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What is a Secured Credit Card?

A Secured Credit Card requires a cash collateral deposit that becomes the credit line for that account. For example, if you put $500 in the account, you can charge up to $500. Secured Credit Cards are great for people with bad credit or limited credit because they are almost always guaranteed approval. They are much cheaper than unsecured credit cards and they are reported to the major credit bureaus just like Unsecured Credit Cards are.

How do Secured Credit Cards Work?

Secured Credit Cards will work just like any other credit card at the store; you just have to make sure you have money in your account for the card to work properly. Secured Credit Cards won’t charge interest as long as the balance is paid off in full and on time each month. It’s very important to treat a Secured Credit Card like any other credit card or loan. Your payments will show up on your credit report like everything else does and everything is reported to the credit bureaus.

Should You Get a Secured Credit Card?

If you are trying to improve your credit, a Secured Credit Card may be right for you. In fact, as you make your monthly payments on time – you’ll see your credit score rise. And, if you are using your Secured Credit Card carefully, you can actually apply for the card to become unsecured after about one year of positive payment history. Visit for more information!