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Credit card for teens???
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<blockquote data-quote="AnnieO" data-source="post: 554130" data-attributes="member: 6705"><p>Secured credit cards and prepaid cards for teens are two different animals. Not even the same species.</p><p></p><p>Secured means - your credit limit is whatever you originally put down. You <em>can</em> incur overdraft/late fees if you don't make payments. After a while, they apply your deposit to your balance and it converts to a regular card with a high interest rate. Shows on credit report.</p><p></p><p>Prepaid means - similar to a debit/gift card. Person has "X" amount to spend. No payments - you add money when you want to. You <em>can</em> go over and incur overdraft fees, but not late fees.</p><p></p><p>Onyxx had a Visa Buxx. I would NOT recommend this card to ANYONE. She had a $10 charge at a vending machine in Atlantic City NJ. First of all, she wasn't in Atlantic City that day - or ever in her life - and was at school when the charge was supposedly made (not when it hit). When we disputed the charge, they told us it was too bad and we had to pay it. I refused to... So they closed the card and charged my bank account. I disputed THAT and (gee same bank) got it back.</p></blockquote><p></p>
[QUOTE="AnnieO, post: 554130, member: 6705"] Secured credit cards and prepaid cards for teens are two different animals. Not even the same species. Secured means - your credit limit is whatever you originally put down. You [I]can[/I] incur overdraft/late fees if you don't make payments. After a while, they apply your deposit to your balance and it converts to a regular card with a high interest rate. Shows on credit report. Prepaid means - similar to a debit/gift card. Person has "X" amount to spend. No payments - you add money when you want to. You [I]can[/I] go over and incur overdraft fees, but not late fees. Onyxx had a Visa Buxx. I would NOT recommend this card to ANYONE. She had a $10 charge at a vending machine in Atlantic City NJ. First of all, she wasn't in Atlantic City that day - or ever in her life - and was at school when the charge was supposedly made (not when it hit). When we disputed the charge, they told us it was too bad and we had to pay it. I refused to... So they closed the card and charged my bank account. I disputed THAT and (gee same bank) got it back. [/QUOTE]
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Credit card for teens???
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