Secured Credit Cards
Secured Credit Cards
Secured credit cards are designed especially for people with poor credit or a limited credit history. A secured credit card requires users to deposit money into the cards account before making any purchases. The credit limit is usually equal to the amount that the card-holder deposits. Most secured credit cards require a $250 – $500 deposit. Some require a security deposit that is equal to a one-third or one-half of the credit limit. The main reason to apply for a secured credit card is to increase your credit score. The credit card companies that issue secured credit cards report regularly to the three major credit bureaus. People who make their payments on time and spend less than their credit limit can significantly increase their credit score. Some secured credit cards reward timely payments and good spending habits by increasing the credit limit without requiring any additional security deposit.
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