Secured credit card
Cards & borrowingA card that uses a cash deposit as security for the credit limit.
Overview
The deposit reduces risk for the lender.
It can help people with limited credit history.
Why it matters
- It can help build credit with lower approval barriers.
- It encourages responsible usage with a capped limit.
- It can create positive payment history.
FAQs
Is the deposit refundable?
Usually yes when the account is closed in good standing.
Does it affect my credit score?
Yes. Payments are reported like a normal credit card.
Related terms
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