Secured Credit Cards
Secured credit cards are a type of credit card that requires a deposit into the account before the card is activated for use. For instance, if you deposit $500 onto the card, you have a $500 credit line available for use.
Pros
- Ideal for those who have gotten into credit trouble in the past since it prevents over-spending and accruing debt
- Most cards report to credit bureaus, so a secured credit card is definitely a good way to rebuild credit
Cons
- Fees and additional charges can sometimes “eat up” the deposited amount. Be sure to shop around and find a card without an application fee and low annual fees.
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