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We compared dozens of secured credit cards across numerous financial institutions and weighed minimum account deposits, annual fees, credit limits, rewards, and more.
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 ...
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 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.
For this reason, your credit limit is much lower on a secured card than an unsecured card. Aside from the cash deposit and low credit limit, secured credit cards function much like traditional ...
Credit card interest rates, which currently average 24.43% in the U.S., can also lead to a debt pile-on. Of course, borrowers can avoid that by paying off their balance each month.
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