How can I get a secured credit card that I can... - Limited/Bad/Fair Credit Questions


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Credit Card Applications » Questions » User Questions » Limited/Bad/Fair Credit » How can I get a secured credit card that I can deposit money into it?

How can I get a secured credit card that I can deposit money into it?

Answered on | Updated on October 7th, 2012
The content is accurate at the time of publication and is subject to change.

It sounds like you might be thinking of a prepaid card, not a secured credit card – but either way, we can help you.

A prepaid card looks like a credit card and is used similarly, in that you can use it anywhere credit cards are accepted. However, you put money into it on the front end, so you don’t ever have to pay anything back. In that sense, you “deposit money into” it –but it isn’t actually a credit card.

A secured credit card requires a deposit that’s used for collateral, and is meant for people with limited or poor credit histories, to help them rebuild their credit. Your initial deposit might be between $200 and $2,000, and that will become your line of credit.

Whether you should go with a secured or a prepaid card depends what you want to use it for. Are you trying to rebuild your credit? Go with a secured card that reports to major credit bureaus – a prepaid card won’t help you. Do you just need a card as a substitute for cash, but you’d rather not risk racking up debt and having to pay interest? A prepaid card is perfect for you.

Both types of cards carry some fees, so be sure to thoroughly read the terms and conditions of each before you choose one.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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