Avoid credit crad fraud


Secured Vs. Unsecured Credit Cards - What's The Difference?

Many consumers have a bit of confusion whenhand, an unsecured credit cards offer just
it comes to distinguishing a secured creditthat -credit. When you make a purchase or
card from an unsecured credit card. They bothwithdraw cash (usually called a cash
carry a brand logo from one of the majoradvance), funds are drawn from your "line of
credit card companies and they both can becredit." You pay back the amount you borrowed
used anywhere that major credit cards areor "charged" each month, or carry over to the
accepted. It is the behind the scenenext month (revolve) a certain amount that
financial activity that determines thewas borrowed and you are assessed an interest
difference between a secured and an unsecuredcharge.You are then responsible to pay the
credit card.A secured credit card is ainterest charge as well. Credit cards carry a
guaranteed VISA or MasterCard that has beenbrand logo (e.g., Visa, MasterCard, American
secured by a deposit to the issuer's bank.Express, etc.) and are accepted by
Generally, you must deposit an amount,participating merchants. When you use your
ranging from $300 to $5000, in a low-interestcredit card, the transaction requires a
saving account or CD to secure the creditsignature.Determining what type of credit
card.You then receive a credit line for up tocard is best for you will depend on your
100 percent of your account balance. Eachpersonal budgeting and spending habits as
creditor has its own requirements for howwell as the status of your credit score.
much you can deposit for your credit line.People with low credit scores usually have a
The creditor issues you a credit card bybetter chance at obtaining a secured credit
using your deposit as security.On the othercard over an unsecured credit card.



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