A secured card is a credit card that a cardholder “secures” with a deposit to ensure payment of the outstanding balance if the cardholder defaults on payment. Secured credit cards are targeted to customers with imperfect or limited credit histories who do not qualify for a traditional unsecured credit card. An unsecured credit card is not guaranteed by the pledge of any collateral. Most credit cards are unsecured debt and, therefore, have higher interest rates than other forms of lending such as mortgages that hold property as collateral.
Is Obtaining An Unsecured Credit Card Easy?
Criteria used to determine eligibility varies from card issuer to card issuer. Most banks and financial institutions will grant you credit if you meet the following requirements:
You must be a resident of the United States.
You must be at least 18 years of age.
You must make at least $95 a week.
You must have a valid Social Security number.
You must be employed for at least 6 months.
Are All Credit Cards The Same?
Credit terms vary among issuers. When shopping for a card, think about how you plan to use it. Do you expect to...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
