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With out a credit card,
it is impossible to rent a car, reserve a hotel room, rent a movie and
even write a check at some stores. Lets face it, having a credit card is
a fact of life!
If you are one of the
millions of Americans who have bad credit a secured credit card may be
the answer you are looking for. Secured credit cards offer an easier
approval rating than unsecured credit cards and may be the only way to
build or rebuild credit for some Americans.
So What is a Secured
Credit Card?
A secured card is a credit card that requires you to open a
savings account as collateral for extending you credit. Your savings
account account balance will match your credit limit. So if you have
deposited $300 into the savings account, your credit limit for your card
will be $300. As long as you carry the credit card, you will be required
to keep the savings account open and can not use it as collateral for
other financial uses. If you want to increase your credit limit, you
would simply need to add more funds to your savings account.
Who Should Consider Using
a Secured Card?
A secured credit card is
perfect for individuals who have no or damaged credit histories. Secured
cards are also an excellent choice for those wanting to have the
benefits of an unsecured credit card, but do not want to over extend
themselves. Also, secured cards are an excellent choice for those who
want more control of their credit limits.
What Are The Benefits?
While many consumers see the
security deposit as a inconvenience, there are many benefits of having a
secured credit card. The main benefit is that you are getting the
opportunity to establish or re-establish your credit history. Lets take
a look at some of the other benefits.
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Build or rebuild your
credit. By using your card wisely and maintaining a good payment
history, your credit score can be improved.
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No over the limit fees. Your
preset limit can not be exceeded and will match your savings account.
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You have more control over
your credit limit and further limit increases.
Where Can I
Get One?
There are several secured
credit cards available and the benefits, fee structure and interest
rates depend upon the individual card as well as your credit score. Take
a look at the top secured credit card offers below.
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Approved regardless of credit history
Credit limits up to $10,000*
Reports to all 3 bureaus
Get cash at over 740,000 ATMs
No credit check
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Reports to ALL 3 Bureaus
No Credit Check
Be Approved Regardless
of Credit History
Special High
Introductory Savings Rate
Bonus $3,000 credit line
with My Computer Club
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