Credit Card Apply : Can't Get a Credit Card? Apply for a Secured Credit Card Instead

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Credit Card Apply
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Can't Get a Credit Card? Apply for a Secured
Credit Card Instead
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• A credit card is one of those ubiquitous
  inventions of the modern age that refuses to
  quit. In fact, it has made itself so necessary in
  our lives that we need one to rent a car, book a
  hotel room or just to buy a comicbook online.
• More than that, credit cards are one of the ways
  creditors take a peek at our credit history with
  and they can actually make or break our chances
  for a good loan, an apartment or a job.
• So what do we do if we've torn our credit to
  pieces? We turn to secured credit cards.
• Secured credit cards are a great substitute for
  regular credit cards.
• Whether you have poor credit badly needing
  repair, can't get a credit card or are new to the
  credit scene, a secured credit card can help you
  re-build or establish your credit.

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• How does it work?
• A secured credit card is a cross between a credit
  card and a debit card. It requires collateral in
  the form of cash deposited in an account.
• That amount then functions as your credit line.
  So if you deposited 700 in your account, you can
  use your secured credit card to purchase items up
  to 700, nothing more. The catch is, you have to
  pay it back.
• Some banks offer to give you more credit as a
  reward for being a good client (i.e., you pay
  your bills on time) or maybe allow you to charge
  up to a certain percentage more than your deposit
  amount.
• You only need to pay a small interest rate to
  cover for that type of usage.
• What's the minimum deposit amount?
• Depending on the type of card you chose or on the
  banking institution, most secured credit cards
  will require a deposit starting at 300. There is
  no limit to how much you want to add later on.

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• Using secured credit cards to build credit
• While most banks target clients who have never
  had credit before as the main users for secured
  credit cards, many consumers use secured credit
  cards to help re-establish their credit.
• To do this, consumers need only to use their
  secured cards and ensure that the bill gets paid
  each month. By establishing their reliability,
  the consumer establishes positive credit.
• The future of secured credit cards
• Secured credit cards are still the choice of many
  card holders, but many are giving up their
  secured cards in exchange for unsecured cards.
• Unsecured cards don't require cash collateral,
  which accounts in part for their attractiveness.
  A secured credit card apply is still a great
  choice, especially for people who are still
  building credit or for those who are trying to
  rebuild theirs.
• Source http//ezinearticles.com/?Cant-Get-a-Credi
  t-Card?--Apply-for-a-Secured-Credit-Card-Insteadi
  d486350

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