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Links:
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www.PictureRims.com
www.DubPimpstars.com
www.SuicideYourRide.com
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Secure Credit Cards
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A secured credit card is a type
of credit card secured by a deposit account
owned by the cardholder. Typically, the
cardholder must deposit between 100% and 200% of
the total amount of credit desired. Thus if the
cardholder puts down $1000, he or she will be
given credit in the range of $500–$1000. In some
cases, credit card issuers will offer incentives
even on their secured card portfolios. In these
cases, the deposit required may be significantly
less than the required credit limit, and can be
as low as 10% of the desired credit limit. This
deposit is held in a special savings account.
The cardholder of a secured credit card is still
expected to make regular payments, as he or she
would with a regular credit card, but should he
or she default on a payment, the card issuer has
the option of recovering the cost of the
purchases paid to the merchants out of the
deposit.
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Chase Bank |
Cash Plus® Rewards Visa®
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0% Intro APR for 12 months |
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$0 Annual Fee Great Rewards |
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HSBC® Bank |
Platinum
MasterCard®
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0% Intro APR for 12 months |
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$0 Annual Fee Great Choice |
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American Express |
Blue from American Express®
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0% Intro APR for 15 months |
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$0 Annual Fee Great Rewards |
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Although the deposit is in
the hands of the credit card issuer as security in the
event of default by the consumer, the deposit will not
be credited simply for missing one or two payments.
Usually the deposit is only used as an offset when the
account is closed, either at the request of the customer
or due to severe delinquency (150 to 180 days). This
means that an account which is less than 150 days
delinquent will continue to accrue interest and fees,
and could result in a balance which is much higher than
the actual credit limit on the card. In these cases the
total debt may far exceed the original deposit and the
cardholder not only forfeits their deposit but is left
with an additional debt.
Most of these conditions are usually described in a
cardholder agreement which the cardholder signs when
their account is opened.
Secured credit cards are an option to allow a person
with a poor credit history or no credit history to have
a credit card which might not otherwise be available.
They are often offered as a means of rebuilding one's
credit. Secured credit cards are available with both
Visa and MasterCard logos on them. Fees and service
charges for secured credit cards often exceed those
charged for ordinary non-secured credit cards, however,
for people in certain situations, (for example, after
charging off on other credit cards, or people with a
long history of delinquency on various forms of debt),
secured cards can often be less expensive in total cost
than unsecured credit cards, even including the security
deposit.
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