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Indeed there are. A number of companies are willing to help you start building your credit through the use of a student credit card, even if you have no proven track record or robust credit score to date.
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The short answer is nope, you shouldn’t do this. Student loans are intended to cover educational related expenses such as tuition, fees, textbooks, housing.
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This is an important concept to nail down. The APR, or annual percentage rate, is the cost of credit conveyed as an annual rate. But what you really need to understand is the daily periodic rate. Most credit card companies use a method called Daily Balance which means interest is compounded daily.
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In a nutshell, a secured credit card requires a cash deposit in order to reduce risks to the credit card company. This is a great option for individuals trying to repair poor credit, or for those still building their credit.
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