Home >> Finance >>Credit Card >>Secured Credit Card

Secured Credit Card

Let me tell you what does a secured credit card mean? A secured credit card is one which is secured by a special savings account which is established with the credit card issuer acting as collateral for the credit limit. Getting a secured credit card would depend upon your credit history. In case you are applying for a secured credit card there is an increased chance of availing this card. In the case if secured credit card the credit limit either is equal to the savings account or could be even more than that. All this would be dependant on the type of credit card and the personal situation. Let me explain it to you in simple words that when deposit is placed for secured credit card it goes in the savings account and the difference between a secured credit card and a prepaid credit card is that in the latter case a deposit is required. People with a bad credit history looking to improve their credit rating should opt for a true secured card or it won’t help your credit card rating much. In the case of secured credit card a cash collateral deposit is required which is regarded as the credit line for that particular account. The deposit for this card varies from $300 to $500. This credit card is the only option for establishing credit for people with a bad credit history. In case you are credit union member one can get a secured credit card from there. ] These cards are generally misunderstood financial tools and even today some of the people believe that secured cards are generally not credit cards. Secured cards carry almost the same interest rate as that of unsecured credit cards. People with bad credit history appreciate this product as you just have to make a deposit which is equivalent to the credit limit. Risky borrowers appreciate this card since deposits tends to pay off the outstanding balance. These cards generally carry high annual fee as compared to the normal credit cards available but still it’s not much if it helps in repairing your credit.


	0 apr credit card Airlines Mile Credit Card Apply Online for a Credit Card Business Credit Card Credit Card Application Credit Card Company Credit Card Debt Consolidation Credit Card Processing Secured Credit Card