What Are Secured Credit Cards?
Secured Credit Cards are perhaps the best type of cards for those with no credit or poor credit If you have bad credit or need to establish a credit history, secured credit cards are probably the best credit cards to get because you are very likely to get approval and most report your payments to the three major credit bureaus. Difference between secured and unsecured credit card For a secured credit card, you have to deposit a certain amount of money (usually between $250-$15,000) with the bank issuing the secured credit card. The bank will normally extend a credit of anywhere between 50% to 100% of the deposit amount. Most banks will pay an interest on the deposit. This deposit acts as a collateral for your secured credit card bills. Compared to sub-prime unsecured credit cards, annual fees tend to be lower for secured credit cards. Once you have build up a good credit history, banks will start offering you unsecured credit cards. When choosing a secured credit card, keep the followi
