Visa Cards 4 You - Secured Visa Card

Secured Visa Card-a Formal Introduction

What is a secured Visa card?

A secured Visa card is simply a credit card that comes secured with its very own security guard. These big, burly men are quick to let you have it when you're making a bad business decision. Have you ever had a secured Visa card security guard smack you up? These men pack quite a wallop.

Okay, so maybe that isn't what a secured Visa card is, but it was funny leading you on. Basically, these cards were designed to help establish credit history for those who lack it. They were also designed for people that made poor business decisions with their previous credit cards. You see, a secured Visa card is a type of credit card that requires you to make a deposit prior to using it. Money is often deposited in one of the following:

savings account
money market
certificate of deposit

The money being held acts almost like collateral. The good news is that the money can also earn a little interest, depending on your contract. The amount of money required to open an account with a secured Visa card varies. It can range anywhere from $250 to $500. Your limit depends on the amount of money you enter in the account. Want some more good news? Good, because we have more. Don't get a secured Visa card confused with a debit card. A secured Visa card acts like a credit card. They help to reestablish credit despite using your own cash.

Okay, there is a little bad news

It really isn't that bad. You can't say you didn't see a catch. If full payments are not made each month on your account, then interest is charged on the outstanding balance. Just because the card says secured does not mean it can't hurt your credit so always make those payments on time. In the event that you do not make your payments on time, the lending institution uses the security money to pay off the debt. Now, that isn't really bad news, is it? It makes sense, doesn't it? So the next time you make bad decisions with your regular unsecured Visa card, you know that there is another option. Look into the Chase secured credit cards, secured Visa card and the prepaid Visa card for different credit options. For all your credit needs, Visa has you covered.