If you have less than perfect credit, you may have seen ads promising you a credit card regardless of your credit history or job status. Most of these ads are actually for a secured credit card, which can be a great way to rebuild your credit. Your credit may need rebuilding if you have a history of unpaid credit card bills, bankruptcy, repossession, or divorce. However, you need to be aware that there are scams out there promising a credit card for people with bad credit but not delivering.
A Secured Credit Card
Many people do not know the difference between a secured credit card and an unsecured card. The main difference lies in where the money comes from when you make purchases. An unsecured credit card is the standard card issued by most lenders. You borrow money to pay for your products and services and then you are allowed to pay the lender back with interest via credit card bills. A secured credit card for people with bad credit requires an initial deposit to set you. You deposit anywhere from two hundred to two thousand dollars into an account before making any purchases. What you buy is paid for using the money in your account. So you have control of your...
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