I have heard about secured credit cards. What are these cards all about?
Answered on Friday, November 26th, 2010 by
James Williams

There are unsecured and secured credit cards. These cards are secured with a deposit loaded on a card account. If you are a responsible cardholder you will get your deposit back when you cancel your card. Secured card is a great option to start building or reestablish your credit as it is reported to the major credit bureaus. Applying for secured cards you are most likely to be approved. Keep in mind that these cards compared to unsecured ones do come with higher interest rates. Cash advances made via secured cards are always high.

Other Popular Secured Credit Card FAQs

Before you start choosing a credit card, we would recommend you to check your credit reports first. Make sure you do not have errors on your credit reports and all personal information is up to date. Then you can apply for a credit card. Since it is your first credit card, you have two options […]

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 Secured cards require an upfront security deposit to be paid. The credit limit on a secured credit card will be equal to the deposit you pay. The deposit is usually fully refundable. The issuers of secured credit cards can report them to credit bureaus as unsecured credit accounts. The unsecured credit cards do not require […]

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