Credit cards are everywhere and are needed for so many different things, especially with our increasing technology; such as the internet. With the internet available, without a credit card you could not making reservations, shop online or even pay certain bills online. But, what about those without perfect credit or no credit all? What kind of credit card can you get? The answer to this is a secured credit card.
Secured credit cards are cards where you have to pay an annual fee, but also put up cash, which ultimately becomes the limit on the credit card. If your payments remain in good standing you may be eligible for certain rewards and an increase in your credit limit without putting any more money up for collateral.
A bad thing about secured credit cards is the fees that come with it. Everybody knows that 95% of all credit cards come with an annual fee, dont get me wrong some do not come with annual fees, but most do. A negative about the fees for a secured credit card is that a majority of them are much larger than an unsecured credit card.
Another bad thing about secured credit cards is that the APR (Annual Percentage Rate) is usually more as well....
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