Secured Credit Cards

Secured Credit Cards - FAQ’s And Articles To Help Understand Everything About Secured Credit Cards.

Complete secured credit card information including FAQs on what secured credit cards are, how they compare to unsecured credit cards, bank accounts connected to secured credit cards, qualifications, benefits and secured credit card applications.

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Secured Card Vs. Unsecured Card
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Choosing A Card
Application Process
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Secured Credit Cards - What Is A Secured Credit Card?

By Mory Brenner, Esq. of Bankruptcy Alternatives - Debtors Options

Many people never heard of a secured credit card, and most people will never need a secured credit card, but given that your eyes arrived on this article I must assume you do not include your self in that group. More importantly, a secured credit card might be something you would not only like to learn about, but a secured credit card might offer exactly what you need.

To understand how a secured credit card operates one need look no further than the name – Secured Credit Card. You likely know about credit cards, a bank or other financial institution grants you a line of credit. You may access the credit line via a convenient card system so that you may charge goods at various merchants who accept this card. At the end of each pay cycle you may pay off what you charged or pay a part of the balance and pay interest on the outstanding money due until everything gets paid off. A secured loan of any kind comes with not only the promise to repay from the borrower, but with the additional protection of some sort of collateral tied to the transaction. In the case of a mortgage the home represents the secured part of the deal, for an auto loan the car itself offers the security.

With a secured credit card the user deposits money in a savings account with a bank. The customer leaves the money in the account as security for the extension of credit. Should the consumer ever fail to pay, the bank takes the money from the savings account to repay the debt.

Without the credit line being secured by the savings account most secured credit card holders would not qualify for a credit card at all. The secured credit card product gives the banks the confidence to issue a credit card to someone and gives the consumer the ability to obtain a credit card regardless of other circumstances in their life such as bankruptcy or bad credit.

Find links on this site to learn just about everything you might ever want to find out concerning secured credit cards including how to get one online right now. The FAQ's on this domain and the articles linked from other domains all come from a former debt and bankruptcy attorney who spent many years counseling people on debt and credit including both establishing credit for the first time and helping to repair bad credit after problems arose.

Enjoy the all of the free material here and good luck with your quest for a secured credit card!



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Secured Visa Credit Card
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Apply For A Secured Visa Credit Card Today! Get Approved with as little as a $200 Deposit
  
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