A secured credit card is a type of credit card that is backed by a cash deposit. The deposit serves as collateral in case the cardholder defaults on their payments. Secured cards are an excellent way for people with bad credit to establish or rebuild their credit history. They are also a good choice for people who do not yet have a credit history. One of the main advantages of a secured card is that it is easier to be approved for than an unsecured card. However, there are a few things to keep in mind when considering a secured card. First, be sure to shop around and compare offers from different issuers. It’s also important to read the terms and conditions carefully before applying. Once you’ve been approved for a card, it’s important to use it responsibly by making timely payments and keeping your balance low. Most importantly, remember to keep your account open for at least 12 months to help improve your credit score.
There are many myths about what rich people do and don’t do, one of which is that they all use the same type of credit