Secured Credit Cards

Secured credit cards are ideal for consumers with no credit history or with previous credit problems.  A secured credit card works just like a regular credit card.  There are some differences, however.  You are required to make a deposit to use as collateral to secure the credit line.  Usually, your deposit equals the credit line you receive.  The funds you deposit are not accessed unless you seriously default on the account.  Most credit card companies will hold your deposit in an interest bearing account.  When you decide to cancel the account, you will receive your deposit plus any interest that was earned on your deposit while you held the account.

 

Secured credit card companies may charge higher interest rates than unsecured cards and they will charge you an annual fee.  Most people only need a secured credit for one or two years.  If you are looking to establish or rebuild credit, you may want to consider a secured credit card.    

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