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when reading the basics of the discovery american flag card it says it is "unsecured". What does... |
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Date:
January 27, 2007, 6:14 pm |
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when reading the basics of the discovery american flag card it says it is "unsecured". What does that mean? Thanks |
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Answer:
Generally, there are two types of credit cards - secured and unsecured ones. Secured credit cards require a deposit to be installed in the bank issuer of the credit card. This deposit determines the credit line you will be given and secures your credit, that is it will be taken by the bank in case you fail to pay off the balance. If you are accurate in your payments, no one will touch this deposit.
Unsecured credit cards, as opposed to secured ones, require no deposit, so the bank trusts you enough to give you money and just charge fees and APRs for the credit. Discovery American Flag is the latter type of a credit card. |
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