Question

If you were a college student, would you apply for a credit card, debit card or a pre-paid card and why?

Answer 1

We should apply for debit card because
1.  We can use it for transaction for amount deposited in the bank. Since we are not taking credit as in case of credit we don't need to pay credit card charges.
2. Since debit card is linked to banks it should be preferred to prepaid card as banks pay an assured interest and can be converted to cash easily.
3. Credit card allows transaction for values more than the amount in bank which could lead to higher spending unlike debit card.

Hence college students should prefer debit card