#best secured credit cards
The Best Secured Credit Cards of 2015
I f you find yourself being turned down for unsecured credit cards, one of the options you have in obtaining credit comes from a secured credit card. A secured credit card is different than an unsecured credit card because your approved credit limit depends on the amount of your initial deposit.
Unsecured credit cards provide cardholders credit without having to put anything up for collateral. Therefore, should the cardholder default, the process to recoup the funds is costly and time consuming. A secured credit card on the other hand, works only when the cardholders deposits an initial amount of money to the card issuer. That amount is the amount of credit the cardholder will receive and should a cardholder default, the issuer can simply draw from the deposited funds to cover the default. Secured cards generally come with unfavorable terms and high fees but we ve compiled a list of our favorite secured cards that offer good terms with very low fees.
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