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What’s the difference between a secured credit card and a regular (unsecured) credit card? A regular credit card is different from a secured card in that it's unsecured — meaning you're not required to put down a deposit.
If you get approved for a secured credit card, you're required to put down a deposit with your card issuer before being granted a line of credit. Credit issuers use this deposit as collateral in case you're unable to pay your credit card bill. In most cases, the amount of your deposit is equal to your credit limit. So if you put down a security deposit of $500, your credit line will also be $500.
Once you've made your deposit, you'll use the secured card like a regular credit card — you can use it to make purchases and you'll be required to make monthly payments.
Secured cards are typically easier to qualify for than unsecured credit cards and can be used to build your credit history. But they generally come with lower spending limits — and fees.
Typically, secured cards are used for only a limited period of time while you're working to build your... 更多資訊 How do secured cards help you build credit? If you have bad credit or a limited credit history, a secured card can help you build a history of good credit. Most secured cards report to the three major consumer credit bureaus, so if you use the card carefully, you can demonstrate that you are a responsible borrower.
To start building good credit using your secured card, you should make all your payments on time and shouldn't spend more than you can comfortably afford to repay. And you'll want to be sure to pay your credit card off in full each month to help avoid carrying a balance and making interest payments.
Be patient, as building good credit can take time. By making regular, on-time payments with your secured card, you could start to see your credit scores increase over time. As your credit improves and you are able, pay attention to other factors that impact your credit, like keeping your credit use low.
