Seventy-two percent of American consumers have at least one credit card, according to Federal Reserve data. Despite their popularity, there is quite a bit about credit cards that many Americans don't fully understand. Here are seven common credit card myths, and the truth behind each one.
With a low credit score, it can be very difficult to get a credit card. Many consumers who cannot qualify for a traditional credit card simply rely on debit cards or prepaid credit card products for their electronic payment needs. However, this is not the best option.
Instead, a secured credit card is a far better choice. Essentially, a secured credit card works just like a standard credit card, except that you'll have to put a security deposit down in order to open the card.
Source: Fool.com