Secured Credit Cards

Secured Credit Cards - FAQ about the process and time expectations of a secured credit card application.

FAQ about the how long it takes to get a secured credit card, how much money you need in savings to start an account, information required to fill out forms and access to apply online or request an secured credit card application via mail.

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Qualifications For Acceptance
Secured Card Vs. Unsecured Card
Choosing A Card
Application Process
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Secured Credit Card - Application Process

By Mory Brenner, Esq.

Q. How do I apply for a secured credit card?

A. Most people these days apply online but you can also fill out a paper application and mail it in.

Q. How much money do I need to start with in my savings account to get a secured credit card?

A. It varies by bank, but figure a minimum of $200.

Q. What is the most I can put in my secured savings account?

A. This varies by bank at well with most giving a limit of between $5,000 and $10,000.

Q. How do I get the money to the bank to start my secured credit card savings account?

A. You can get money to start the savings account by check, money order or ACH transfer. I suppose if you were getting a secured credit card from a bank near you they would take cash as well.

Q. So I don't need to worry if the bank where I get my secured credit card is no where near me?

A. No, anywhere in the country will work.

Q. Do I need to be a United States citizen to get a secured credit card?

A. While you need not have full US citizenship you must have a social security number.

Q. How long does it take from the time I apply to the time I get me card?

A. Figure a few weeks.

Q. From the time I get my new secured credit card when may I start to use it?

A. You may use it as soon as you call the authorization number and follow the authorization instructions. That whole process only takes a few minutes.

Q. Can I be turned down for a secured credit card because I have bad credit or no credit at all?

A. No, that is the whole point of a secured credit card. As long as the bank has the money in the associated savings account as collateral for the credit card debt they grant you a secured credit card even if your credit score is poor or you never established any credit at all previously.

Q. Is there any reason I might be turned down for a secured credit card?

A. If your person information can not be verified or your deposit check bounces, other than those reasons you should be a secured credit card approval.

Q. How will I know if I got accepted for my secured credit card?

A. While some cards offer a way to check your status online, most times you will know about your approval because you get your new card in the mail.

Q. How old does a person have to be in order to apply for a secured credit card?

A. Eighteen years old.

Q. Do I need to have a job or some sort of income to get a secured credit card?

A. No, you just need to have money to start the savings account in term of monetary requirements.

Q. Can a person have more than one secured credit card account?

A. Sure, some people even get two with the same bank if they want one Visa and one MasterCard.

Q. What kind of questions will I be asked on a secure credit card application?

A. Mostly identification questions like address, phone numbers and government identification numbers like social security numbers or state driver's license numbers.

Q. Will they run my credit report as a part of the secured credit card application process?

A. Some banks will, but they want the information more for identity verification, you will not be turned down because of bad credit or no credit with most banks who issue secured credit cards.

Q. Where can I apply right now?

A. You may use the form on this page or request a paper form

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