Secured Credit Cards – Pros, Cons, and What to Watch Out For
If you’ve been turned down for several credit cards, even with low credit limits, a secured credit card may be the right product for you.
In today’s society, having a credit card is no longer a luxury, it’s a necessity. You need a credit card in order to rent a car, book a hotel room, or in the most extreme cases, to rent a movie from the local video store. People without credit cards are locked out of the e-commerce revolution, since a credit card is needed to buy online. Most people can qualify for a traditional credit card, even if it is with a low credit limit and high interest rate. But what about the people who’ve made serious mistakes in the past? Are they doomed?
The Advantages of a Secured Credit Card
While it’s true that a debit card attached to your bank account can substitute for a credit card in most cases, the sad truth is that using a debit card doesn’t utilize credit – and therefore, it can’t help to improve your credit score. Since a debit card withdraws money from your checking or savings at the moment of purchase,...
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