Secured Credit Card Marketing Scams

A secured credit card requires you to open a savings account and maintain it as security for your credit line. The secured credit card company requires that your savings account deposit be between one hundred dollars or up into thousands of dollars. Your credit line is usually based on a 50 to 100 percent of that amount. You may also have to pay application and processing fees just to get the card. Make sure before you apply for a secured credit card, ask for the total amount of fees, and make sure that they will be refunded if you are denied the card. Read the fine print and ask questions. If they are reluctant to answer your questions then you should not get a credit card with them.

Most secured credit card scams fail to include that they have a 900 customer service phone number, a required security deposit, application and processing fees, and certain requirements just to get the card. Most annual fees for a secured credit card are much higher than the normal interest on any other type of card. To avoid being scammed on a secured credit card always look for these phrases in their advertisements. Offers easy credit, no one is turned down, a 900 number, or clean up your credit history for free. Most likely these are all scams and should be avoided.

This article is powered by Jack Chevalier at Paynetsystems.com Credit Card processing and merchant account provider.