What You Should Know Before Applying For A Secured Credit Card
If youve had some financial difficulty or found yourself in over your head with credit cards, you might be hesitant to have credit cards. Unfortunately, credit cards are almost a necessity in todays society. If you plan to travel you need a credit card to make car, hotel or plan reservations (even if you plan to pay cash once you arrive at the airport or hotel)!
If youve never had credit or are have earned a poor credit rating from past financial problems, it may be very difficult for you to obtain a credit card. Its possible however, that you would be able to obtain a secured credit card.
What Are Secured Credit Cards?
A secured credit card is much like a debit card. Your credit line is equal to the amount of cash you deposit onto the account. So if you make a $300 deposit on your secured credit card, youll be able to use the card up to $300. Some banks that issue secured credit cards will allow you to add to your initial deposit in order to bring your available balance up higher, and some will increase your available credit line without your having to make deposits, provided you...
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