What is a secured credit card?

[stella7]

wahts the use of a secured credit card since its sole purpose is for people wo have been turned down for credit cars.So which one is this one again?

[Melizzy]

You can get either a partially secured or totally secured credit card. This is a card where either you make a deposit to the credit card company and that is your limit or you pay a substantial fee and usually a monthly fee for the honor of having the card. If it's the only way you can get credit, so be it.

Just make sure to find out how they report to credit agencies. Does it show up as a secured card, which won't help you on your credit history or does it show up as a normal card?

[randomthoughts1875]

Awhile back I was considering a secured card and stumbled upon a site offering questions to ask before getting a secured card. I had jotted them down in a notebook so I'm unable to give credit where credit is do but I believe I can post them here as they are available through online searching. Hope These help!

What is a secured credit card? (because different companies can have different definitions)

How much money do I have to deposit?

What kind of charges will there be?

Do you report to all three major credit bureaus?

How long does it take to qualify for an unsecured card?

How much interest will my deposit earn, and what kind of account does the deposit have to be in?

How can I make the best use of a secured card to build my credit rating?

[papia]

This type of credit card is linked to a bank account, allowing a credit card company to deduct payment if the cardholder fails to pay. To obtain a secured card, a consumer must deposit an amount of money equal to the credit limit of the card into a bank account. This account is separate from any other accounts the consumer may have.

[shalamar]

I can not get an unsecured credit card, but I like my prepaid credit card. I can never be overdrawn, never any late penalties and it appears just like a real credit card.

[mamab]

Usually, I believe they want you to deposit a large amount of money - like $500 or so. If you had $500, you wouldn't need the stinkin' card, would you?

[shalamar]

with a deposit down. Your credit line then equals that of the deposit you have paid into it. You can start as low as $200.--
If you keep the credit up and pay your payments after about 1 year sometimes sooner, you can start appying for a regular unsecured credit card.

[Mcmillion]

Secured credit card is a credit card used to build a good credit record for people with a damaged or poor credit score or for people with little or no credit history.

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[Jimrussel]

Secured credit cards are intended for people who wants to build a new credit or who wants to rebuild poor credit history by means of credit card.

credit repair

[palomavictoria]

Well, secured credit card is a type of card secured deposit owned cardholder.Many people also refer to it, so bad credit card . That's actually a card that you can invest a certain amount of security, and the card, you get the card back. Often you have to put 125% of what you want to credit limit.

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