Secured Credit Card Offer

"A Secured Credit Card Offer Can Save Your Financial Fanny..."

That's a signal that your name appears on a list of people who have very poor credit. 

If you’ve been singled out by secured credit card companies it’s worth worrying and here's why. 

 Sure, having credit cards is a convenient way to make purchases when you don't have enough cash to pay for what you are buying.  But doing that is really like taking out a loan. 

The credit card company is paying the merchant for your purchase and you make payments to the card company to pay back that purchase loan.

The only way to get your name off of that list of people with bad credit is to get serious about rebuilding your credit...and that's where secured credit card companies come in.

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 Some folks are so far in debt they feel the only way out is to file for bankruptcy.  The new bankruptcy laws have killed many of the benefits of that course of action.  Besides, it deals a real death blow to any chance of getting your credit repaired for years.  But if you must file for bankruptcy you will find do-it-yourself help if you click here.

A good partner for a secured credit card may be a debt consolidation plan.  For a company that help you with that click here.

Making sensible credit card purchases and staying current with monthly payments allows you to build a good credit rating.  If you have good credit it is easier to get more credit. You can get car loans, mortgage loans and even personal loans.

There's more to the credit story.  Landlords and employers often check credit scores.  If you have a bad credit score you may not get that apartment or job.  You are branded as an irresponsible person who does not pay their bills.  Many times you can’t rent a car or a hotel room without a credit card.

 What if you've had some financial problems, but you've learned your lesson and you want to begin rebuilding your credit?  You apply for a credit card, but because of your poor credit history you just can't seem to get one.  Yes, you need reasonable credit to get a credit card.

 Don’t give up!  There is a way you can get back on track and it is called a secured credit card.   A secured card is a bank credit card backed by cash that you deposit and keep in a bank account. The money on deposit serves as security for the card. The credit card company is protected, because if you don’t pay your bill, your deposit will be used to pay off that debt.

 The usual amount you must deposit in a secured credit card account will range from $100 to $500 in cash.  That account is frozen.  You won't be able to withdraw that money until you have proven worthy of a good credit rating and can switch to a regular card.

 Some credit card companies pay interest on your frozen account and some only pay if your deposits exceed a certain amount.  Interest paid could be as much 4.5%.

 When you use your card no one can tell it is a secured credit card. It looks exactly like a regular Visa or MasterCard. 

Generally secured credit card issuers will allow you credit equal to 100% of the amount you have on deposit.  If you have $500 on deposit you could charge up to that amount on your credit card.  Others will grant you credit equal to only a percentage of your deposit. Perhaps you could charge up to 75% of the $500 dollar deposit and that would be $375.

There are a few lenders who give you credit line of double the amount you have on deposit.  That is a combination credit card account where part is secured and part unsecured.

 For a company that offers secured credit cards with and without cash deposits click here.

 Remember, a secured credit card allows you to rebuild your credit, so most companies  may increase your credit line without additional deposits after you have paid on time for several months and demonstrated that are a responsible person. But be careful, some issuers charge a fee for credit line increases and that can get expensive.

Cash is king, but plastic has its privileges.  A secured credit card offer may open the door to your rosy, new financial future.

Click here for information about travel rewards credit cards. 

 Secured credit card offer