What is a ‘secured balance transfer credit card’?
Secured balance transfer credit cards are another very popular breed of balance transfer credit cards. Secured balance transfer credit cards, as their name suggests, are secured. Well, they are secured for the balance transfer credit card provider, really. Secured balance transfer credit cards require you to open an account with the balance transfer credit card provider and maintain some cash balance in that account. This cash balance acts as a security for the provider of secured balance transfer credit card. Your credit limit is dependent on the amount you hold in the account that you have started with the provider of secured balance transfer credit card. This is generally between 50 to 100% of your account balance. So in that sense, secured balance transfer credit cards are not really balance transfer credit cards (since they don’t offer you any credit really). For this reason, the secured balance transfer credit cards are sometimes also referred as debit cards. Why is the concept o
