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The secured credit card is the credit card one without credit history will get before getting the regular credit card. You would have to build your credit history to a point to be able to get the regular credit card
With a secured credit card you would need to put down a deposit, in a linked bank account Unlike a regular credit card. The deposit amount will be the same as the credit limit on the card Like if there's a $500 deposit then the secured card will have a $500 credit limit.
This means that the holder of this card can spend and repay the balance just like a regular credit card while the deposit is used as a collateral so that if one fails to pay at the end of the month the deposited amount will be taken.
A secured credit card isn’t meant to be used permanently the aim is for the holder to use it until a strong enough credit history is established. when it is ascertain then the holder will be qualify for an unsecured credit card which comes with better rates and features.
it is mostly after a period of 2 years with a god on-time payments that some issuers will convert a secured credit card to a regular card. but if not it is advisable to apply for a new card on your own.
The secured credit card is the credit card one without credit history will get before getting the regular credit card. You would have to build your credit history to a point to be able to get the regular credit card
With a secured credit card you would need to put down a deposit, in a linked bank account Unlike a regular credit card. The deposit amount will be the same as the credit limit on the card Like if there's a $500 deposit then the secured card will have a $500 credit limit.
This means that the holder of this card can spend and repay the balance just like a regular credit card while the deposit is used as a collateral so that if one fails to pay at the end of the month the deposited amount will be taken.
A secured credit card isn’t meant to be used permanently the aim is for the holder to use it until a strong enough credit history is established. when it is ascertain then the holder will be qualify for an unsecured credit card which comes with better rates and features.
it is mostly after a period of 2 years with a god on-time payments that some issuers will convert a secured credit card to a regular card. but if not it is advisable to apply for a new card on your own.
