Secured Credit Card is similar to a Prepaid credit card since the funds you are using are actually yours and not the issuer of the credit card. Generally people who apply for secured credit card or prepaid credit card are people with poor credit or unemployed. Prepaid Credit Card spending limit is the amount of money you loaded to the card. There are no interest or finance charges on a prepaid card.
To obtain a secured credit card requires that the card holder maintains a security deposit or collateral which ensures payment of the outstanding balance if the card holder defaults on payments. Secured credit card is beneficial because it gives you an opportunity to rebuild your credit and able to make purchases as if you had an unsecured credit card.
Ensure that the company issuing the secured credit card, routinely reports customers' payment history to the main credit bureaus namely Experian, Equifax and Trans Union. Reporting to the credit bureaus will rebuild your credit history over time.
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