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Secured Credit Card
Secured Credit Card is a type of credit card that is linked to and backed up by savings account that is used as collateral. Money for the credit card is deposited in the savings account, and the limit of the credit card is based on the amount of deposited money, and is usually between 50% and 100% of the money on the account.
If the holder fails to make necessary payments, deposited money may be claimed by the bank. Secured Credit Card has its benefits to the owner. For example, if a user has bad credit history, he would not be allowed to use classic credit cards but secured credit card instead, and rebuild his credit history. Also, if he is not allowed to use credit cards, secured credit cards will be a great way to make some payments that. requires credit cards, like online payments
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