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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="" target="_blank">best secured credit cards</a> visit us we also have additional material about a suggested offer the secured <a href="" target="_blank">Orchard Bank Credit Card</a>. It will provide you with guaranteed approval and will report to all there major bureaus.

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Article Added on Tuesday, February 28, 2012
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