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Discussion in 'Credit Talk' started by Ginny Pig, Sep 2, 2000.
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You can just as easily purchase things with a debit card over the phone or on the internet.
I would suggest that you open a share draft account at a credit union and discuss getting a MC or VISA with them with a low credit limit.
If you want to try a bigger bank, Capitol One's stingy Gold Card might be the way to go. Small credit limit (as low as $200) and a $39 fee.
If your parents have good credit you can ask them to put you on some of their credit cards as an authorized user. They don't have to actually give you a card to do so.
The CRAs still insist on reporting the credit history of accounts on an authorized user's credit file, so this is a way to piggy back off of your parents credit. If they have Platinum Cards or high limit Visa or MCs, and good credit you will soon start getting preapproved offers in the mail.
I would not however use a debit card on the internet. I would and do use a credit card on the internet.
I recommend this because of security issues. If somehow someone gets your card number and expiration, there is more security risks with a debit card.
I agree with "me" <g> and would add that credit cards offer product and service protection that debit cards don't. If you get stiffed on buying an item, your credit card company can charge back the item to the seller and credit your account. With a debit card, you could get stuck because it's the same as handing over cash.
You may also want to try Aria. The fee's are high, and the limit is relatively low, but this was my first card. Use it wisely, and as J. Edgar said of the authorized user path, you will soon after receive pre-approved credit offers in the mail.
When you add authorized user to credit card account most creditors even don't ask or take authorized user's SS#,how they report authorized user activity to CRA? If you are a joint account card holder then creditor will report to CRA.
Credit Unions probably have the best rates you can find. If they require you to secure your card, they will usually offer you several account options for security.
While credit unions' policies vary, I read that my credit union will allow its customers to secure a Mastercard with share draft accounts, CDs, and IRAs. The latter two will get you some especially good interest rates while your savings is tied up. Accounts become unsecured after a year of good credit practices.
If you qualify to join a credit union, you should look into it. Having a good credit history with a credit union can help you with all sorts of needs quite easily. They are much easier to deal with than banks.
Try the AT&T Universal Card. I agree with all the other posters, but will go as far as advising against a secure card, unless you absolutely have to. Why use your money, when you can use the banks. Just make sure to use your credit responsibly. Always make your payments as soon as you get the invoice and make large payments.
Profit from the experience.
No Debit Card
In addition to the security issue, there is the fraud issue. Suppose you authorize payment, but for a fraudulent offer? You can dispute that with a credit card, but not with a debit card.
Also, a debit card doesn't develop a credit history any more than a checking account does. Don't let the Visa or MasterCard logo fool you.
Are we talking about a person with zero(0) credit history to date? Capital One or Aria, or some local credit union, would be much more likely to approve.
I know a young lady, 19 years old, who got a $250 Visa from her family's credit union, where she already had a checking account. Once that got on her credit record, she received a $1000 preapproved offer from Providian (the same bank that issues Aria cards.) Then she easily got a department store card. Now she's moved back in with her parents to go to the local JC, and her parents are making her pay off her balances.
If you have never been turned down. You should go for a no fee, low interest rate card. If you have been turned down, then go for a Providian or any other high interest card that may give you a chance. I think a card with no fee and lower interest is worth the inquiry.
Profit from the experience.