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Secured Credit Card is a guaranteed VISA or MasterCard that has been secured by your deposit, paid to the issuer's bank. First you apply, then you deposit an amount ($100-$5,000) into the card issuers saving account and then you receive a credit line for up to 100 % of your account balance. Secured credit cards are ideal for students, or immigrants for example, who want to establish credit, or for individuals with previous credit problems. For building a good credit a secured credit card is even better than a mortgage or car loan!
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Choosing a Credit Card
It is estimated that nearly 74% of consumers in the United States have credit cards and half or those who do not have one yet are in the middle of different processes before applying for a credit card as well, but when it comes to choosing a credit card, there are many products to evaluate before making a decision
Credit cards should offer the most benefits for the less interest rate, but also benefit from shopping for credit, and other rewards and not just gimmicks to make people spend money the consumer may not have. Before you fill out any paperwork to apply for a credit card, learn more about the different credit cards and the variety of different cards available is important because the term credit card does not necessarily mean a single type or card but a term to describe different credit types.
Low interest credit cards offer a low fixed-rate, annual percentage rate or a low introductory annual percentage rate (APR) changing to a higher rate later. This type of card offers interesting savings on interests and is useful in purchasing before the end of the introductory period.
Balance transfer credit cards allows the cardholder to transfer higher interest credit card balances onto this credit card which generally has a lower interest rate and it has the option of saving hundreds of dollars in interest charges.
Secured credit cards receive their name because the card is secured with a collateral or cash deposit. These cards are basically for those individuals with bad or damaged credit, poor credit or no credit but wanting to build up a credit history.
Prepaid cards are more likely gift cards or certificates at a retail store allowing purchases up to the total amount deposited on them. These cards do not require a credit history review or tedious paperwork, but even offering sometimes rewards or credit rebuilding.
Reward credit cards are credit cards offering points to be exchanged for goods or services including merchandise, hotel discounts, frequent-flyer miles, etc. They are structured to reward the cardholder on how much the card is used over a period of time.
Cash-back credit cards also give to the cardholder rewards but in cash rebates in exchange for making purchases with the card. Most cash rebates are generally around 1% of the total net of purchases.
Frequent flyer credit cards offers to the cardholder mile-points every time the card is used over a determined amount of dollars and period of time. The points earned with this type of cards can be only redeemed for airline tickets.
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Interesting Reading:
Credit cards for people with bad credit scores
Sometimes life lands you in a situation that causes your credit to suffer. A job loss or illness can send your credit rating south leaving you with nothing to do about it. Some creditors may let you slide a month or two, but your records will still show a delinquency. A stolen identity can also leave you feeling violated and unable to resume a normal life with credit. It is during these times you may have to search a little harder to find companies that wan to deal with people who have bad credit. There are a handful of lenders who will help you re-establish your creditworthiness by using one of their credit cards.
The price you will pay
Searching the Internet will give you a good idea of what types of credit card companies will deal with bad credit. Companies like Capital One, Orchard Bank, Providian Financial and even Citibank have plans to help you get back on your feet again. But at what price will you have to pay? The price is interest. Interest rates from these companies can be up to 25-30% annually. So it is important to manage your money and credit more wisely.
One of the many benefits of using one of these preferred lenders is that they report positively to the major credit scoring repositories. That means if you make timely payment it will be in your favor and will help boost your credit rating back up. The interest you pay is a small price to pay to get back on your credit worthy feet.
The secured credit card route
Most of the major banks and lending institutions may seek a deposit matching mechanism called a secured credit deposit before backing a credit card for you. This card is used the same way that a normal credit card is, however the cardholder must fund it before using. If the cardholder deposits $100 into the interest bearing account their credit card is funded at 100% of their deposit. Some credit cards can at their disposal issue double or triple matches to boost the amount the creditor can spend. The deposit of $100 can return $300 in credit terms. Secured credit cards also report positively to the credit agencies and will eventually become normal revolving accounts and the balances held for deposit are credited back to the cardholder’s account. A very positive way for people with bad credit to obtain the financial vehicles they need. Consider a secured credit card!
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