View Full Version : secure credit card
b0r3d
Mar 16th, 2005, 09:10 PM
Anyone know where i can apply for secure credit card? A good place with as low interest as posible. I have capital one but thats only if you recieve an offer i want to apply for one tonight
Please and thanks
Rehan
Mar 16th, 2005, 09:26 PM
See http://forums.redflagdeals.com/showthread.php?t=143828
j3fan
Mar 16th, 2005, 09:32 PM
Anyone know where i can apply for secure credit card? A good place with as low interest as posible. I have capital one but thats only if you recieve an offer i want to apply for one tonight
Please and thanks
y do u need low interest?
isn't secured credit card actually a prepaid cc? meaning if u put in $500, you only can use that $500...and then u can't use it anymore until you put more money on it, thus u are a low risk to the cc company since you are paying them in advance and don't have to come after you...u will never be late and they will never charge interest on you, but you will improve your credit rating....
b0r3d
Mar 16th, 2005, 09:38 PM
lol its not a question about that its a question as to where to find
y do u need low interest?
isn't secured credit card actually a prepaid cc? meaning if u put in $500, you only can use that $500...and then u can't use it anymore until you put more money on it, thus u are a low risk to the cc company since you are paying them in advance and don't have to come after you...u will never be late and they will never charge interest on you, but you will improve your credit rating....
devious9191
Mar 16th, 2005, 09:43 PM
y do u need low interest?
isn't secured credit card actually a prepaid cc? meaning if u put in $500, you only can use that $500...and then u can't use it anymore until you put more money on it, thus u are a low risk to the cc company since you are paying them in advance and don't have to come after you...u will never be late and they will never charge interest on you, but you will improve your credit rating....
Not quite. Secure Credit requires a deposit, and then they provide you with a credit limit equal to or greater than your deposit amount. When you cancel the card, or if you upgrade to an unsecured card with the same provider, they'll refund your deposit. In the event that you don't pay your monthly min. payment, they may use your deposit in order to do, but I'm not sure on that one. Bottom line, is that everything works like a normal card, but you pay the company a deposit. Secure credit cards also typically have higher interest rates.
peterbrowne
Mar 16th, 2005, 09:51 PM
Not quite. Secure Credit requires a deposit, and then they provide you with a credit limit equal to or greater than your deposit amount. When you cancel the card, or if you upgrade to an unsecured card with the same provider, they'll refund your deposit. In the event that you don't pay your monthly min. payment, they may use your deposit in order to do, but I'm not sure on that one. Bottom line, is that everything works like a normal card, but you pay the company a deposit. Secure credit cards also typically have higher interest rates.
somewhat correct, HSBC MasterCard does secured but security is twice the limit
devious9191
Mar 16th, 2005, 09:54 PM
somewhat correct, HSBC MasterCard does secured but security is twice the limit
Ah. well in that case, they're the exception to the rule.
http://www.fcac-acfc.gc.ca/eng/publications/ccc/0104/pdfs/Secured-e.pdf
Nyte
Mar 16th, 2005, 09:59 PM
Im not familiar with these, what is the point of getting one if you have to pay a deposit AND the interest rate is higher?
Is it suppose to be for people with bad credit?
Edit: Answered in the pdf posted above.
j3fan
Mar 16th, 2005, 10:45 PM
Im not familiar with these, what is the point of getting one if you have to pay a deposit AND the interest rate is higher?
Is it suppose to be for people with bad credit?
Edit: Answered in the pdf posted above.
its for those who can't get a regular cc....either because of no credit history and/or bad credit....