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Secured vs. unsecured credit cards. A secured credit card is a type of credit card that requires a cash deposit as collateral. This deposit is normally close to or the same as the credit limit you ...
Secured credit cards require the user to deposit cash to secure the card. You can use your card just like a traditional unsecured credit card; you can use it to purchase items in person and online.
Key takeaways. Secured credit cards require a cash deposit to establish your line of credit. The credit limit for a secured card is typically equal to the amount of the deposit.
A secured credit card can help you build both your credit score and strong credit habits — which can also help you graduate to an unsecured card and maintain a great credit score for years to come.
A secured credit card is a type of credit card secured by a deposit account owned by the cardholder. Typically, the cardholder must deposit between 100% and 200% of the total amount of credit desired. Thus if the cardholder puts down $1,000, they will be given credit in the range of $500–1,000.
Many credit card companies offer secured cards — but not all secured credit cards are created equal. When shopping for a secured credit card, you’ll want to look for: No or low annual fee.
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