Secured Credit Cards
Tips and Advice
What is a Secured Card?
Establishing good credit with no or bad credit history can seem impossible, but a secured credit card can help you build a strong credit foundation if managed responsibly.
Secured credit cards vary from traditional credit cards in that they require you to put down a security deposit. The deposit serves as collateral in the event that you cannot make the payment, and is generally equal to your credit limit. So, if you put down a security deposit of $200, your credit limit would be $200. Each secured card may come with different fees, maintenance costs or interest rates, so compare and read the complete details.
Your payment activity and account information will be reported to the three credit bureaus so it’s important to make payments on time and avoid using too much of your available credit.