The Secured Card

An American who does not qualify for a regular credit card can start with a secured card, backed by a cash deposit. The Consumer Financial Protection Bureau explains: “With most of these cards, your credit line starts out small.”

“As you show you can pay on time, your credit limit may be raised and you may have your deposit refunded.” The bureau also defines the test. “On time” means the payment gets to the company by the day the bill is due.

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