What Is a Secured Credit Card?
Secured credit cards enable virtually everyone to build (or rebuild) their credit by responsibly managing their secured credit card just like any other credit card. Best of all, many secured cards have low deposit requirements, and some even have a cash-back reward program similar to popular unsecured rewards cards.
Filling out an application for a secured credit card will put you on the fast track toward an excellent credit score, but here are a few things you should know before jumping in head first.
The only difference between a secured credit card and a traditional unsecured credit card is that secured cards require collateral, typically in the form of a cash deposit. Typically, secured credit cards require that you deposit an amount equal to your credit limit.
Source: Fool.com
