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Question By
skywarn477

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0 People Helped
how do secured credit cards work
do banks put your money you deposit for a secured credit card in a CD? When do I get the money bback, assuming I do not miss a payment. If I only make minimum payments, do I still get my deposit back?
My transunion is 581 and equifax is 575, what are m chances of getting approved for a secured credit card? What interest rate can I expect to pay? I have a non secured credit card with 29.99% APR, 5 collections and 4 charge offs, but have two current credit cards in good standing.
Since this is a secured credit card I will be applying for and the bank has my money for a security deposit, does that mean I pay less interest?

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Most important part of the secured card

Helpful to 1 out of 1 people

Read the terms of your card offers.  Don’t apply, just read the terms.  I’ll wait….  No seriously, find the “terms” before each application and read at least 3 secured card offers…. Now you have the answers you are looking for about the deposit, how long it takes to get it back, what makes you eligible, what rates you will get if approved, and all the other questions you asked.

When applying for secured cards just understand they all offer different options so there's no generic answer, so you need to READ the complete terms before you apply.  Feel free to call the customer service too.  Most secured cards don’t do hard inquiries so you can even apply for them without any credit inquiries showing up on your credit report.  JUST BEWARE that once you make a deposit you ACCEPT the terms of the card….. SO READ THE TERMS FIRST!

Thumbs up if this helps.

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