Secured Credit Card Perfect Solution for a Bad Credit
INTRODUCTION ď Ž
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Looking for a perfect solution to rebuild or establish your credit? When building your credit score from scratch, obtaining a secured card can be your good starting point. You should have one in order to rent a vehicle, make a plane or hotel reservation, pay a cash and so much more.
Secured Credit Card ď Ž
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It is not always easy getting a credit card. You may have been declined many times when you apply for a credit card caused by lack of credit history. Or, you may operate your business and hence, do not have a steady income. In general, banks are not willing to let people apply with a poor credit history and without credit history. In such case, you might try applying for a secured credit card.
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Like a prepaid card, a secured card is a credit card that a person puts down a deposit. The deposit will be used as a collateral. There is no deduction taking place from deposit when you spend on the secured credit card. You are required to pay off the card balance on a monthly basis. By responsibly using a secured card, it will help you to rebuild or build your credit history.
Credit Card
It provides limited credit lines as well as reports every activity you entangled in to the 3 major credit bureaus, which gives you the needed tools to establish a history. It is used instead of a credit card to pay bills such as utilities, insurance and car payments. In today’s modern world, credit cards are considered as a fact of life.
Benefits of Secured Credit Cards 1. 2. 3. 4. 5.
One hundred percent approval rate Good for those who have bard or no credit Your guaranteed amount will earn interest You can set the limit of your credit Enjoy the same bonuses as a regular credit card
In terms of the amount of money needed to deposit, the amount will differ by the card. Most banks allow a minimum deposit of $300 or $5oo. The person’s credit limit will be the deposit amount or some percentage beyond the amount. This only shows that secured credit card is a great option for those with bad history or no credit history. Anyone can enjoy the suitability it brings.