2 thoughts on “March 29, 2014”

  1. Garrett Haag says:

    A secured credit card is a kind of credit card you get when you have no credit or bad credit, you give the bank a set amount of money, normally a minimum of $200 and they put that money in a saving account that cant be accesses while the card is active, your credit card will have a limit of however much money you gave the bank. The money you gave is like collateral. The card still works like a normal credit card and you build your credit the same way, its a great option for someone just starting out. Veridian Credit Union and many other banks or credit unions offer them.

  2. Mike Finley says:

    Nice job in explaining the matter, Garrett. Let’s review.

    The secured credit card helps a person start down the road of building credit or starting over. DO NOT pay fees with this card. If a bank/credit union is going to charge you something, go elsewhere. After 6 months to a year, you can ask them cancel the secured part and make it a regular credit card. At that point, you will receive your cash back with whatever interest you had occurred over the previous months. Knowledge is POWER!!!!

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