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Providing
secured credit cards with instant credit and prepaid
cards with absolutely no credit check!
Offering
secured credit cards and prepaid credit cards from select
companies
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There
is quite a difference between secured credit cards and
unsecured cards in that they operate more like a debit card
than they do an actual credit card.
The way they work is more like a pre-paid credit card,
allowing companies who issue a risk free way of helping people
establish credit history. If you were to be approved for one,
the only way you would be able to use the card would be by
depositing a certain amount of your own money into your
account
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and then when you make a purchase you would only be
able to draw from what you have already deposited. So what is
the point behind it? Well for someone with poor credit the
chances of being approved for a regular credit card is slim,
so this allows a consumer to be able to own a card and rebuild
a good credit history. Secured credit cards are great if you
have no credit record or you are unemployed, and you need a
way to build up a credit record. For some people this is the
only option they may have available. It doesn’t take long to
build a credit history so taking advantage of this now may
really help out further down the line, when you need to rely
on a credit card.
Some
of the advantages and benefits of having one of these cards is
there are no credit checks and they still give instant credit
so you can begin to build a good credit rating. Sometimes
people only need these for a 6-12 month period, so they can
build a track record which in turn can be used by credit card
companies, and banks for issuing other lines of credit. These
types of cards still carry the brand name Visa or American
Express on them and would allow you to make purchases just
like an unsecured card.
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