Tag Archive | “disadvantages of secured credit cards”

Advantages and Disadvantages of Secured Credit Cards

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You can consider applying for a secured credit card if you have a bad credit history or no credit history and you are willing to establish your credit. It is not easy to obtain an unsecured credit card for those with their spoiled credit rating or for someone who hasn’t yet established a credit history. Lenders hesitate to take the chance on any person who has not got a flawless credit history.

credit-card-security
A secured credit card is almost similar to an unsecured credit card and usually it offers the same security and charging advantages. The only difference is that in order to obtain a secured credit card you have to pay a deposit of security to the credit card company having amounts similar to your credit line. With this the company assures that they will get their money back even if you turn out to be a bad credit risk.

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September 2011
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