Secured Visa Credit CardPosted on August 13th, 2010 | admin
Secured Visa Credit Card Offer Facts & Reviews
Before we discuss what Secured Visa credit card you should apply for, you need to know the difference between secured credit cards, prepaid & debit cards is because a lot of people have confusion about what the security deposit placed on a secured credit card application if for.
How Do Prepaid & Debit Cards Work?
When you apply for prepaid & debit cards that feature the Visa logo you’ll be getting a credit card that requires you make an upfront deposit and then you can use your prepaid credit card just like any other Visa card and your spending limit is determined by how much you put down on the card.
You can then use a prepaid Visa card until you’ve depleted the funds available on the card at which time you’ll have to top up the funds on the card in order to keep using it.
How Does a Secured Visa Credit Card Work?
A secured visa credit card is differs from prepaid & debit cards because you need to place a security deposit on your Visa which determines your credit limit.
The security deposit you place on your secured Visa card is NOT used to pay down the Visa, the security deposit is used by the bank in the event you do not pay your credit card bill.
It’s important you know your security deposit is not used to pay your credit card bill and that your secured visa credit card works like a normal credit card offer. Yes, you will be sent bills and charged interest if you don’t pay your bill in full each month just like a regular credit card.
Secured credit cards are a way for you to build a good credit rating and at the same time gives the issuing bank the assurance that if you don’t pay your credit card bill they’ve got recourse to recover their money.
What Secured Visa Credit Card Should I Apply For?
Here are the top 3 secured credit cards you should apply for
Top Pick – Platinum Zero™ Secured Visa Credit Card from Applied Bank
Public Savings Bank Classic Secured VISA Card
Applied Bank Secured Visa Credit Card