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Secured Credit Card
A credit card designed to help repair or establish credit with a predetermined credit limit secured by a collateral savings account.
More Details
A secured credit card is a type of credit card that requires the cardholder to provide a security deposit as collateral before they can use the card. The security deposit serves as a guarantee that the cardholder will pay their credit card bills.
Example
Imagine that you are considering applying for a secured credit card. You would need to provide a security deposit, which could be a few hundred dollars, before you could use the card. This deposit would be held in a separate account and would be used to cover any unpaid balances on your credit card if you were unable to pay. In this way, the secured credit card acts like a traditional credit card, except that you are required to put up a security deposit as collateral.
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