A secured credit card requires a cash collateral deposit that becomes the credit line for that account. For example, if you put $250 in to that account, you can charge up to $250.

If and when a cardholder does not make their regular payments on a secured credit card, the card issuer can choose to use the funds held in the security deposit to cover the defaulted amounts.

• Should this occur, how the funds in the security deposit savings account are used can vary between cards and card issuers.

• Be advised that late pays will be added to your credit report should you not make a payment on time - even if they take the funds out of your deposit. This will DRASTICALLY lower your credit score!

Great news is this will help your credit score if you:​​

• Keep your balance under 30% utilization​

• Make your payments on time

They do report to all 3 credit bureaus

If you have little to no credit a regular unsecured credit card can be hard to approved for. 

This builder card is a great secured credit card with no credit requirements except you cannot be in an active bankruptcy with the courts