Secured Credit Card

A Secured Credit Card is a credit card that requires you to place a deposit on the credit card prior to issuing it. Depending on the secured credit card that you are considering, this deposit could be your credit limit or they may double the amount of your deposit as your credit limit.

Secured credit cards operate much the same way as an unsecured credit card. There maybe an annual or monthly fee associated with this type of credit card. In order to maintain a positive credit history, you must make payments in a timely fashion. Deposits may or may not be refundable. Be sure to read the fine print associated with your credit card agreement.

Secured credit cards can be used to build or rebuild your credit.