2007-08-24 03:57:24 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
A secured credit card requires you to put up a cash deposit in the amount of the available credit on the card. While still technically a credit card, they are loaning you money with your deposit as collateral. An unsecrued card is the usual credit card that people with good credit get. No deposit required.
2007-08-24 04:03:57 · answer #1 · answered by wwbrad90 3 · 1⤊ 0⤋
For a secured card, you deposit money (collateral) into a savings account usually equal to the line of credit. If you default, they keep the money in the account.
An unsecured card doesn't have collateral.
2007-08-24 11:04:57 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
a secured credit card is one that you put money on , or put money in an account . the amount of money you put on it or in the bank is your credit limit. you use your own money, it is somewhat like a ATM card from your bank. if you dont have money on it you cant use it. an unsecured credit card is one that you applied for for get and it has a credit limit on it, so you make monthly payments to pay for what you buy. it is in a way not your own money
2007-08-24 11:09:13 · answer #3 · answered by bathsheba p 3 · 0⤊ 0⤋
unsecure is what everyone has....they give you a creditline, and hope that you will pay it back. it's not secure by anything or it has not collateral.
secure means it is has collateral....normally you put 250.00 dollars down, and they give you a 250 limit or a 500 limit
2007-08-24 11:07:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋