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Under credit card highlights it states that the credit card is 'unsecured'. What does that mean? |
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Date:
September 17, 2007, 1:46 am |
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Under credit card highlights it states that the credit card is 'unsecured'. What does that mean? |
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Answer:
At the moment various banks offer to their customers numerous types of cards. The issuers are eager to attract people with bad history, too. At the same time if the risk is rather high the banks want to ensure that they will get their money back. For such cases the so-called secured credit cards are designed. This type of credit card is linked to a bank account, allowing a credit card company to deduct payment if the cardholder fails to pay. To obtain a secured card, a consumer must deposit an amount of money equal to the credit limit of the card into a bank account. Unlike secured credit cards that require a deposit to the bank, unsecured credit cards don't demand to deposit anything. In their majority, unsecured credit cards are designed for good risk and high score customers. However unsecured cards for bad credit do exist. They generally charge higher interest rates and fees. The initial credit limit is generally low; it'll increase gradually as long as you pay all the bills on time. The unsecured cards can be a helpful tool in rebuilding your credit, if you use them properly (make all the payments on time). |
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