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Home » Banking » Types of Credit Cards » Secured Credit Cards

Secured Credit Cards


Secured Card or Secured Credit Card is a sort of credit card in which the card is secured with some deposit by the card holder. In a general sense the credit card holder must deposit between the 100% to 200% amount of desired credit and in this way the credit card is secured. It is because after depositing an amount the chances of bad credit history become low as compared to unsecured credit cards hence credit card secured by using the deposit from the credit card holder.

These secured cards are used and provided by the card issuers due to the fact that if the credit card holder has a bad credit history or he makes an intentional attempt to delinquent credit cards secured against his fraud.

The secured credit card holder is expected to make the regular payment of its usage of cards and in most circumstances the card holders make the regular payments. So these secured credit cards help the credit card issuers and banks to get the payment in time as compared to the payments of unsecured credit card.

An account holder in some bank can make an application for the secured credit card and after the secured credit card application has been approved he can use his bank secured credit card now for different modes of payment up to the secured deposit which he has deposited in the bank.

Similarly an application can also be submitted for unsecured credit card and after the approval of unsecured credit card application a person can use his unsecured credit card.

Secured credit cards are empowered by both major brand of credit cards i.e. MasterCard and Visa Cards thus Secured MasterCard is available in the market as well as Visa Card.

If a person does not make his due payments within 180 days then usually the rules of secured credit card apply and the bank or credit card issuer can freeze the account of the card holder.

There is another type in which the card is not secured with any deposit but a guarantee has been given for the payment and that is called guaranteed unsecured credit cards and it is mostly used by the companies for their employees.

Mostly secured credit cards are offered to those people who have bad credit history or no credit history in the recent past thus they are useful. And these cards are also useful for those people who can't make regular payments by using unsecured credit cards or unsecured credit card debt. In this way these cards are very helpful for these people also.

Most terms and conditions are described in the form at the time of issuing the secured credit card in the application form. And an account is opened after the signature on the agreement by the applicant. Secured cards are less expensive to those card holders who have bad credit history than unsecured cards.

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