The Ins and Outs of Secured Credit Cards
Click Here To Apply For a Secured Visa Credit Card
It shouldn't be a shock to realize that credit cards are harder to come by in this economic environment.
Credit card companies are being more choosy about who they issue cards to. If you are a person with poor or no credit, then you may just find yourself getting rejected by just about every company that you apply to.
Companies that do accept your application may require that you pay outrageous interest rates every month. Don't fall into this trip - instead, you should consider the alternatives.
One of the best alternatives is a secured credit card.
What exactly is a secured credit card?
Well, with a secured credit card, the company is issuing you a credit card that is guaranteed by whatever amount of money you want the limit to be set at.
So, for instance, let's say that you would like a credit card with a $500 limit, as you like to buy concert tickets online.
With a secured credit card, you would send a check for $500 to the credit card company, and in turn they would send you a card with a $500 limit.
The $500 is still yours, and you will get it back in full if you ever decide to cancel the card and have a zero balance at the time.
Note: there is an annual fee of $50 with these cards, and this amount is deducted from your initial available balance.
If this doesn't sound like such a hot deal for you, then you need to consider the benefits of having a secured credit card:
1. You set your own credit limit. The limit can be anywhere between $200-$5,000, in increments of $25 (for instance, $200, $225, etc).
2. Lower interest rates. 9.99% APR (for a secured card) compared to unsecured cards which can be as high as 25%+ right now. That is a HUGE difference, and something that you need to consider.
3. A strong brand that is accepted by millions upon millions of merchants worldwide. Apply for this card and you will receive your very own Visa card and all of the prestige that comes along with it.
Secured credit cards are not just a smart choice for people with poor or no credit - they are also a smart choice for people that are looking to limit their interest rates.
Click Here to Apply for a Secured Credit Card
Filed under: Company Reviews