Whats the difference between secured credit cards and unsecured credit cards?
Secured credit cards are usually given to those with bad or no credit history. A deposit is made, say $500, which gives the customer a $500 limit. The customer isnt allowed to spend more than the amount of the deposit. As the deposit decreases, so does the amount the customer is allowed to charge. Thats why these cards are sometimes called prepaid credit cards, or bad credit credit cards. An unsecured credit card is granted to those with a good credit record, because they have a history of paying their bills on time. Capital One Canada – has a good number of secured credit cards that are really good.
