What are the drawbacks of a secured credit card?
1. You need some money to place as collateral. About the only thing free here is the free advice you are getting at First Financial Help. 2. You will need to be responsible with this credit card just as you would with any other credit card. If you haven’t read the other credit cards pages yet, bookmark this site and do so. You will hear repeatedly that credit cards are an awesome tool, just like fire. But, used improperly it can burn you also. Do all credit card companies offer secured credit cards? No, you have to look a bit to find one, but it is not difficult. Are there any special things I should consider in selecting a credit card company? Absolutely, You should not have to pay an unreasonable fee to get a secured credit card. You should not have to buy an insurance policy if your card is backed with your money. There could be some fees, but they should be reasonable. Interest could be 10-18% or it could be 0% as long as you pay off your balance on time. How will I know if my cred
