Secured credit card applications
Today, credit cards are a fact of life. You need one to make travel reservations, or to rent a car. Many stores require a credit card be shown before they will accept your check. Responsible use of a credit card also builds a good credit rating which identifies the card holder as a credit worthy individual.
But people who have never had credit, or need to repair a poor credit history, may not qualify for a regular credit card. For them, a secured credit card may be the best way to establish, or re-establish, credit.
A secured card works by requiring a cash collateral deposit which will then become your line of credit. For example, if you put $1.000 in the account; you will be able to charge up $1,000 on the card. Some secured card issuers will let you may be able to add to the deposit to increase your credit line. Sometimes the bank might reward you for building a good payment history and add to your credit line without requesting additional deposits.
When looking for a secured credit card, check for one that will not charge an application fee. You will find that every secured card company charges an annual fee, but they can vary dramatically. Read the fine print and be an informed consumer.