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- Unsecured Credit Cards

Secured Credit Cards

A secured credit card is one in which the credit card holder deposits a certain amount of money onto the card which is either a percentage or the total amount which can be borrowed. 

This differentiates secured credit cards from traditional non-secured credit cards that don’t require a deposit and usually have a higher credit limit.
               

Secured credit cards are highly beneficial for a number of consumers.  For those with no credit or poor credit a secured credit card is a fantastic option if you are unable to obtain an unsecured card. 

This will give those with credit challenges the opportunity to open up a credit line and begin building good credit.  Many secured credit card providers understand the needs of consumers applying for this type of card and as such report monthly to all of the credit bureaus.  That way your credit report starts improving right away.
               

A secured credit card is also a great option for students and teens.  Parents will be able to use the secured credit card as a tool for teaching their kids the ins and outs of credit without the fear of reckless spending that can negatively affect their credit score.  By opening up an account for a college student or teen parents can monitor their child’s spending and intervene if problems do occur.
               

There are also secured credit cards that offer the additional benefits of being able to increase your limit over time, 24/7 online account management, tips and tools for budgeting as well as other helpful information on using credit and responsible financial management. 

We have listed a couple of the more popular secured credit card programs for you to compare.

Orchard Bank Secured MasterCard

New Millennium Bank Secured Gold Visa or MasterCard