Credit Card Tip - Benefits of Secured Credit Cards

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If you have no credit or a negative credit history, it can be difficult to obtain an unsecured credit card. But, what you may not know is that you may be able to qualify for a secured credit card, which can offer many of the same benefits as an unsecured card. A secured credit card is much like a secured loan. You are required to deposit money into a savings account or a certificate of deposit as collateral for a line of credit. The card has the same appearance as an unsecured card and usually offers the same convenience and charging privileges as a traditional unsecured credit card.

While almost anyone can apply for a secured credit card, there are some limitations. Most issuers do not accept applicants that have been convicted of credit card fraud, have outstanding liens on their property, or are filing for bankruptcy.

Finding the Right Card:

Finding the best card for you requires research. You should determine what features are most important to your financial situation and spending style, measuring them against the costs associated with each offer. Factors such as application fees, annual fees, finance charges, accrued interest on the deposit, available line of credit and minimum savings deposit are some of the most important considerations.

Application Fees and/or Deposits:

In most cases, an application fee is required by the insurer, which adds to the cost of obtaining a secured card. The fee is usually non-refundable, even if you're not accepted by the issuer.

Once you're accepted for the card, you are required to make a deposit into a savings account or certificate of deposit as security. The average minimum deposit required can run around $300. The amount of money you deposit should depend on your income and the line of credit desired. However, some insurers will offer credit the same or greater than the amount deposited; some others may offer a credit limit lower than the amount deposited.

Most issuers will pay you interest on your security deposit. The more money you wish to or are required to deposit, the more important it is to have a card that offers respectable interest payments.

Like most secured credit cards, insurers of unsecured cards charge additional fees for use of the card and services associated with the card, such as, cash advances, late payment fees, and fees for charging over the limit or non-sufficient funds. Carefully review all information provided by the issuer to determine how and when such charges will be incurred.

Canceling Your Card:

If you wish to cancel your secured card, do so in writing. Credit card issuers have different policies concerning the amount of time before you receive your refund. Also, keep in mind that if you have an outstanding balance, most card issuers will use your security deposit to pay the remaining balance.

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