Do you have to put a deposit on a secured credit card?

How do you know if your credit card is secured?

A secured credit card is a card on which you load money to be used by you. You will know if your credit card is secured if you must put money on it to use it.

What credit cards can you get with a score of 524?

Assuming your asking about Credit Cards, you would probably only qualify for secured credit cards. You would need to put down a deposit equal to the credit limit on the card. If you want an unsecured credit card, one where a deposit is not required, you will have to fix your credit and improve your credit score.

Will a financial institution accept an antique Ford car when applying for a secured corporate credit card?

No, a financial institution will not accept a car for a secured credit card. A bank requires a monetary deposit for a credit card. You can choose to sell your car to get money to put down, but it would not be wise as the car is worth much more than they are likely requesting you put down.

Build Credit with a Secured Credit Card?

It is possible to get a credit card with bad credit, even if you have previously been turned down. Choose a credit card company that allows you the option of securing your own credit card, meaning that you essentially put your own cash into a special account first. You then get your credit card and use your own money as credit. The more money that you can deposit, the more you can charge. This type of secured credit option allows you to build up your credit again, while allowing you the freedom and convenience of a credit card.

Looking for a credit card to help my bad credit?

I got the HSBC Orchars Bank Secured Credit Card to help rebuild my credit. Your credit limit is the amount of your deposit. If you give them 200 they take that 200 and put it into a savings account which grows interest. (A little but at least its something). Then they give you a credit limit for 200. What I like is that it does not report as a secured card. So far I have had no problems. =) Here is the site www.orchardbank.com. If your credit is not that bad you might even get approved for the regular card.

What are the interest rates on the Orchard bank credit cards?

Orchard bank has different ways in which they issue credit cards. The cards are either secured or unsecured. A secured card has rates as low as 7.90% because the borrower is required to put a deposit down up front before being granted the card. The unsecured cards range from 14.9% to 19.9% depending on one's credit score.

Understanding How Secured Credit Cards Work?

Secured credit cards work essentially the same way that unsecured credit cards work, as far as using them to pay for items. The difference is in the way your account works, which is vastly different from the way a regular credit card account works. Secured credit cards are intended for individuals who do not qualify for unsecured credit cards. Either they have no credit built up or their credit has been damaged. These cards are secured because the card holder is required to put up a cash deposit in order to qualify for the card. The credit amount is usually equal to the deposit, which is usually somewhere between $300 and $500. One of the advantages to using secured credit cards is that by paying your credit card bills on time, this practice can lead to obtaining an unsecured credit card. In fact, this is one of the questions consumers should ask the issuer before accepting this type of credit card. Not all issuers will convert the account to an unsecured one; however, many of them will after a period of time, usually about a year. In this way, secured credit cards can help you to rebuild your credit. Another thing to ask the issuer about secured credit cards is whether they report to all three credit bureaus. Since most people who obtain these types of credit cards are interested in rebuilding their credit, it is to their advantage that the issuer report the account to all of the credit bureaus. If they do not, you may want to look for another offer. As with other types of credit cards, there are good and bad secured credit cards. Some of them demand exorbitant fees, so that by the time you are issued the card, much of your deposit has been eaten up by fees. This is not the case with all of them, so be sure and read the fine print so that you will understand just how your deposit will be used and how much in fees you will have to pay. While all secured cards have an annual fee, not all of them have an application fee. For those who have damaged credit, this can be a relatively painless way to repair your credit. Not only can this type of card lead to a regular credit card, but it can improve your overall credit score as well.

What are the differences between a secured and unsecured credit card?

I have never heard of credit card that is unsecured. So you better off check with the proper legal bank's credit card then apply for one, don't put yourself into the scam.

How can you get a credit card without a co-signer if you're 18 and starting college and your credit score is 525?

There are a few credit cards you will qualify for, but they will be low balance and high interest cards. You have to start somewhere and credit card companies realize that. Prove yourself responsible to them and they will up your credit line and you can negotiate lower rates after 6 months with the card. Sounds like age and experience are the issues... 1. please think carefully before getting a credit card at the age you are at! Not because you are smart or dumb but because: a. 73% of people under 25 years old and younger make errors with credit that effects them long term for the following reasons Job security, college with little income, and just not ready for any debt. 2. If you are still looking for a credit card without a co-signer go to sovereignbank.com or any other bank and open a credit card that is SECURED. you will put $500 into a CD and the bank will issue you a Secured credit card for $500. use this for a year without any late payments and you will be able to get one with a low limit without and security. Good Luck!!!!!! FYI....never get into credit more than 12% of your yearly worth no matter what any credit issuer or friend says. if you make $1000 a month get a credit limit of $1000 that way you have credit and it can not ever put you in a position of lossing your credit rating. Your best bet would be a secured card, and one that does not report to the credit bureaus as 'secured'. A secured card means you put money into an account with the creditor and that amount generally becomes your 'credit limit'. There are some, like Bank of America, where you can get a secured card with a $99 deposit and they give you up to $500 as a credit limit. With many secured cards, they may be converted to unsecured after a period of perfect payments. You can try searching www.cardweb.com for a card to suit your needs.

What can you do if you have bad credit?

You can help improve your credit by getting a secured credit card. You have to deposit a small amount of money in a savings account and that is your credit limit on the card. You only want to put $200 to $300 in the account. Continue to pay whatever credit cards you have on time. But definetly order a credit report from all three bureaus and check for errors. If you find an error or something suspicious file a dispute. Over time all of this will help improve your score.

Bad credit score of 495 what credit card company will approve me?

None. You will absolutely need to get a secured credit card. The kind they advertise on t.v. where you put like $500 in the account and they issue you a credit card with a limit of $500. Use this to build your credit. I know Russell Simmons advertises one.

What does authorized against your credit card at a car rental mean?

It's probably a reference to the deposit hold put on your credit card at the time of rental. In such cases, the amount of the deposit is not actually charged to your card, but a "hold" is placed on that amount (basically, reserving that amount of money against your maximum charge limit). For example, if your credit card limit is $5,000, and a deposit hold of $250 is put on that card, your limit becomes $4,750 during the time that hold is active, because $250 is being earmarked for the rental company in case it is needed in the future.