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Before you start to establish your credit again or build your credit for the first time, secured credit cards can be a very tricky situation seeing that they are different than your ordinary credit card. If you haven't done research on secured cards by now, they are one of the biggest culprits of scams. Before you go out and apply for your first credit card, make sure you answer these questions when looking at your application. What the fees? 99% of all secured credit cards have some sort of fee attached to it. This fee is usually paid annually and depending on the card issuer, this will vary. A lot of the times, the fee will be around thirty dollars. This information will be on the application page when you apply for the card, make sure you look out for this. How much do you need to deposit? If you don't already know, a secured credit card will require a deposit. Why does a credit card require a deposit? It's simple. Since secured credit cards are geared toward people with bad credit, banks won't have your trust. Banks will feel a lot more confident if they have money to fall back on if you don't pay your bill. Once again, look at your application page and see how much you need to deposit. A deposit generally ranges from one hundred dollars and above. Does the card report to the bureaus? If the card you're applying for doesn't report to the credit card bureaus such as transunion, etc., you're doing nothing good for your credit. Even though a secured credit card requires a deposit, you're still supposed to pay your bill off each month. That deposit is there if you don't pay your bill off on time. If you don't pay your bill, your credit will be hurt. If you pay your bill month after month, you can re-establish your credit. Who's eligible? Like a regular credit card, there are age restrictions, so chances are you'll have to be over 18 years old. A secured credit card is designed for someone looking to re-establish your credit. If you have great credit, then I would highly recommend you stay away from these cards because they will do nothing for you but cause a damper on your wallet because of the fees. The questions listed above are some of the most common questions when it comes to secured credit cards. It's up to you to make sure you apply for the perfect card that suits your needs. Make sure you read these questions over and apply them to the application pages. This way, you can make sure that you don't get ripped off. When you apply for a card, make sure you apply with a well known company and bank such as Visa, Mastercard, etc. Secured credit cards are designed to re-build your credit, if you spend responsibly and pay your bill off on time, your credit score will be higher in no time.
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