Secured CC Help

[powder21]

I have figured out that the only way I'm going to be able to get a credit card is with a secured credit card. Now I have a question about how those work.

I plan on making a $300 deposit which will give me $300 line of credit. However, since I will be making payments on the balance just as if it were a normal card, I'm wondering what happens to that deposit. Will I ever see that money again or is it just the price for building credit?

I would appreciate any help anyone can give. Thanks.

-Ryan

[NightStar]

You should call customer service and ask them. You want to also check if they report to all 3 credit reporting agencies. And if after a period of time if the card can be converted to unsecured.

[AMJ]

Your deposit is just that, a deposit. It's not a fee or anything else.

You will eventually get it back if the card becomes unsecured or if you close the account.

[chuff1026]

anyone know any good secured cards?

[NightStar]

Another site that I work on rates credit cards you might want to check it out.

www.cardratings.com

[angelray]

bank of america is rated as having the best one low annual fee reputable bank reports to all 3 credit bureas and no initial fees that i know of

[Soon2ba1credit]

Originally Posted by chuff1026

anyone know any good secured cards?

bank of america has a good secured credit card. it's like partially secured or something. anyway, you only send $99 and they fund your account for $300.
they are really flexible and customer service friendly.