How To Use A Secured Credit Card
There are two types of credit cards : secured and unsecured . This article will explore some of the concerns of secured credit cards . What is a secured credit card ? A secured card is a credit card that needs you to transfer a specific quantity of money into a savings account , money market account , or certificate of deposit . The minimum amount generally ranges in between $ 200 and $ 500 however this will differ from one company to another . Your deposit is considered your security and some card companies will even allow the deposit to earn interest . The quantity that you transfer into the account is your credit limit . You should understand that often the limit will be for the total that you put into the account but with some ...