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What is the difference between secured and unsecured credit cards?

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A secured credit card is a credit card that requires a security deposit. Secured credit cards are generally for individuals whose credit is damaged or who have no credit history at all. Your credit line will most likely represent anywhere from 70% - 100% of your security deposit, depending upon your credit worthiness. read more

Now that you know what a secured card is, you probably expect this: An unsecured credit card is a type of card that doesn’t require an initial deposit to use. Because of this, they typically require you have at least fair credit or better, especially if you are looking for an unsecured card with some type of rewards. read more

Most credit cards fall into this category, as does an unsecured line of credit, which is sometimes referred to as a personal loan, or in more official terms, a ULOC. That stands for, you guessed it, an unsecured line of credit. read more

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