Secured Credit Cards for Poor CreditProtected credit cards for bad loans
As soon as the collateral amount is cleared, secured transactions work like any other credit card: they can be used to make payments up to the credit line. Using the credit cards and regularly withdrawing the credit immediately allows the cardholder to prove that they can handle their funds and credit account.
As soon as you have been a secure cardholder for a while, it is possible that the cardholder will turn you into a "better" one. Warranted credit cards? Please be aware, however, that secured cards are certainly not credit cards that can be traced. As with any other credit cards, candidates undergo a credit assessment, and although those with a poor history can be acceptable, it is up to the supplier to do so.
Thus, secured credit cards, in some ways, are not very different from other poor credit alternatives. Poor credit or approval cards provide the cardholder with similar advantages to the secured credit or approval cards, but do not involve a collateral or down payment. Since it is very likely that those with a poor credit record will find themselves in a difficult situation financially, it seems more fair that they don't have to disburse anything to enhance their reputation, but only behave well.
Maybe the most similar thing we have of a secured calling plan in the industry is the credit approval of the CashPlus pre-paid calling plan, see our full articles here. It'?s like a secure credit cards, for those who want to start building credit to it. Overall, secured cards seem to close the loophole between pre-paid cards and "bad" credit cards, although we are not sure whether it is a loophole that really needs to be closed.