Prepaid Credit Cards »
A secured credit card is much like a pre paid credit card – it works by loading credit onto it before you can use it. The features of secured credit cards include:
- You can’t go into debt because you only spend what you have
- They’re good if you have bad credit
- Helps to build up your credit report
With a secured credit card, you top it up with cash and so do not have to pay interest by being in debt, but there are various charges, such as an annual fee and transaction charges, so compare secured credit cards to make sure you get the best deal.