August 17th, 2019
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Secured Credit Cards

Similar to prepaid cards, secured credit cards require a cash deposit prior to use. However, instead funds being available directly from the card itself, secured credit cards entail depositing money into a savings account maintained by the bank. Some secured credit card options include low interest rates and no application fees, while others feature high security charges, or even mandatory insurance, so it's important to thoroughly research your options.
August 17th, 2019

Benefits of Secured Credit Cards

Secured credit cards are similar to prepaid cards, in that a cash deposit must be made prior to use. However, while purchases maid on a prepaid card will be deducted from the prepaid balance, purchases on a secured credit card will not. The initial deposit is a "security", used as collateral by the issuer.

Since the issuer is taking on less risk, this arrangement makes secured card cards obtainable to those with no credit history or bad credit history. Also, since a secured credit card still offers credit, it helps to build and improve your credit history.


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