Secured Credit Card
secured credit card is your ultimate resource for everything having to do with secured cards. Find out what you need to know about secured credit card today.
Secured Credit Card – What Is It?
A secured credit card is a guaranteed VISA or MasterCard that has been secured by a deposit to the issuer’s bank. You must deposit an amount, ranging from $300 to $5000, in a low-interest saving account or CD to secure the credit card, and you then receive a credit line for up to 100 percent of your account balance. Each bank has their own requirements for how much you can deposit for your credit line. The bank issues you a credit card using your deposit as security. A secured credit card is ideal for individuals establishing credit or with previous credit problems. In most cases, the card is almost guaranteed unless you just have tragic credit. A major credit card, paid on time over time is the strongest credit reference you’ll ever have. For building good credit, a secured Visa credit card is even better than a mortgage or car loan.
Who is right for a secured credit card?
College students, foreign students, immigrants, or those recently divorced or widowed may find a good use for a secured credit card, because it is common for banks to reject their application for an unsecured credit card because of a lack of a credit history. Or if you haven’t even begun building your credit history. By using a secured credit card for a year or two, you will see your credit options open up dramatically. People who have bad credit including charge-offs, bankruptcy, or a slew of other financial problems in the past will have a spotted or plain bad credit history. A secured card is also ideal in this situation; it will help these people rebuild their credit and get back on their feet. However, an issuer is like any other lender in that they want to see that a customer’s financial habits are controlled, so that their credit card does not become another bad debt in their downward spiral. Although you have to put down some deposit, you won’t have to stay secured long if you pay your bills on time and don’t go over the limit. If you successfully manage the
Pay Your Bills
You want to make sure you pay the balance on your secured credit cards every month. This is the purpose of a secured card. You want to help your credit rating, not harm it. Every major company offers a secured card, including Visa. This is called a secured Visa card and can be used just like a normal Visa card. Get rid of your secured credit card debt today.
Access the things you have been hoping to access with the best secured credit card. You can send in your secured credit card application as soon as you desire and discover all kinds of wonderful things. Soon, you will be enjoying things you didn’t think you would be enjoying at this point. A bank secured credit card can help put an end to your worries. Simply apply, sit back, and wait for magic to happen. Before you know it, you will discover the benefits of a partially secured credit card!
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