bharatbhasha.com
Free Articles  >>  Business And Finance >>  Page 1576  >> 

Secured Credit Card Offers How To Navigate This Jungle And Find The Best Offer





If you have never had credit, or need to repair your score, a secured card might be a good option. These require a deposit that then becomes the purchase limit for the account. Generally the limit is either the amount of the deposit, or a slight percentage over that.

These are easier to get approval for than standard unsecured ones. The collateral backing it means that the bank will be taking less of a risk; thereby increasing your chances for approval.

They are a way to build or rebuild your history if you have had a less than perfect record and are finding it difficult to find a financial institution willing to lend to you. It is imperative that the offer you choose will report to all three of the major bureaus. If it does not report to the bureaus then it will do nothing to help you establish or reestablish your worthiness in a lenders eyes. Some institutions will allow you to convert to an unsecured account after a period of responsibly management and making on-time payments.

The amount of the deposit generally depends on the requirements of the bank; therefore, it is wise to shop around before choosing. The collateral is only used if you default on payment. It is important to know at what point the bank will use it. Some will use the money as soon as a payment is missed, whereas some will only use it if you are severely delinquent.

There are many scams out there that you need to be aware of when shopping for a secured card. It is advisable to be wary of offers that seem too good to be true. Your credit will still be checked. Also be wary of calls to 900 numbers. These numbers are not toll free and there is no guarantee that you will actually be approved after you make the call.

Further, be very cautious as some that are issued are not done so by actual financial institutions and any offers made by them are most likely scams. If you do come across an offer that you believe to be a scam, you can file a complaint with the Federal Trade Commission (FTC) through their website.

A legitimate Visa or MasterCard will be offered through a FDIC member bank or credit union and because of this you can rest assured that your money is safe as it is guaranteed by our government. Admittedly it is debatable about how safe your money is in our current economic landscape, but we highly doubt you have to much to worry about in the next few years. It is a relatively small investment in the grand scheme of things.

It is wise to do your research before applying, you should ask up front if there will be any application or processing fees and if these will be refunded in the event that you are not approved. Carefully read the terms and conditions to be sure you are fully aware of the fees you will be assessed with this account.

About Author Jacobey Larstons :

For more about <a href="http://cardsuggest.com/index.php/secured_cards.html?call=default&id=94&cid=40" target="_blank">best secured credit cards</a> visit us we also have additional material about a suggested offer the secured <a href="http://cardsuggest.com/index.php/orchard_bank_secured.html?call=default&id=15&cid=24" target="_blank">Orchard Bank Credit Card</a>. It will provide you with guaranteed approval and will report to all there major bureaus.


Article Source: https://www.bharatbhasha.com
Article Url: https://www.bharatbhasha.com/finance-and-business.php/348118


Article Added on Tuesday, February 28, 2012
LD
Other Articles by Jacobey Larstons

Secured Credit Cards Five Key Questions And Answers
Secured credit cards are becoming popular tools that can help an individual with a low credit score to get their finances back on track. Here we answer the five key questions relating to these types of cards. What Are Secured Credit Cards? Secured credit cards are essentially regular credit cards, but with one key exception: The cardholder is required to make an upfront deposit of their own money (usually $250-$500), before they can start spending on it. This deposit acts as a bond and...

The Three Types of Bad Credit Credit Cards
Bad credit credit cards come under several different guises and are issued by a huge number of banks and credit providers. Here we look at the three main types of these cards, and explain how they differ from each other and how they can benefit you. In today's financial climate getting approved for a credit card can be tricky even if you have an average credit score, let alone bad credit. On the flip side, these people can still benefit from the everyday uses of a credit card. There is a gap...

Bad Credit Visa Card How This Industry Has Dramatically Changed And What Your Choices Are
The first thing you need to know when searching for a bad credit Visa card is that this marketplace has changed more in the past four years than it has in its earlier 60 years. It started with the mortgage crisis and has only recently began to see some normalcy. Another huge blow to this industry was the new credit legislation that Congress passed. Unfortunately these new laws have eliminated all unsecured offers for a bad credit rating. If you want an unsecured or traditional card in which...

Credit Cards For No Credit
If you're looking for credit card and you have no credit or a bad credit history, you are likely going to get a prepaid card or a secured card. There is no credit check and you are guaranteed approval for these offers. With all the trouble in the financial industry and what our media has dubbed the great recession credit cards for people without credit has changed! Many banks merged with other banks, or withdrew their credit card from the market entirely. You can however get approved for a...

How Do Secured Credit Cards Work
A secured credit card is going to work very similar to a traditional or unsecured offer. You're going to have to pay in APR% interest rate and you'll be responsible for making monthly payments. The big difference between these cards and unsecured is that you must first make a deposit with the issuing bank to get this card. You will decide how big of a deposit, you can choose between $200-$5000. When you make this deposit you are securing your account. Your card will have a credit limit that...

Debit Credit Cards and Other Types of Credit Cards Explained
Debit credit cards are just one type of financial product in a crowded marketplace. With some many types of plastic available it can become extremely confusing for the customer as to which card does what, so in this article we provide an introduction to the different options available. Debit Cards This type is probably the easiest to understand, as it is simply a card that is linked to a customer's regular bank account. The card works in much the same way as a check book, with the customer...

The Orchard Bank Credit Card Offer How The Process Works And The Lowdown
The Orchard Bank credit card is issued by HSBC Bank, a huge international bank. Due to the size and resources of this bank they will provide you with a unique application process, in which you will be able to ensure you get the best offer that you qualify for. Application Process Unlike any card when you apply for this offer your score is checked and then you will be offered all the cards you qualify for. You can be offered an unsecured card and you're guaranteed a secured card. It usually...

Merrick Bank Credit Card Have You Gotten a Mailing From Them
The Merrick Bank Credit Card is an unsecured offer that will give you an initial credit limit of $500. There is easy approval as it is designed for those with a less than perfect credit history. It will be issued as a Visa card through the FDIC insured Merrick Bank. It can be used to make purchases online and on the phone. Your card will also be insured with Visa's zero liability policy which means that if your card is lost or stolen your money is still protected. It will report monthly to...

Prepaid Money Card By Walmart
The prepaid money card issued by Walmart is available as a Visa or MasterCard. There is no credit check and it will work just like a bad credit checking account. You can use free deposit and avoid costly check-cashing fees. This card will be accepted online and over the phone. You can use it to rent a car and buy gas at the pump. It will be covered under a $0 liability policy which will ensure that if your card is ever lost or stolen your money will still be protected. You can deposit money...

The Nfinanse Prepaid Card by Discover
Prepaid cards have been increasing in popularity as a good option for those who are bank averse or have a hard time qualifying for a standard checking account. One option is the nFinanSe card offered by Discover. It has a retail prices at $3.00. There is no credit check or security deposit. You will not be charged overdraft fees due to the fact that you are only allowed to spend the amount of money in the account, nothing more. Funds can be loaded to your card at over 80,000 participating...

Click here to see More Articles by Jacobey Larstons
Publishers / Webmasters
Article ID: 348118
DELINK URL from Authors Bio
REMOVE Article
Tell A Friend
Leave A Comment!
Download this article in PDF
Report Article!
Search through all the articles:


237 Users Online!!
Related Articles:
Latest Articles:
 
Business And Finance >> Top 50 Articles on Business And Finance
Category - >
Advertising Advice Affiliate Programs Automobiles
Be Your Own Mentor Careers Communication Consumers
CopyWriting Crime Domain Names DoT com Entrepreneur Corner
Ebooks Ecommerce Education Email
Entertainment Environment Family Finance And Business
Food & Drink Gardening Health & Fitness Hobbies
Home Business Home Improvement Humour House Holds
Internet And Computers Kiddos and Teens Legal Matters Mail Order
Management Marketing Marriage MetaPhysical
Motivational MultiMedia Multi Level Marketing NewsLetters
Pets Psychology Religion Parenting
Politics Sales Science Search Engine Optimization
Site Promotion Sports Technology Travel
Web Development Web Hosting WeightLoss Women's Corner
Writing Miscellaneous Articles Real Estate Arts And Crafts
Aging


Disclaimer: The information presented and opinions expressed in the articles are those of the authors
and do not necessarily represent the views of bharatbhasha.com and/or its owners.


Copyright AwareINDIA. All rights reserved || Privacy Policy || Terms Of Use || Author Guidelines || Free Articles
FAQs Link To Us || Submit An Article || Free Downloads|| Contact Us || Site Map  || Advertise with Us ||
Click here for Special webhosting packages for visitors of this website only!
Vastu Shastra

Personal eMail Hosting Provided By AwareIndia







Company IDS