Once regular payments are made, banks usually will convert the secured card to a regular credit card.
At this writing, the variable interest rate on the Citi Secured Card hovers at just above 18 percent.
This secured card stands completely opposed to many credit unions that offer secured credit cards with no annual fee and low penalty fees.
FORBES: Credit Union Card or Bank Card? Take a Look at the Fees.
If you have sufficient liquid assets available, not only will you be able to access those funds with a debit card, but hopefully you should be able to get a secured credit card with a higher limit.
FORBES: Even Affluent Women May No Longer Be Eligible for Credit Cards
So, check your credit report for free, get a secured credit card, and then let time do the rest.
Ultimately, waiting to open a secured credit card is the best plan for any consumer looking to improve credit standing.
The residents might need to start with a store or gas credit card or a "secured" credit card backed by money in a savings account.
Warren began the week a lowly 129th on the Order of Merit but has now secured his card for next year and an exemption until the end of 2008.
If you fall into the bad credit category, the most inexpensive way for you to maximize the positive information on your credit report, and therefore rebuild your credit, is to get a secured credit card.
FORBES: Even Affluent Women May No Longer Be Eligible for Credit Cards
Using a secured credit card is the least risky means of credit improvement because it requires the placement of a security deposit that protects an issuer against default, negates the need for an expensive fee structure and ensures that you will not spend beyond your means.
His victory secured Curtis a two-year Tour card and almost certainly means he will qualify for the lucrative FedExCup Playoffs at the end of the season.
"Ensuring that your checkout process and, more important, the credit card form are well-secured will guarantee your customers feel safe when transmitting their information, " says Pat Kaeowichien, director of information technology for Magnetic, a Tampa-based Web-development firm.
Should you have difficulty in procuring an unsecured credit card, there are options such as secured credit cards, no credit-credit cards, and prepaid credit cards.
While secured credit cards are the most suitable credit cards for credit improvement, a store credit card has the potential to be equally effective, depending on your situation.
Secured credit cards work much in the same way as prepaid, but you can keep using the same card by paying the bill down monthly.
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