Secured Credit Cards
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Secured Credit Cards

Credit cards for people who have poor or no credit ...

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Secured credit cards are for people who have poor or no credit. The bank that issues your secure credit card will require that you open a savings account with usually at least the amount (and sometimes up to twice the amount) of your credit card's limit. The money sits in that account as security in case you don't pay your bills.

There are two reasons for a secured credit card. You can have the convenience of a credit card when you normally wouldn't be able to be approved for one. You can also demonstrate your ability to pay your bills. The secured credit card bank reports to the credit bureau, and in theory, you can repair your credit.

The danger of a secured credit card is that interest rates and fees are generally much higher than unsecured cards. You can end up with late fees and interest fees that are much higher than your purchases. If you find yourself unable to pay your bills, your original savings account might not cover your balance, and you will end up even more in debt with worse credit.

From: Understanding credit and credit cards (don)
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