A credit card normally used by those with a poor credit history and now trying to rebuild their credit rating. The credit limit is actually funds that you have previously deposited. It is in affect much like a debit card but with the benefits of a credit card.
Credit cards that require a deposit of funds prior to use. Card usage reduces the positive balance. The most common type is a Prepaid Debit card.
A type of credit card that is secured with some form of collateral, like a bank CD. With these cards, the amount of credit you get depends on how much collateral you can put up.
Credit cards that require collateral for approval. With secured credit cards, a security deposit is needed to secure the credit card. The amount of the security deposit usually equals the credit limit for that particular credit card. Generally, secured credit cards are for people with no credit or poor credit who are trying to build or rebuild credit history.
Credit cards that require collateral (property, such as a house, car or deposit of money) for approval. Generally, secured credit cards are for people with no credit or poor credit who are trying to build or rebuild their credit history.
Credit cards that require a cash deposit for approval. The credit limit will usually be equal to the cash deposit, however, some credit card issuers will set the limit in the amount of the cash deposit plus a percentage (ie: one and a half times your dposit - cash deposit = $500, credit limit = $750). Secured credit cards are for people with poor credit trying to reestablish.
Cards provided after a consumer deposits funds into an account. Charges may only be made up to the amount deposited.
