What are secured credit cards?

When referring to a credit card, the term “secured” indicates that the card issuer requires a cash deposit before allowing the cardholder to start an account. The name for this sum of money is a “security deposit.” And similar to the security deposit that is provided to a landlord in order to rent an apartment, it is kept by the credit card issuer for the duration that the account is active.

People who are establishing, developing, or repairing their credit may find that applying for a secured credit card is a beneficial alternative for them. In addition, establishing credit via the appropriate use of credit may make you a more attractive candidate for financial products such as mortgages, auto loans, and credit cards.

Comparewise Credit Card Banner 728X90

Read other Q&As

BlogBrandsCards
How to Improve Your Credit Score
How to Buy Stock In Canada
What are Child Tax Loans
How to Invest In Canada
How to Choose Health Insurance for Seniors
Meridian
CIBC
Refresh Financial
Loanz
Smarter Loans
LendingMate
Loanconnect
goPeer
MBNA True Line Gold Mastercard
Scotiabank Gold American Express Card
BMO Cashback World Elite MasterCard
Home Trust Secured Visa Card
RBC Avion Visa Infinite
Brim World Elite Mastercard

comparewise

Didn’t find an answer to your questions?

Send us your questions and we will get back to you.

Car loan?
Personal Loan?

Top deals await you just a short
application away!