These Are Also Known As Secured Credit Cards

Category: Finance, Credit.

Unless you have really good credit it may be difficult for many people to obtain a credit card. If you are one of these people who has less than perfect credit or even if you don' t have a bank account of your own there are still ways to get a credit card with one called a" no bank account credit card" , which is created to help people with bad credit.

There are so many requirements for getting a regular unsecured credit card that it is incredibly difficult for anyone with bad credit to get a credit card and even if they do the interest rates are usually astronomically high. Unlike traditional cards these are easy to get and they help you build your credit back up and get your life on track. These are also known as secured credit cards. These credit cards are prepaid or pre- loaded so that you are limited by the amount of money you give the company as collateral on the card. This is a good card for people who need spending limits, college students, such as teens, or other people who may be financially irresponsible. These credit cards work just like a normal card so if you need to reserve a hotel or rental car online or by phone you can use one of these just like a normal card.

A secured card like this will help someone learn to manage their money better but will not allow you to get into debt since the card is secured by your own money. Just like anything you want to do your due diligence and check out the company before you get one of these cards to find the best deal you can. Look for cards that are widely accepted globally and also allow you to get ATM withdrawals. Many of these cards will give you similar points, and other programs, cash back just like those of regular unsecured cards and if you have access to the internet you can probably get access to your account online. Other features that you want to be sure the issuing company offers include no annual fees, easy accessible customer support, and low percentage rates. You want to be sure there is someone there when you need them.

Even more so than with regular cards, customer support is crucial for these types of cards so if they don' t have good support scratch them off your list. Just do as I said and do some research for secured credit cards and if you follow the guidelines that I have given above you will find one that will work for you. Just because your credit is less than perfect doesn' t mean you can' t get the benefits of a credit card. Be sure that once you have narrowed it down to a few to compare charges, fees and rates so that you get the best deal you can.