What is a secured credit card and how does it work?
You’ll make a cash deposit which is used as collateral for a credit line, generally as low as $300 or as high as $5000. Basically whatever you can afford to put on deposit where you’ll earn a competitive interest rate. You’ll be issued a major credit card such as Visa or MasterCard by one of many secured card issuers out there. If you put up $300, for example, you’ll probably be issued a credit card with a credit line near that amount. As well, some banks allow you to add funds to the deposit account and increase your credit line. You will still need to make your regular payments that show on your billing statement. The deposit is used only for collateral if you don’t pay. After 6 months to 1 year, some banks will reward you for timely payments by increasing the credit line without requiring you to put in additional funds. If you cancel your card, generally the deposit is held for 30 days or more to make sure that charges don’t come in on the next billing cycle. Where can I find secure
