A secured credit card is a type of credit card that requires you to put down an upfront cash deposit, usually equaling the amount of your credit limit.
A secured credit card works as the first step for young adults or people who don’t have an established credit history to have access to credit. They also work for consumers with poor credit.
They recognize an ability to make credit card payments quickly and may eventually clear the way to another favored line of credit used by millions: unsecured credit cards.
Your application might be turned down if you have any of the following:- Bankruptcy on your record
- No verified income or too low of an income
- Insufficient funds to cover the deposit
- A deficient score
What Does a Credit Card Issuer Evaluate for Approving a Secured Credit Card Application?