Ways to Enhance or Build Your Credit: Secured Credit Cards
Secured credit cards are in high demand, especially in a bad economy. What
is a secured card? A secured credit card is typically a Visa or Mastercard,
but it requires a cash deposit as collateral. The card is designed to help
people who have been refused a credit card in the past because of bad
credit, no credit, etc. They typically have higher monthly, annual, and
initial fees. In a sense, you have to pay your dues. If you do get a
secured card, use responsibly. Don’t mess up this opportunity. Its designed
to help those who have had trouble obtaining a credit line in the past. Why
do people seek out a secured card? One main reason is because they have
been refused an unsecured credit card in the past. Some have no choice but
to use this card with hopes to build a credit history.
Compare some of the most recent secured credit card offers below, and apply
for the one that you feel comfortable with! Do remember to read all the
terms and conditions, so their are no surprises with regards to fees and
high interest rates.