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The term refers to the time period required for the borrower to make,... ...more
A secured credit card has money set aside in a special savings account for the express purpose of covering the debt of the card. They require the card owner to put down anywhere up to double the credit limit for the account before issuing the card. For example, if you wanted to obtain a card with a $500 limit, then you would have to provide a deposit in the range of $500- $1000.
A secured card is a great way to get credit with some insurance, as the money to cover the balance is already in place. The disadvantage is that you must be able to put down a significant amount of money to get a card with a reasonably high spending limit.
One word of caution concerning secured cards- should payments not be made on the balance, the account will not be immediately closed. This could take as long as six months to happen, during which interest will continue to accrue on the balance. This could result in a balance that far exceeds the initial deposit, meaning you could still end up owing the bank for a secured card that you've defaulted on.
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