Secured Credit Cards

A secured credit card is easier to get if you have bad credit. If you are unable to receive an unsecured credit card from a lender, they may be willing to offer you secured credit. This way you can establish your credit into good standing and have the credit card you need for purchases.

With a secured credit card, your credit is backed up by your personal savings. A deposit must be made before you are issued the card. In the application you can submit your banking information and it will be instantly put forward. When the deposit is made to your secured credit card, it begins to make interest. You should receive your card in the mail within 5-10 working days.

The credit limit can vary between different lenders, but you should receive about 20-50% of the total deposit you offered. Your secured credit card can be used for most all purchases. If you continue to make your payments on time and stay ahead of the game, the credit bureaus will have that information in your credit report. Before too long, you will be able to apply easily for an unsecured credit card or loan with the established credit you need. Some banks may charge fees for this service and interest rates can be higher than an unsecured card, so ask around for the best place to get credit.