The Dos And Don’ts Of Secured Credit Cards
It’s hard to get away from using a credit card these days. If you want to travel, you must have a credit card to reserve a hotel room. Renting a car? It takes a credit card. Want to get a membership at the new video rental store? Present your credit card, please.
For those with bad or challenged credit, life can be tough without a credit card. Secured credit cards can help to bridge this gap for those without credit or with damaged credit.
A secured credit card works like this: you deposit a set amount into an account (usually between $300 and $500) and that becomes your credit limit. Your deposit, in essence, “secures” the credit card. If you don’t pay, your money becomes the issuing credit card company’s security against default.
After you have established good credit, you can increase the credit line by depositing more money, or the credit card […]
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