104, member: 1514"] I thought a secured credit card meant you had to put X amount of money onto a credit card through a bank and it would help build your credit. Normally you start off with say a $250 or $300 limit. You can get more if you put more money in though. Now a prepaid credit card is more like a debit card but you dont have a bank account backing them. You just buy them at a grocery store or Walmart or even online and add funds. I wouldnt think they would report to credit agencies at all. Debit cards dont and it appears banks dont. At least not as far as checking and savings accounts nor anything to do with having anything in an investment account. [/QUOTE]
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Credit card for teens???
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