A secured credit card is just like any other credit card out there exceot for one thing - a secured credit card is targeted towards people with a bad credit score. If you have a good credit rating and have been managing your credit properly then you won't really need to think about them and will be just fine with a regular non-secured credit card.
The name 'secured credit card' comes from the fact that the credit card is secured by an initial deposit. This is used in the event of you missing a repayment.
Who Are Secured Credit Cards For?
Generally speaking a secured credit card is for people who are being turned down when applying for a regular non-secured card. So, they are suitable for people with bad credit.
Are They Different Compared To Prepaid Cards?
Yep, very much so. Prepaid cards require you to load the card with funds first and you are unable to spend more than is placed on the card. A secured credit card works just like a regular credit card, but you must put down a deposit when opening your account. This is used to pay your balance if you are unable to.
Where Can I Get A Secured Credit Card?
There are a number available in the secured credit cards section on First-Stop-Credit.com. You can compare and apply online there.
