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Secured Credit Cards For You


  • pg 1
									                                                   Presented by Daniel Toriola

   Credit cards are very useful. Normally there is no requirement of any collateral, and the amount of credit is fixed
       on the basis of the perceived creditworthiness of the primary holder, which is usually dependent on the
                                                 person’s credit score.
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                                                       Secured Credit Cards For You
                                                                    By Tom Tessin

   The secured credit card is suggested as the credit card for everyone by the lending institutions. The
economy being in the condition that it is lending institutions is trying to convince a large portion of their
consumers to use the secured credit card instead of the unsecured. There are multiple reasons that
lending institutions prefer that their customers use the secured card because it guarantees that they
will be paid back if the customer does not make his payments.

 The consumer finds that since you can use the secured card in about every business, ATM machine,
and for the purpose of traveling. These cards carry one of the major logos such as Visa, MasterCard,
or Discovery. These are the logos are the most accepted by most business’s and of course by all ATM
machines. The consumer helps improve their credit score by using this card and still be able to enjoy
perks that all other cards offer. The perks, the APR rate, the membership fees and late fees depend on
the lending institution that issues the credit card. The consumer just needs to make sure that they are
fully aware of what the charges will be before they sign any agreement.

 Many people like to use their credit card to earn miles from the airlines which is available to them with
the secured credit card. Most airlines offer this type of credit card along with the unsecured credit card.
The customers only need to make a large enough deposit to cover their airline tickets.

 The thing that you’re going to find with secured cards though is that they aren’t going to have as many
rewards as you want, but that’s okay because this is what I tell everyone. The first thing that you want
to keep in mind is that if you use this card responsibly for the next two to three years, you’re going to
find that your credit score will go up. Over time, you’ll then realize that you’ll be able to graduate to a
card that will offer you better rewards. This is why patience always is key, and pays off for you in the
long haul.

 Now, when you’re looking for that perfect secured card, make sure that you do your homework. You’ll
want to make sure that you’re exploring at least five different options. That way, if you explore, and you
check out a few, you’ll know which one is best for you. Trust me, all of these cards are going to vary
greatly and it’s important that you follow the guidelines of at least reading the fine print before doing

A secured card will take you a long way when it comes to your credit. Just make sure that you follow

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                                                                                                                                  Page 1
                                                 Presented by Daniel Toriola

the tips above, and figure out what’s going to be best for you. If you can follow these golden rules, I
can promise you that your credit is going to be strong in no time. Have patience, look for a great card,
and you’ll be set to go!

Find the best secured credit cards, as well as more of Tom's work all at

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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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                                                                                                                                  Page 3
                                                 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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