If I purchase a 'secured card' from the bank with a set amount on it -- could I add more money to it later?

Question

...or would I be forced to wait until I used up the first amount of money I put on it? Also, is there a monthly fee for having such a card? And does anyone qualify to get one (I don't have any debt or anything like that)? Finally, would the card be acceptable to use in Europe for hotel reservations and train reservations? Thanks!

Answer 1

You can't extend the limit of a "secured" card beyond the amount of money you put on it until you pay the balance to zero, otherwise it becomes unsecured debt similar to a regular credit card. Most of these cards do not have monthly fees associated, and yes anyone can get one.

The card would have a Visa or MC logo on it, and would be usable at any establishment that takes those cards, which is pretty much anywhere, including hotels and train stations.

Answer 2

You DON'T purchase a secured card. If you buy a PRE-PAID card, and it is re-loadable, you can add money at any time. A secured card is an actual credit card, that you have to make payments on. The account is backed by a deposit in savings account that the bank can seize if you don't pay. Unlike pre-paid cards, this is an actual credit account that will appear on your credit report and affect your FICO score.

Answer 3

both can only be answered by reading the policy you signed when you got the card!!!!

Answer 4

Depends on the bank's policy, call them and ask them