Secured Credit Cards

    Secured Credit Cards   With a secured card, you secure the card by depositing cash up front in a savings account or CD. The amount of funds you place on deposit will generally match your credit line. Your card issuer maintains a lien on the deposit account, which you stand to lose if you fail to make timely credit card payments.   While many people have heard of secured credit cards, unsecured or regular credit cards are more common. With an "unsecured" card, the issuing bank has no right to take specific assets of yours if you don't pay your bill. Instead, the bank would have to sue you or force you into bankruptcy to collect.   A secured MasterCard or Visa looks just like a regular one, and the law ensures that it has all the same consumer protections. However, a secured card typically carries a higher interest rate. But a secured card can be a good deal because it offers you the convenience of having a credit card while you work on establishing or rebuilding your credit . Related articles:  Getting Approved for a Credit Card

Was this helpful? 0 0 Comments

Did this article Secured Credit Cards solve your question / problem? If not, read following similar tutorials & articles or ask a new question.

• Capital One Secured Credit Cards: Why Are They So Attractive??

  Capital One secured credit cards have broken the mold when it comes to secured credit cards. Instead of ridiculous processing charges and annual fees, Capital One secured credit...

• Find Out How to Build Credit Using Secured Credit Cards?

  Its time for you to start building your credit. Find out how using secured credit cards could be one of the best ways to build your credit.

• Secured Credit Cards 101?

  Secured Credit Cards 101

• Bad Credit score Unsecured Credit Cards Vs Secured Credit Cards?

  Bad Credit score Unsecured Credit Cards Vs Secured Credit Cards

• Secure Credit Cards?

  Secure Credit Cards

• Secure Credit Cards?

  Secure Credit Cards

You're reading Secured Credit Cards.