SECURED CREDIT CARDS INFORMATION

Please see information below on Credit Cards.

        

Secured Credit Cards

What are Secured Credit Cards?

Secured Credit Cards are suitable for people with little, no or a bad credit history and find it hard to get approval for a credit card.

With this type of credit card you get all the benefits of a regular credit card just as anyone else. The difference is, however, you are required to provide a security of funds that are used as collateral against your credit. Your payment information gets reported to the credit bureaus, so making successful payments on time helps to rebuild your credit history.

Is there an Annual Fee?

There may be an annual fee associated with this card it depends on the card provider. Remember to find out when you are comparing offers!

What are the Benefits?

Secured Credit Cards are typically used by individuals who cannot obtain a regular credit card due to a poor or no credit history. With a Secured Credit Card you will receive all the benefits of a regular credit card plus the chance to rebuild your credit history. With Secured Credit Cards, your payment information gets reported to the credit bureaus. When you use your credit card and make successful repayments, you are given the chance to build or rebuild your credit history.

What are the Disadvantages?

With a Secured Credit Card you are required to provide security funds as collateral before you can access your credit. You cannot make withdrawals from the security funds you secure with the credit card provider. As a result, your spending power is limited because you must have the money in advance before you can make a purchase.

What's the difference between a Secured credit card and a pre-paid card?

A Secured Credit Card gives you a credit limit and you do not have to keep reloading it with your own money. Another added benefit with a Secured Credit Card is you have the chance to build a credit history as the payment information is reported to the credit bureaus.

        


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