Secured Credit Credit Card Fees

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                                            Secured Credit Credit Card Fees
                                                       By Tom Tessin

   Most secured credit cards pose problems with the fees that the financial institution charges for their
use. Unfortunately, since this is still credit you still need to pay for the service. You must remember that
a secured credit card is just that a credit card that is secured because you have deposited enough
funds in a savings account that will cover any charges you make against its use. You are still getting
credit and therefore are still responsible for any attached fees. When you do apply for the card make
sure that you read all the disclosure since it contains the charges you will face concerning your card.

 It is possible that you will be charged a large APR% which you can request that a smaller one be used
so that you won’t lose much of your money. Then some lending institutions charge a yearly
membership fee that can be waived if you ask. Most companies also have a fee that they charge you in
case of a late payment which is very understandable. You need to make sure that the fee charged is
not in excess and that you have at least a thirty day grace period before you are charged. Many times
the late fees and all the other fees can mount up to almost the amount that you have on deposit. There
are many people who dislike the idea of a secured credit card because of the cost behind owning one.
The smaller the credit limit the less valuable your card maybe. It is best to get a card that has a higher
value in order to be able to enjoy the benefits of using it.

 When it comes down to fees with a secured card, you’re going to find that many of the cards on the
market are going to have them. You’ll find that it’s going to be next to impossible to slide away and pay
nothing at all. What you really want to look at is how much you can get away with. Let’s take a quick
glance at what you’re most likely going to pay.
 Annual Fees: When it comes to an annual fee, you’ll find that most cards have one. The thing that
you’ll want to look into is how much its going to cost you. A good secured card is going to cost you
anywhere from a few dollars to as much as $50. I would say that anything that falls above the $50
mark, you may want to look at something else.

 The annual fee is something that you’re always going to pay, as I mentioned. There are other fees that
you might encounter such as monthly fees, late fees, etc. Make sure that you look at the schedule of
fees when you apply. You won’t want to get a bill in the mail and be surprised at what they are
charging you. By law, a credit card company is required to show you all the fees that they will charge
you on your account.

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

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Related eBooks:

Debunking 5 Secured Credit Card Myths
A How-To Approach to Getting Bad Credit Unsecured Credit Cards
What You Need to Know Before You Apply for Secured Credit Cards
Free Credit Repair Advice - Getting A Credit Card If You Have Bad Credit
What to Look Out For in a Secured Credit Card

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Patricia Johnson Patricia Johnson Management Consultant
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