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What does it mean by secured credit cards?

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Old 08-31-2010, 06:41 AM
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Default What does it mean by secured credit cards?

Guys recently I came to know about a term "secured credit cards"; Can some one here explain it to me that what does it mean by secured credit cards?
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Old 09-01-2010, 06:44 AM
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Secured credit cards are “secured” with a deposit that's held in an account and used when you default on your payments. Many secured credit cards have minimum and maximum deposit limits. Some secured cards place deposits in an interest-bearing account. Find out if your deposit will earn interest and if so, how much.
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