Apply for a Secured Credit Card

Secured credit cards are available to customers with damaged or no credit who have available funds and want to rebuild their credit rating.

When opening a secured credit card account, the cardholder usually makes a security deposit, usually equal to or greater in value than the amount of credit required. The deposit can be used by the issuer as security against the possibility that the cardholder fails to make a required payment. It should be noted however that payment defaults can also result in mounting interest charges and in these instances the total debt may surpass the value of the original deposit.

Secured credit cards are generally accepted wherever credit cards are used and offer a convenient method of using funds while building up a credit history. Secured cards may charge a range of fees including interest and annual fees. However, some are also offering reward programs which will make them more appealing to potential applicants.