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Secured Credit Cards

Secured credit cards are a good way for people with bad credit or no credit history to starting building their FICO score. The secured card uses collateral instead of high interest rates to assure lenders.

The idea is simple: put up something of value you own to secure the loan. If you default on payments, the bank or lending institution takes the collateral. This gives the financial institution assurance they can trust in the deal; it allows you to obtain a higher credit line, while building a history of your financial dealings.

Information on Secured Loans

Read Our Guides to Secured Credit Cards

Several major secured credit cards exist. Each of the major credit card networks have their own brand.

Most of what I discuss involves VISA and MasterCard, because Amex mainly deals with established consumers with a long history of doing business. Some of the less prominent companies tend to pick-and-choose which niches inside the finance world they focus–they don’t issue cards for every type of consumer–so their information naturally won’t be as prevalent.

Secured Credit Card Articles

In the following pages, I’ll discuss each of the programs and suggest which debtors would be best for each. Read on to start building your credit rating.

Most people who use VISA, MasterCard, American Express, or Discover Card products are more familiar with the unsecured lines of credit. Generally speaking, charge cards are unsecured, meaning your reputation is behind the card, not some kind of collateral. Obviously, unsecured credit cards where all consumers want to be eventually. The methods above are a bridge to help you get where you want to go, though.

Over the years, I’ve added a lot of different subjects to this blog, such as information on cheap car rentals and lists of free online dating sites. I keep returning to the plastic, though. That’s the way it should be. In the coming weeks, I plan on writing updates on all of the original subjects we first discussed back in 2009 and 2010. Keep reading and I’ll provide credit card information for 2015. When I do, I’ll link to those pages from here.

Until that is complete, I hope you can find useful guides to financial literacy.

For more reading about personal finance, read the archives of my old web blog:

No Credit Needed Blog

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