What is the difference between a secured and a un-secured credit card....?

Answer 1

Secured is where you put up money or some other collateral in order to get the credit card (in case you don't pay). Unsecured you get it because of your good credit with no money down.

Answer 2

Secured means you have put up some sort of collateral in order to get the card, or you have "pre-paid" for a credit card by depositing X amount of money which you can borrow against and pay back in order to earn credit.

Unsecured means you have a credit card that you applied for, and was approved for based on your credit score. There is no collateral needed.

Answer 3

An unsecured card means that you have a credit limit established by the creditor and you did not have to put any money down to obtain the credit card. A secured card means that you put money in a savings account and the amount of money in the account is your limit and the credit card company has a lien against your account. (You kind of pre-pay for the limit.)

Answer 4

If you apply for a secured credit card, it usually means you have no credit or damaged credit. A secured credit card requires a beforehand deposit or other collateral on your part as an insurance for your creditors that you'll repay. Secured credit cards are used to establish credit history or improve one's damaged credit. You can find more info about secured credit cards at http://www.low-interest-credit-cards-offers.com/Secured-Credit-Cards-923020-page.php

Answer 5

Secured is when you send the credit card money in advance that is your spending limit-If you send 300 then 300 is your spending limit. Unsecured is when you start charging the limit they set for you without sending them the money in advance.

Be careful of the fine print and those charges on any credit card!