6:15 AM
Gracy Mathew
A secured credit card is one such card which is used by most of those people around the world with a poor credit score or no credit history.
Listed below are few points which you should always keep in mind before going for a secured credit card.
The costs of the card - Before going for a secured credit card you must check all the fees included with the card offer to avoid high cost ones. Availing a secured card too requires you to pay fees like the application fees, processing fees and annual fees.
Where can you get a secured card – Some banks also offer secured credit cards but it will be easy for you to get a secured card if you become member of the credit unions. Then you can surely make small purchases and make on-time payments in order to improve your credit score.
Amount required to be deposited - In order to get a secured credit card you need to deposit some amount which generally varies from $300 to $500. This amount is generally fixed by the card company or the bank.
Report to all 3 credit bureaus - It is a must the you report to all the 3 credit card bureaus that you have taken a secured credit card because your this credit card should get listed on your credit report.
Problems that you might face - Well, this is completely up to the company. Some companies do not create any unnecessary problems for the card holders, but few company may harass their customers by charging an excessive fees.
Use of the secured credit card - This card should be used to do small purchases very often and should also make on-time payments on it.
Listed below are few points which you should always keep in mind before going for a secured credit card.
The costs of the card - Before going for a secured credit card you must check all the fees included with the card offer to avoid high cost ones. Availing a secured card too requires you to pay fees like the application fees, processing fees and annual fees.
Where can you get a secured card – Some banks also offer secured credit cards but it will be easy for you to get a secured card if you become member of the credit unions. Then you can surely make small purchases and make on-time payments in order to improve your credit score.
Amount required to be deposited - In order to get a secured credit card you need to deposit some amount which generally varies from $300 to $500. This amount is generally fixed by the card company or the bank.
Report to all 3 credit bureaus - It is a must the you report to all the 3 credit card bureaus that you have taken a secured credit card because your this credit card should get listed on your credit report.
Problems that you might face - Well, this is completely up to the company. Some companies do not create any unnecessary problems for the card holders, but few company may harass their customers by charging an excessive fees.
Use of the secured credit card - This card should be used to do small purchases very often and should also make on-time payments on it.
1 comments:
Nice ! great post... :)
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