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Need a Credit Card?

© Lori Bader

Sometimes I think in our world today it is almost impossible to live without a credit card. Phone orders, credit history, emergencies, whatever. But if you can't get a credit card, these things may seem to weigh down on you relentlessly. I have come across some solutions to that problem that I will share with you.

The first solution is really for teenagers and their parents. It's called the VISA PocketCard and it is unique. In order for the card to be valid, money must be deposited in the account first. That way, parents have some control over their teenager's spending limits while the teen gets to learn financial responsibilty. Furthermore, parents have access to the transaction history for the card by checking out the website (the website address follows). This card has a $15 annual membership fee. If this sounds like something you may be interested in, you can find out more information at www.pocketcard.com.

Ironically, it seems you need debt in order to establish credit. If you've unsuccessfully tried to secure a credit card from your bank, a department store, etc. you may be interested in a secured credit card. This card is similar to the PocketCard in that money must be deposited in an account before the card can be used. The difference is that your credit limit is not equal to the deposit. For example, a deposit of $100 may give you a $300 limit. There will probably be annual fees and these cards will have higher interest rates than many other cards out there, but they are a good way to start building, or rebuilding, your credit. In fact, some companies that offer secured cards will give you a regular unsecured card after a period of time in which you prove to be a responsible account holder. If you choose to go this route, be sure to do your homework and compare all the fees and interest rates to get the best deal. You can get more information at www.CardWeb.com.

Credit can be a tricky thing, so once you have it treat it with respect!

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