While applying a credit card, people go for best deal. Some people think that credit card charging the lowest rate is the best one. While deciding to purchase a credit card, you must consider its lower rate, rebate points, annual fees and mileage points as well. Follow the following given points that will be helpful for you.

Types of Credit Cards

· Unsecured cards are not backed by security and are issued on your creditability.

· Secured cards are issued against a security and the credit limit is usually up to the amount of security.

Credit Cards with additional features

· Rebate cards  gives you the facility of rebate based on your purchases and are usually 3% to total amount of purchase. Rebates are processed at the end of year.

· Point cards facilitates you be offering points which can be used to purchase discounted  merchandise and tickets. These points are processed quarterly and accumulates to next quarter if unused but are voided after certain period.

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Although most credit cards have been designed for college students but it is possible for a high school student to get one too, but obviously there are many pros and cons of getting one.

Help them learn the basics of money management

We all know that the teenage is the best age to learn, and it may be the best to learn about the basics of money management to help in future life. As teenagers, many kids go out and get their first jobs, or are otherwise earning income from allowances or babysitting. It’s the perfect time for parents to help them learn about the basics of financial responsibility, and train them to spend according to their limits.

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