If you have very bad credit, and you are looking or trying to get a credit card, you may not be able to get the kind of credit card you are used to. That is a unsecured credit card. Basically, an unsecured credit card is the type of card that has no collateral attached to it other than your promise to pay. Having an unsecured credit card is a great tool but very bad credit credit cards are going to be hard to come by.

Enter the secured credit card…

Secured credit card

Two elements combine to create a secured credit card. First, a savings account must be set in the bank intends to issue credit cards. The withdrawal results in a savings to balance the reduction or elimination of the credit line. When the withdrawal of balance to the credit card is still the savings account can not be allowed at all. Deposits required may vary from $ 50.00 – $ 15,000.00. Read the rest of this entry