About Secured Credit Cards
A secured credit card is a card where you essentially put up cash as a deposit. Let’s say $500, or maybe even $1,000.
Whatever amount you turn over to a bank that is issuing you a secured credit card becomes your credit limit. If you put up $500, then you get a secured credit card issued to you in the amount of $500, which gives you a $500 limit.
Secured credit cards, prepaid debit cards and Visa gift cards are all alternative methods of payment to a traditional unsecured credit card. But which one of these cards is the right match for you?
Understanding the key differences between secured credit cards, prepaid debit cards and gift cards can help you make the most informed decision when choosing alternative payment methods. Each card has its pros and cons, and many people are surprised to find out that using a particular card results in some type of fee posted to their account. [continue reading…]
Having a credit card – or even a couple of credit cards – isn’t always a bad thing for young adults, provided they learn about credit management and use credit wisely. [continue reading…]
A secured credit card is typically a good option for those who might have thin credit, or perhaps no credit.
Maybe you have bad credit because you’ve had credit problems in the past. Don‘t think that the entire world of credit is closed to you, because frankly nothing could be further from the truth. [continue reading…]
Having a low credit score can take you out of the running for many credit cards. But credit blemishes – or even major black marks on your credit report – don’t mean you’re financially doomed and can never get a credit card.
Q: I had my first “secured VISA” Credit Card from a Federal Credit Union planning to build my credit, but now when I go to apply for a Non-secure VISA Credit Card the system doesn’t show any records about my credit, the bank says that the credit card that I was using reports the credit history, but it doesn’t show anywhere… how can I fix this issue? [continue reading…]