Difference Between Secured and Unsecured Credit Cards
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Posted: Mon Aug 30, 2004 10:09 pm
Post subject: Difference Between Secured and Unsecured Credit Cards
A-T Williams
Date: 4/12/2001 2:13 pm CDT
Hello my name is Antwaun Williams (A-T)& I have a few questions about credit cards. I am a 21 year old male with what I think is called less than perfect credit who needs a credit card so I can start me an online business. I will pay off the charges as soon as I receive the bill from month to month. I don't want to pay a deposit or annual fee. The longer the grace period the better. My credit limit doesn't need to be over $500 to start out at the beginning $200-$400 would be ideal. I've heard about secured or unsecured, but I really don't know what that means. What would be better variable or fixed interest rates? Can I get a credit card with my nickname on it instead of my real one? Which credit card would you recommend that comes closest to taking care of my needs? What else do I need to know about credit cards that I haven't mentioned. I'm sorry I have so many questions, but I just don't want to get trapped into something that is so confusing to me. Please help me in any way that you can.
Thanks for your time, A-T Williams
a_williams_2001@hotmail.com
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Mon Aug 30, 2004 10:09 pm
Post subject: Difference Between Secured and Unsecured Credit Cards
Dani
Date: 4/12/2001 3:06 pm CDT
Welcome AT,
The difference between secured and unsecured is that a secured card requires a security depostit before issuing the card. For an example, a credit card company (CCC)says you're approved for a secured Visa with a credit limit of $500 you must send in $500 before the CCC will mail you the card (the amount varies). This route is for people with no credit or who are trying to rebuild their credit.
You mention you have less than perfect credit how bad are we talking - a couple lates, chargeoffs, bankruptcy?
Answering your question on fixed vs. variable rates I prefer fixed. You have a set rate (for at least a while). Many creditors who have variable rates seem to increase their interest when the rates go up, but decidely forget to decrease when the rates go down.
Have you checked out Credit Card Freedom's homepage they have several cards for individuals with a derogatory mark or two on their credit report. There are also several credit card reviews from individuals which state the good vs. bad benefits of a particular card or bank. Hope this helps.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Mon Aug 30, 2004 10:09 pm
Post subject: Difference Between Secured and Unsecured Credit Cards
A-T Williams
Date: 4/12/2001 2:13 pm CDT
Hello my name is Antwaun Williams (A-T)& I have a few questions about credit cards. I am a 21 year old male with what I think is called less than perfect credit who needs a credit card so I can start me an online business. I will pay off the charges as soon as I receive the bill from month to month. I don't want to pay a deposit or annual fee. The longer the grace period the better. My credit limit doesn't need to be over $500 to start out at the beginning $200-$400 would be ideal. I've heard about secured or unsecured, but I really don't know what that means. What would be better variable or fixed interest rates? Can I get a credit card with my nickname on it instead of my real one? Which credit card would you recommend that comes closest to taking care of my needs? What else do I need to know about credit cards that I haven't mentioned. I'm sorry I have so many questions, but I just don't want to get trapped into something that is so confusing to me. Please help me in any way that you can.
Thanks for your time, A-T Williams
a_williams_2001@hotmail.com
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Mon Aug 30, 2004 10:09 pm
Post subject: Difference Between Secured and Unsecured Credit Cards
Dani
Date: 4/12/2001 3:06 pm CDT
Welcome AT,
The difference between secured and unsecured is that a secured card requires a security depostit before issuing the card. For an example, a credit card company (CCC)says you're approved for a secured Visa with a credit limit of $500 you must send in $500 before the CCC will mail you the card (the amount varies). This route is for people with no credit or who are trying to rebuild their credit.
You mention you have less than perfect credit how bad are we talking - a couple lates, chargeoffs, bankruptcy?
Answering your question on fixed vs. variable rates I prefer fixed. You have a set rate (for at least a while). Many creditors who have variable rates seem to increase their interest when the rates go up, but decidely forget to decrease when the rates go down.
Have you checked out Credit Card Freedom's homepage they have several cards for individuals with a derogatory mark or two on their credit report. There are also several credit card reviews from individuals which state the good vs. bad benefits of a particular card or bank. Hope this helps.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 1:55 PM
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