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The Basics of Secured Credit Cards

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					Presented by Daniel Toriola
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The Basics of Secured Credit Cards By Tom Tessin

Consumers who need a credit card and want to make sure that they will not have a problem when they plan on using the card prefer the secured credit card. The secured credit card is a guarantee that the money is in place and no matter where they travel the card will work in any ATM machine, business or travel agency. There is no risk when the consumer plans on using the secured credit card. There are responsibilities behind having a credit card no matter if it is secured or unsecured. The consumer needs to be made aware that they have obligations to make payments on time and not depend on their savings account. This is just a temporary measure to insure the lending agent that payment can be made but the consumer is expected to make payments on schedule. The secured credit card is called this because it is a card issued with a bank account with the money already on deposit in a savings account. The consumer cannot withdraw the money from their account because it is there to make sure that the credit card that they possess is secured for their purchases. The system works about the same as an unsecured credit card with interest rates, membership fees and charges for late payments. The consumer is reported to the credit bureau if they make late payments as well as when they make the payment on time. This is a great way to be able to build a good report. You must consider all the perks that you can get along with the fees to make sure that you are not paying out too much just to get a few perks. When you’re on the hunt o find the perfect secured card, there are a few things that you’re going to want to look out for. The first thing is fees. These cards are notorious for charging fees, and this is why you need to check out the fine print. If you don’t, you’ll be in for a surprise later down the road. The second thing that you want to look out for is that if they report to the main credit bureaus. If it doesn’t report, you’re going to find that it’s not going to help your score at all. The whole reason that you want to apply for this card in the first place is solely because of your credit score. If you don’t have a card that reports, you’ll find that you’re paying all these fees for nothing. The last thing that you want to look out for is the major logos themselves. If you find that the card doesn’t have a major logo from say visa or mastercard, you won’t be able to use it anywhere. There are a lot of legitimate cards out there, as well as cards that are out there to rip you off. As long as you do your homework, and you know exactly what you want, you’ll get it.
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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 CreditCardWhizKid.com, a website that specializes in providing credit card tips, advice and resources. http://www.creditcardwhizkid.com/secured-credit-cards/

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Patricia Johnson Patricia Johnson Management Consultant
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