Credit Cards Beginning Secured Cards All different types
Credit Cards- Beginning Secured Cards
All different types of Cards To start our segment about Credit Cards we will break down all the different types of Credit Cards and what they are. A typical bank in the world will issue a number of different type of Credit Cards. All the Credit Cards that the banks issue have different benefits and uses. Depending on your level of credit you will be able to apply for and get approved for the different type of Credit Cards that a bank issues.
Secured Card The first type of Credit Card we will discuss is something called a Secured Credit Card A Secured Card is one that is best for people who have very limited to zero credit It can be a easy card to get approved for and this is why there are many different secured cards on the market A secured card can be great for students or people who are trying to improve their credit.
Secured Card In order to get a Secured Card though you need to put down a deposit which is put into an account (CD) for you by the bank. That account is then used to signify how much you will receive as your credit line. This is used as by the banks to insure that you have a personal stake in your card and will use it properly.
Secured Card So as an example we will break down the whole process of applying for and receiving a Secured Card You apply for a Secured Card either by the bank or Online and you get approved. Good job! You put down $1000 as a deposit to the bank which they now hold for you in an account. You are now issued the Secured Card with a Credit Line of $1000 for you to use on any purchases.
Secured Card This process of course works with any different type of amount you would like to put down as a deposit. For example, if you put down a deposit of $500, you will now have a credit line of $500 on your Secured Card. The process is the same for most amounts you would want to put down as a deposit. Most banks will have a minimum and maximum credit line for a Secured Card. The Minimum and Maximum Credit Line varies by bank.
Secured Card We hope this guide has shown why it is easy for a consumer to get a secured card. Because of the deposit given by the consumer who is applying for the card it decreases the risk for the bank. Secured Cards can be a great way to help build credit for people that have very little to zero credit. It is up to the consumer to decide if a Secured Card is right for their needs depending on their Credit situation.
Secured Card We think Secured Cards can be great for helping to build credit! The advantages to the Secured Card is its ease of approval The disadvantages of the Secured Card is having to put down a deposit to get a corresponding Credit Line. There also generally few benefits with a Secured Card Depending on how your credit situation is the Secured Card can help you build your credit if it is used properly.
List of Secured Cards In no particular order this is a list of Secured Cards that are available in the marketplace in the USA: US Bank LANPASS Visa Secured US Bank Life. Miles Visa Secured US Bank Aero. Mexico Visa Secured US Bank Harley-Davidson Visa Secured
List of Secured Cards Capital One® Secured Master. Card National Bank of Commerce Secured Visa Wells Fargo Secured Visa Card First Progress Platinum Elite Master. Card® Secured Credit Card Open. Sky® Secured Visa® Credit Card US Bank Secured Card
List of Secured Cards First Progress Platinum Select Master. Card® Secured Credit Card UNITY® Visa Secured Credit Card - The Comeback Card™ First Progress Platinum Prestige Master. Card® Secured Credit Card
List of Secured Cards This list was sourced from: https: //www. nerdwallet. com/secured-credit-cards This list may also not be a complete list of all Secured Cards available in the Marketplace in the USA. We hope this guide to Secured Cards was helpful for you!
- Slides: 13