Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Display:
10 questions before getting secured credit cards
You need one to make a hotel or plane reservation, or to rent a car, even if you plan to pay cash. Many stores require a credit card to accept your check. Responsible use of a credit card builds a good credit rating, too, marking the owner as mortgage-worthy.

But people who have never had credit or need to repair a poor credit history may not qualify for a regular credit card. For them, a secured credit card may be the only way to establish, or re-establish, credit.

If you're in that boat, here are the answers to the top 10 questions about secured credit cards.

1. What is a secured credit card?

A secured card requires a cash collateral deposit that becomes the credit line for that account. For example, if you put $500 in the account; you can charge up to $500. You may be able to add to the deposit to add more credit, or sometimes a bank will reward you for good payment and add to your credit line without requesting additional deposits.

Meet the Greek Escrow Account and the Securitised Target2 Balance: the loan where you get to pay interest for the privilege of borrowing from your own collateral.

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Migeru (migeru at eurotrib dot com) on Mon Mar 5th, 2012 at 06:15:18 AM EST
[ Parent ]

Display:

Top Diaries

LQD - Long Term Covid: The Brain

by ATinNM - Jul 13
25 comments

Say No to Racism

by Oui - Jul 12
24 comments

England surrenders to Covid

by IdiotSavant - Jul 9
27 comments

UK Menaces Ireland

by Frank Schnittger - Jul 7
40 comments

Occasional Series