Secured Credit cards are very similar to prepaid credit cards. The main difference being that secured credit cards work like unsecured credit cards. You have to send them a security deposit in order to open the account and your credit limit will equal the amount you put down. When you use a secured credit card you are expected to pay on the balance due each month, just like an unsecured card. They don’t use your security deposit to pay on your debt unless you have fallen behind and they are going to close the account. Generally, secured credit cards will be come “unsecured credit cards with a year of good payment history (meaning no missed payments). At that point they will generally send you a check for your security deposit or they will give you the option of leaving it in their bank as a savings account.
A cool looking card!
- Receive Your Card More Quickly with New Expedited Processing Option
- No Credit History or Minimum Credit Score Required for Approval
- Quick and Complete Online Application
- Full-Feature Platinum MasterCard(R) Secured Credit Card
- Good for Car Rental, Hotels; Anywhere Credit Cards are Accepted!
- Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
- Credit Line Secured by Your Fully-Refundable Deposit of $200 — $2,000 Submitted with Application
- Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
- 24/7 Online Access to Your Account
- Nationwide Program though not yet available in NY, IA, AR, or WI
*See Card Terms.
Advertiser Disclosure: *See the online credit card applications for details about terms and conditions of credit card offers. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the “Apply Now ” button you can review the credit card terms and conditions on the credit card issuer’s web site.
Helpful Secured Credit Card Articles
- How to Use a Secured Credit Card to Boost Your Credit Score
- Four Tips for Secured Credit Card Applicants
- Pointers on How to Find the Right Secured Credit Card
Learn More from our Secured Credit Card Articles