A secured credit card functions like a regular credit card, except it requires an upfront security deposit. This deposit acts as collateral and usually determines your credit limit. Since lenders take on less risk, secured cards are easier to obtain than traditional credit cards.
If you're trying to build or rebuild your credit, a secured credit card is one of the best tools available. Unlike traditional credit cards, secured credit cards require a deposit, making them accessible to individuals with little or poor credit history. In this guide, we’ll explain how secured credit cards work, their benefits, and how to use them effectively. Read Full Article