About Secured Credit Cards by toriola1


									                                                   Presented by Daniel Toriola

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                                                         About Secured Credit Cards
                                                                 By Fruzsina Csery

   Every time you apply for a credit card or loan, each single inquiry from that lender will be recorded
on your credit report making too many inquiries is a signal to a potential lender that you are a risky
customer just shopping for credit and not for real funds.

True or not, a secured credit card may be the right type of credit card for you because it is secured by
a deposit account owned by the cardholder. This deposit consists of 100% to 200% of the total amount
of credit desired, that is held in a special savings account.

However, cardholders of secured credit cards still may expect to make regular payments as they would
with any other regular credit card, with the only difference being the card issuer has the option of
recovering the full cost of the purchases paid to the merchants out of the deposit if the cardholders
does not pay their credit balance in a timely manner.

Most entities issuers of secured credit cards consider that if the cardholder does not make the required
payment, the account must be paid anyway and before the security is released instead of taking the
money from the security to pay the balance due. This is a risk for the cardholders because their card is
not cancelled and the balance does not set off the deposit.

It is sad how easy it is to find that such advantage at first glance is nothing more than just a financial
move to let interest to continue, accumulating on the unpaid balance for considerable periods of time
which total charges often exceed the original deposit and leading the cardholders not only to lose their
deposit but after that with additional debt that may become a nightmare to pay.

This is not a threat but a condition usually described in the secured credit card agreement of some
credit institutions that most of the time is ignored by the cardholders, or something that they do not
read, or do not understand clearly, when the account is opened.

Understanding all the terms of the agreement and not fearing to ask when in doubt is important
because secured credit cards are the most viable option to allow individuals with poor credit, bad credit
history or no credit history.

In fact, secured credit cards are the best option for rebuilding or cleaning up your credit history report,

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                                                 Presented by Daniel Toriola

particularly if Visa or MasterCard endorses them, but always bearing in mind fees charged for secured
credit cards more often may exceed those standard fees charged for ordinary non-secured credit

Copyright 2006, Fruzsina csery. http://www.securedcardsmall.com

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                                              Presented by Daniel Toriola

                                          Debunking 5 Secured Credit Card Myths
                                                          By Sean Masterson

 When it comes to secured credit cards, many myths abound. From "they're only for people with bad
credit" to "they're more expensive than unsecured cards", you can't always distinguish the truth from
the lie. Worry not. I'm debunking the most common secured credit card myths.

1. Secured Cards are a Bad Credit Stigma

Think a secured card announces to the world that you have bad credit? Guess again. Most secured
cards are indistinguishable from unsecured cards. Your card itself won't say anything and your credit
report won't show the fact that your account is secured.

2. Secured Credit Cards Have High Interest Rates

Many people assume that secured cards are for people with bad credit, and as such they have a
higher interest rate attached to them. This isn't the case. A secured credit card is less of a risk to
creditors because the credit line is backed by a bank account. Because of this, secured cards often
have lower interest rates than many of the bad credit unsecured cards.

3. They're For People with Bad Credit

If you think a secured credit card is only for people with bad credit, you can rethink that logic. Secured
credit cards are for people from all walks of life. You don't have to have bad credit to carry one. Many
people with decent credit qualify for unsecured cards, but not the best ones. In these cases, a secured
credit card can offer better terms and higher credit limits.

4. They're Issued by Predatory Lenders

Secured credit cards, more often than not, are not issued by predatory lenders. The cards issued by
predatory lenders have high interest rates and high annual fees and processing charges attached to
them. While a secured credit card is likely to have an annual fee it will usually be reasonable (in the
$50 range), as will the interest rate.

5. A Secured Card Is Like a Debit Card

This one couldn't be further from the truth. Secured cards are connected indirectly to a bank account,
but they work nothing like debit cards. Your secured credit card account will be reported to the three
credit bureaus, helping you improve your credit rating. Debit cards don't do this. And like unsecured
cards, you must pay your secured credit card statements when they come in each month even though
your security deposit is securing that line of credit.

So are secured cards the black sheep of the credit card family? Absolutely not. A secured credit card
can be a valuable financial tool -- it's just a matter of differentiating the myths from the reality.

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                                                 Presented by Daniel Toriola

For more tips on secured credit cards, saving money and avoiding getting taken, check out
CreditCardWhizKid.com, a website that specializes in providing credit card tips, advice and resources.

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                                                Presented by Daniel Toriola

Related eBooks:

Debunking 5 Secured Credit Card Myths
3 Things You Need to Know About Secured Credit Cards
Capital One Secured Credit Cards Get Consumers Back On Track
What You Need to Know Before You Apply for Secured Credit Cards
How To Find Banks Who Offer Secured Credit Cards

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