By Zed Miller
A wide range of credit card terminals are available in the market today. You can pick one for yourself. A wise business decision would be to choose a credit card terminal that addresses your needs.
Your customers may want to pay via his credit card. In the physical presence of the credit card any transactions made using a credit card terminal is virtually safe and secure. When a sale is to be completed, the credit card is swiped through the Credit Card terminal and the processing of the payment begins from there.
During a sale, customer's credit card is swiped through the Credit Card Terminal and he is asked to type in his numbers on the terminal keypad. The payment is then processed. Most of the times, the in-built printer or a separate printing device attached to the terminal directly prints two receipts. One receipt is given to the customer to keep with himself/herself and the other is signed by the customer and retained by the merchant.
A credit card terminal is also used by mail order or Internet order businesses, in which the card is not physically present. The merchant is required to punch in the credit card information into the terminal to process the payment. The other way around, which is advisably a better option for these businesses, is to use credit card processing software or an Internet payment gateway.
Another point that would influence your shopping for a credit card terminal is the cost factor. A credit card terminal can be purchased at a price anywhere between $119 to more than $1000. The cost of a credit card terminal would probably depend on its expected life, the features it offers and the presence or absence of an in-built printer.
Check Out Secured Credit Cards Information Here.
Showing posts with label secured credit card. Show all posts
Showing posts with label secured credit card. Show all posts
Sunday, March 15, 2009
Wednesday, March 11, 2009
Before You Buy a Credit Card
By Mindy Osborne
1. Do your research - So many people buy a credit card before they find the cons and pros of the card. In times like this, it is essential to choose the correct one. If you are new to buying a credit card, don't act so hastily -- even if they give you a free item for signing up. It could just lead you to more debt. You can find a lot of information at the Federal Reserve. Frequently asked questions such as what are the fees? What to do about billing errors? What kind of card is it?
2. Compare plans - Now it is time to choose the best plan for you. If you always pay your monthly fee on time, the best credit card for you is no annual fee. Have bad credit? There is no credit requirements, no income requirements, and no credit card.
3. Credit Card Safety - More and more people are using credit cards even online. Credit card fraud is a growing epidemic. It is easy to buy things on the internet with your credit card and convenient -- some people even do all their shopping online, but there is always a threat. If you eat out and you pay with your credit card, you should keep an eye on your waiter or waitress to make sure they do not copy down your credit card information.
It is important to pick the correct credit card that fits your financial needs. Choosing the correct credit card is essential to financial stability. Getting a free credit report can show you your credit report and what type of credit card you can apply for.
Check Out Secured Credit Card Information Here.
1. Do your research - So many people buy a credit card before they find the cons and pros of the card. In times like this, it is essential to choose the correct one. If you are new to buying a credit card, don't act so hastily -- even if they give you a free item for signing up. It could just lead you to more debt. You can find a lot of information at the Federal Reserve. Frequently asked questions such as what are the fees? What to do about billing errors? What kind of card is it?
2. Compare plans - Now it is time to choose the best plan for you. If you always pay your monthly fee on time, the best credit card for you is no annual fee. Have bad credit? There is no credit requirements, no income requirements, and no credit card.
3. Credit Card Safety - More and more people are using credit cards even online. Credit card fraud is a growing epidemic. It is easy to buy things on the internet with your credit card and convenient -- some people even do all their shopping online, but there is always a threat. If you eat out and you pay with your credit card, you should keep an eye on your waiter or waitress to make sure they do not copy down your credit card information.
It is important to pick the correct credit card that fits your financial needs. Choosing the correct credit card is essential to financial stability. Getting a free credit report can show you your credit report and what type of credit card you can apply for.
Check Out Secured Credit Card Information Here.
Friday, March 6, 2009
Advise On Credit Card - Crucial For Best Suited Credit Card Deal
By Alex Jonnes
There are number of options available these days when you go shopping for a suitable credit card. Each credit card company claims to be having the best suited credit card deal for you. This only adds to the confusion of the credit card seeker as the purpose of the card may vary. Also you have to be an expert who knows well about various aspects of a good credit card deal. However in enabling you get a fair credit card deal, fortunately there are companies who offer advice on credit cards and thus make it easier for you to choose a right card that suits your needs.
You can locate advisers on various aspects of credit card on internet and enroll your name for the advice. These advisers serve as one stop shop for all the information on credit cards. You can avail advice on how to have a best credit card deal in a particular market. If are flooded with credit card offers from many companies and do not know which card suits your requirements best, then credit card advisers can help you choose one. You can get advice on different types of credit cards and their advantages and disadvantages.
An adviser on credit card in fact covers all the aspects of a credit card. Besides advising on how to get a suitable credit card deal, these advisers offer suggestions for making a credit card a financial instrument in your hands. They show you way to use a credit card for saving money with balance transfer. Credit card adviser will tell that you can make the best use of credit card in doing home improvement works. And if you have high rate credit card debts, these advisers can make you aware of the advantages of opening a new credit card in clearing debts.
In short we can say that an advice on every aspect of credit card is available today. All you have to do is to search for an expert of the field. Make sure that the adviser provider company has a good experience in credit card market.
Check Out Secured Credit Card Information Here.
There are number of options available these days when you go shopping for a suitable credit card. Each credit card company claims to be having the best suited credit card deal for you. This only adds to the confusion of the credit card seeker as the purpose of the card may vary. Also you have to be an expert who knows well about various aspects of a good credit card deal. However in enabling you get a fair credit card deal, fortunately there are companies who offer advice on credit cards and thus make it easier for you to choose a right card that suits your needs.
You can locate advisers on various aspects of credit card on internet and enroll your name for the advice. These advisers serve as one stop shop for all the information on credit cards. You can avail advice on how to have a best credit card deal in a particular market. If are flooded with credit card offers from many companies and do not know which card suits your requirements best, then credit card advisers can help you choose one. You can get advice on different types of credit cards and their advantages and disadvantages.
An adviser on credit card in fact covers all the aspects of a credit card. Besides advising on how to get a suitable credit card deal, these advisers offer suggestions for making a credit card a financial instrument in your hands. They show you way to use a credit card for saving money with balance transfer. Credit card adviser will tell that you can make the best use of credit card in doing home improvement works. And if you have high rate credit card debts, these advisers can make you aware of the advantages of opening a new credit card in clearing debts.
In short we can say that an advice on every aspect of credit card is available today. All you have to do is to search for an expert of the field. Make sure that the adviser provider company has a good experience in credit card market.
Check Out Secured Credit Card Information Here.
Thursday, March 5, 2009
Mastercard,Visa, and American Express are Looking to Help Students With Building Credit
By Ken Bissonette and Deidre Bissonette
Many Students have no credit rating and having a Credit Card is one way to build that credit rating. Student Credit cards are available from Major credit card companies do to the realization that students are going to have a well paying job in the future.
A student can fill out an application which will give an instant approval for a credit card. These credit cards have a low interest rate and the credit card companies give the student a low interest student credit card online. Mastercard,Visa, and American Express are looking to help students with building credit. Many of them have special promotions for college students and more.
Based on your credit card history and loan records, applications will be approved or disapproved for a low interest student credit card. To find out your credit history, you can have a free credit report done online from selected providers. You can learn valuable information on your credit history from the free credit report. Check below for the low interest student credit cards. Mastercard,Visa, and American Express are looking to help students with building credit. Take 5 minutes of your time to fill out the instant approval online student credit card application.
Check Out Secured Credit Card Information Here.
Many Students have no credit rating and having a Credit Card is one way to build that credit rating. Student Credit cards are available from Major credit card companies do to the realization that students are going to have a well paying job in the future.
A student can fill out an application which will give an instant approval for a credit card. These credit cards have a low interest rate and the credit card companies give the student a low interest student credit card online. Mastercard,Visa, and American Express are looking to help students with building credit. Many of them have special promotions for college students and more.
Based on your credit card history and loan records, applications will be approved or disapproved for a low interest student credit card. To find out your credit history, you can have a free credit report done online from selected providers. You can learn valuable information on your credit history from the free credit report. Check below for the low interest student credit cards. Mastercard,Visa, and American Express are looking to help students with building credit. Take 5 minutes of your time to fill out the instant approval online student credit card application.
Check Out Secured Credit Card Information Here.
Tuesday, February 24, 2009
Credit Card Tips & Suggestions
By Mindy Osborne
Restaurants & Fraud
One of the most rampant new ways of stealing someones credit card number and information could happen to you at any restaurant. Waiters and Waitresses are now using digital cameras or phone cameras to take pictures of your credit card when you hand it to them to pay for your dinner. The easiest way for them to do this is to slip the card into their pocket and take the picture while walking back to charge your card We suggest if you pay with a card watch your waiter or waitress closely. Make sure he or she does not enter the bathroom or leave your sight while holding your card This is a good way to avoid credit card information theft!
Check Your Credit
One of the main criteria the credit card companies look at when processing your applications is your credit score. It's important to apply for a credit card that is designed for someone in your credit score range. We always suggest getting a free credit report. Once you know your credit score it makes it that much easier to select a card offer you will get approved for instantly.
Use Your Credit Card Wisely
A lot of Americans are in debt because they do not know how to use a credit card The most credit cards one should own is two unless you absolutely need more. I suggest choosing low interest rate card. Low interest credit cards are the best type of credit cards to choose in the American economy right now.
Check Out Secured Credit Card Information Here.
Restaurants & Fraud
One of the most rampant new ways of stealing someones credit card number and information could happen to you at any restaurant. Waiters and Waitresses are now using digital cameras or phone cameras to take pictures of your credit card when you hand it to them to pay for your dinner. The easiest way for them to do this is to slip the card into their pocket and take the picture while walking back to charge your card We suggest if you pay with a card watch your waiter or waitress closely. Make sure he or she does not enter the bathroom or leave your sight while holding your card This is a good way to avoid credit card information theft!
Check Your Credit
One of the main criteria the credit card companies look at when processing your applications is your credit score. It's important to apply for a credit card that is designed for someone in your credit score range. We always suggest getting a free credit report. Once you know your credit score it makes it that much easier to select a card offer you will get approved for instantly.
Use Your Credit Card Wisely
A lot of Americans are in debt because they do not know how to use a credit card The most credit cards one should own is two unless you absolutely need more. I suggest choosing low interest rate card. Low interest credit cards are the best type of credit cards to choose in the American economy right now.
Check Out Secured Credit Card Information Here.
Thursday, February 19, 2009
Credit Card Fundamentals
By Zack Nelson
Credit cards are really useful and handy. You need not to worry about theft, burglary or carrying large sums of money. On the other hand, shopping can also be rewarding. Most of the credit card companies offer rewards in the form of gift vouchers; discount shopping, air miles etc, for every dollar you spend. Some of the points earned can be accumulated and later the reward is transferred to income generating account. This will help you to have savings along with the credit card.
Usage And Rewards
The selection of the credit card should be on the basis of value for money. Majority of the credit card companies offer rewards but it is up to you to select the one, which is best, suited for you. The credit card usage should be such that the income and expenses should be in balance. Select the credit card, which is best, suited for your purpose. Make sure that the reward offered by the credit card company should include your choice or your purpose. If you are a frequent traveler, it is better to opt for a card, which offers free air miles. You can also use your credit card to pay up your grocery bills, monthly bills and even medical bills.
Credit Limit And Options
The credit card limit should be maintained low, since credit limit will be higher than reimbursement. Select a credit card, which is having greater choice and option. The reward generated from the credit card can also be used to pay for the annual fee of credit card. The credit card holder should frequently check the accounts so that one can effectively use the credit card. To get your value for the money, it is essential to use the credit card wisely. If you use your credit card with much caution and prompt in clearing the bills, usage of credit card is a rewarding experience.
Check Out Secured Credit Card Information Here.
Credit cards are really useful and handy. You need not to worry about theft, burglary or carrying large sums of money. On the other hand, shopping can also be rewarding. Most of the credit card companies offer rewards in the form of gift vouchers; discount shopping, air miles etc, for every dollar you spend. Some of the points earned can be accumulated and later the reward is transferred to income generating account. This will help you to have savings along with the credit card.
Usage And Rewards
The selection of the credit card should be on the basis of value for money. Majority of the credit card companies offer rewards but it is up to you to select the one, which is best, suited for you. The credit card usage should be such that the income and expenses should be in balance. Select the credit card, which is best, suited for your purpose. Make sure that the reward offered by the credit card company should include your choice or your purpose. If you are a frequent traveler, it is better to opt for a card, which offers free air miles. You can also use your credit card to pay up your grocery bills, monthly bills and even medical bills.
Credit Limit And Options
The credit card limit should be maintained low, since credit limit will be higher than reimbursement. Select a credit card, which is having greater choice and option. The reward generated from the credit card can also be used to pay for the annual fee of credit card. The credit card holder should frequently check the accounts so that one can effectively use the credit card. To get your value for the money, it is essential to use the credit card wisely. If you use your credit card with much caution and prompt in clearing the bills, usage of credit card is a rewarding experience.
Check Out Secured Credit Card Information Here.
Friday, February 13, 2009
A Credit Card to Suit All Needs
By Lisa R Johnson
In this day and age, a large number of the population is in possession of a credit card, sometimes even numerous credit cards! Banks and businesses are becoming more and more aware of consumer’s desires for specialised credit cards, and have thus introduced a myriad of credit cards that are joint ventures between banks and businesses. There are credit cards aimed at men, and credit cards aimed at women.
If you’re a sports fan, for instance, then you can’t go past the NASCAR credit card. Or there’s the NFL credit card, the World Series of Poker credit card, the MLB credit card, and the Bass Pro Shops credit card. People who love to travel would be interested in the British Airways credit card, or the World Perks credit card. If you like your cars, then the Subaru credit card, or the Volkswagen credit card is for you.
With the price of gas escalating out of control in the current world climate, gas reward credit cards are in big demand! Two such cards available at the moment are the Speedway SuperAmerica credit card, which lets you earn up to an 8% rebate on all gas and merchandise purchased at Speedway, SuperAmerica, and Rich Oil locations; and the HESS credit card, which lets you earn up to a 10% rebate on all HESS purchases.
For women, the Starbucks credit card is bound to be a favourite! As is the Borders and Waldenbooks credit card, for all people who enjoy reading. There are even credit cards for entertainment – both the Sony credit card and the Universal Entertainment credit cards provide fantastic rewards programs. If you have children, there’s also a credit card for you – the Toys "R" Us credit card can earn you awesome rebates!
Check Out Secured Credit Cards Information Here.
In this day and age, a large number of the population is in possession of a credit card, sometimes even numerous credit cards! Banks and businesses are becoming more and more aware of consumer’s desires for specialised credit cards, and have thus introduced a myriad of credit cards that are joint ventures between banks and businesses. There are credit cards aimed at men, and credit cards aimed at women.
If you’re a sports fan, for instance, then you can’t go past the NASCAR credit card. Or there’s the NFL credit card, the World Series of Poker credit card, the MLB credit card, and the Bass Pro Shops credit card. People who love to travel would be interested in the British Airways credit card, or the World Perks credit card. If you like your cars, then the Subaru credit card, or the Volkswagen credit card is for you.
With the price of gas escalating out of control in the current world climate, gas reward credit cards are in big demand! Two such cards available at the moment are the Speedway SuperAmerica credit card, which lets you earn up to an 8% rebate on all gas and merchandise purchased at Speedway, SuperAmerica, and Rich Oil locations; and the HESS credit card, which lets you earn up to a 10% rebate on all HESS purchases.
For women, the Starbucks credit card is bound to be a favourite! As is the Borders and Waldenbooks credit card, for all people who enjoy reading. There are even credit cards for entertainment – both the Sony credit card and the Universal Entertainment credit cards provide fantastic rewards programs. If you have children, there’s also a credit card for you – the Toys "R" Us credit card can earn you awesome rebates!
Check Out Secured Credit Cards Information Here.
Monday, February 9, 2009
Tips For Selecting The Right Type Of Secured Credit Card
By Blake C. Hendrickson
If bad credit, or no credit for that matter, is your current credit situation then finding a secured credit card may be the only option you have to get a credit card. Many consumers instead of seeking out a secured credit card give in to temptation and get themselves a high interest credit card with high fees, which generally leads to further financial troubles. If you where to find a secured credit card from a financial institution that is legitimate and not out to take advantage of you, you would be making a much better choice. So which secured credit card may be the right one for you?
First of all consumers should know that they are going to have to pay an annual fee when they receive a secured credit card from a reputable financial institution. This fee however will be nowhere near the amount that you will be asked to pay if you were to decide on a credit card through a bad credit credit card company. Generally the annual fee that you will be asked to pay for a secured credit card through a reputable credit card company will be around $50 but a lot of the time will be a lower amount.
While you are looking to find a secured credit card with a low annual rate you are going to also want to find a secured credit card that offers a reasonable interest rate as well. Since a secured credit card in generally secured by your paying a deposit there is really no need for you to have to pay a huge interest rate. A quality credit card company will offer you the chance to receive a secured credit card with not only a great annual fee but low interest rates as well.
Comparison shopping is the best way to find the secured credit card that is going to best meet your needs. Do not ever feel pressured to pay money up front for a credit card that you are unsure about.
Check Out Secured Credit Card Information Here.
If bad credit, or no credit for that matter, is your current credit situation then finding a secured credit card may be the only option you have to get a credit card. Many consumers instead of seeking out a secured credit card give in to temptation and get themselves a high interest credit card with high fees, which generally leads to further financial troubles. If you where to find a secured credit card from a financial institution that is legitimate and not out to take advantage of you, you would be making a much better choice. So which secured credit card may be the right one for you?
First of all consumers should know that they are going to have to pay an annual fee when they receive a secured credit card from a reputable financial institution. This fee however will be nowhere near the amount that you will be asked to pay if you were to decide on a credit card through a bad credit credit card company. Generally the annual fee that you will be asked to pay for a secured credit card through a reputable credit card company will be around $50 but a lot of the time will be a lower amount.
While you are looking to find a secured credit card with a low annual rate you are going to also want to find a secured credit card that offers a reasonable interest rate as well. Since a secured credit card in generally secured by your paying a deposit there is really no need for you to have to pay a huge interest rate. A quality credit card company will offer you the chance to receive a secured credit card with not only a great annual fee but low interest rates as well.
Comparison shopping is the best way to find the secured credit card that is going to best meet your needs. Do not ever feel pressured to pay money up front for a credit card that you are unsure about.
Check Out Secured Credit Card Information Here.
Friday, February 6, 2009
All About Credit Card Rate
By Matt Ellsworth
What’s the thing that is most prominent on any credit card ad? Well, it’s the credit card rate (or the APR, as we know it). The credit card rate is the most publicized thing in the world of credit cards. A lot of people just compare the credit card rate of various credit cards and just go for the one that is offering the lowest credit card rate (or APR). Credit card rates are, in fact, one of the most important factors in the selection of a credit card (though not the only factor). Therefore, a proper understanding of Credit card rates is even more necessary.
So, what is a credit card rate or APR? Very simply, credit card rate is the rate of interest that the credit card supplier will charge you with on the amount you owe them. The credit card supplier will charge you an interest only if you don’t make full payments in time. When you receive your credit card bill, it specifies the full amount you owe the credit card supplier. It also specifies the minimum payment that you must make (by a particular date), in order to avoid incurring a late fee and other inconvenience. You have the option of making either a full payment or just the minimum payment. If you make a full payment (by the due date), you are not charged any interest. However, if you decide to go with the minimum payment or some amount that is lesser than the full amount, the credit card supplier will charge interest based on the credit card rate and the balance amount. This credit card rate is the interest rate that you agreed with them at the time of applying for the credit card.
The credit card rate or the annual percentage rate, as is obvious, is an annual interest rate. The credit card suppliers use this annual credit card rate to calculate the monthly credit card rate and then they calculate the interest on the balance amount that you owe them. The balance amount here is simply = Full amount – (payment made by you). This interest is added to your balance for the next month (at the time of next billing cycle). If you again make a partial payment, the new balance is calculated again and the credit card rate (monthly one) applied to it for calculation of new interest; and it keeps going on and on until you make the full payment.
That’s how credit card rate acts in this vicious circle. Hence, credit card rate is termed as the most important consideration in choosing a credit card.
Check Out Secured Credit Card Information Here.
What’s the thing that is most prominent on any credit card ad? Well, it’s the credit card rate (or the APR, as we know it). The credit card rate is the most publicized thing in the world of credit cards. A lot of people just compare the credit card rate of various credit cards and just go for the one that is offering the lowest credit card rate (or APR). Credit card rates are, in fact, one of the most important factors in the selection of a credit card (though not the only factor). Therefore, a proper understanding of Credit card rates is even more necessary.
So, what is a credit card rate or APR? Very simply, credit card rate is the rate of interest that the credit card supplier will charge you with on the amount you owe them. The credit card supplier will charge you an interest only if you don’t make full payments in time. When you receive your credit card bill, it specifies the full amount you owe the credit card supplier. It also specifies the minimum payment that you must make (by a particular date), in order to avoid incurring a late fee and other inconvenience. You have the option of making either a full payment or just the minimum payment. If you make a full payment (by the due date), you are not charged any interest. However, if you decide to go with the minimum payment or some amount that is lesser than the full amount, the credit card supplier will charge interest based on the credit card rate and the balance amount. This credit card rate is the interest rate that you agreed with them at the time of applying for the credit card.
The credit card rate or the annual percentage rate, as is obvious, is an annual interest rate. The credit card suppliers use this annual credit card rate to calculate the monthly credit card rate and then they calculate the interest on the balance amount that you owe them. The balance amount here is simply = Full amount – (payment made by you). This interest is added to your balance for the next month (at the time of next billing cycle). If you again make a partial payment, the new balance is calculated again and the credit card rate (monthly one) applied to it for calculation of new interest; and it keeps going on and on until you make the full payment.
That’s how credit card rate acts in this vicious circle. Hence, credit card rate is termed as the most important consideration in choosing a credit card.
Check Out Secured Credit Card Information Here.
Monday, February 2, 2009
How Do I Get a Credit Card?
By William L Smith
How do I get a Credit Card?
Getting a Credit Card is not as difficult as it seems. If you have recently graduated, or you are still in college, Credit Card companies see you as desirable and a good credit risk. In fact, you probably receive Credit Card offers in the mail quite often. Compare the terms and be sure to choose one with no annual fee and with the lowest possible interest rate.
How do I get a Credit Card with bad credit or no credit?
How do I get a Credit Card if I am not in college and I have bad credit or no credit? You can still get a Credit Card! Often the best way to get a Credit Card when you do not have an established credit history is to get a secured card. Orchard Bank is one of the major banks offering Secured Credit Cards. In most cases, you will have to send them money, usually about $200 - $250. They then issue you a Credit Card with that credit limit and often times up to double or more.
If I do get a Credit Card, what is the benefit? Why get a Credit Card if I have the money? The answer is to establish a good credit history. You can rent a car or hold a hotel room by using your Credit Card. You can make purchases without having to carry cash or having to write a check. If you pay the Credit Card bill off quickly, preferably in full every month. You will establish good credit and the unsecured Credit Card offers will start rolling in!
Check Out Secured Credit Cards Information Here.
How do I get a Credit Card?
Getting a Credit Card is not as difficult as it seems. If you have recently graduated, or you are still in college, Credit Card companies see you as desirable and a good credit risk. In fact, you probably receive Credit Card offers in the mail quite often. Compare the terms and be sure to choose one with no annual fee and with the lowest possible interest rate.
How do I get a Credit Card with bad credit or no credit?
How do I get a Credit Card if I am not in college and I have bad credit or no credit? You can still get a Credit Card! Often the best way to get a Credit Card when you do not have an established credit history is to get a secured card. Orchard Bank is one of the major banks offering Secured Credit Cards. In most cases, you will have to send them money, usually about $200 - $250. They then issue you a Credit Card with that credit limit and often times up to double or more.
If I do get a Credit Card, what is the benefit? Why get a Credit Card if I have the money? The answer is to establish a good credit history. You can rent a car or hold a hotel room by using your Credit Card. You can make purchases without having to carry cash or having to write a check. If you pay the Credit Card bill off quickly, preferably in full every month. You will establish good credit and the unsecured Credit Card offers will start rolling in!
Check Out Secured Credit Cards Information Here.
Friday, January 23, 2009
Secured Credit Cards
It would be nice if you could make it through life without ever having to use a credit card. The fact is that many businesses require credit cards, even if you plan to use cash for the purchase. Hotels, car rentals, and airlines are just a few of the places that credit cards are required.
If you’ve never had credit or have a poor credit history, it might be difficult to get a regular credit card. In these situations, a secured credit card might be the only way to improve your credit standing.
Secured credit cards are viable options, but before you get one, there are some questions you should have answered.
What are the costs?
Like many regular credit cards, secured credit cards have costs. Some of the most common costs include application fees, processing fees, and annual fees. Find out the fees for the secured credit card before applying. Stay away from cards with high fees that use most of your security deposit.
* http://credit.about.com/od/creditcardbasics/tp/credit-card-fees.htm
How much is the deposit?
Secured credit cards are “secured” with a deposit that's held in an account and used when you default on your payments. Many secured credit cards have minimum and maximum deposit limits. Some secured cards place deposits in an interest-bearing account. Find out if your deposit will earn interest and if so, how much.
In what situations is your deposit used?
Some creditors only use the deposit in cases of severe delinquency, e.g. 5-6 months past due. Others use it for a single late payment. Knowing the situations that the creditor will draw from your deposit can help you be more disciplined, especially if you’re concerned about getting your full deposit back.
Are there eligibility requirements?
Income and age restrictions might apply to some secured credit cards. Even though you’re willing to put down a deposit for a credit limit, card companies still have requirements in place. Many secured credit card lenders require borrowers to have a checking or savings account with their bank before extending secured credit.
What will your credit limit be?
Your credit limit isn’t always the exact amount as your deposit. It can be some percentage of your deposit, making your credit limit less than the deposit. Ideally, your credit limit is an amount equal to or greater than your deposit.
What is the APR?
The APR, or annual percentage rate, is the interest rate applied to balances that you carry beyond the grace period. The higher the interest rate, the higher your finance charge will be when you carry a balance.
Are timely payments reported to credit bureaus?
If you want the credit card to help establish or re-establish credit, your payments must be reported to the major credit bureaus. Secured credit cards that don’t report to bureaus won’t help your credit rating. Make sure the card isn’t reported in a way that reveals it as being a secured card to prevent bias from future lenders.
Can the card be converted to an unsecured credit card?
The best secured credit cards allow you to convert to an unsecured after a period of timely payments. Unsecured cards often have lower fees (or no fees at all), a lower interest rate, and fewer restrictions.
source: http://credit.about.com/od/usingcreditcards/bb/securedcard.htm
If you’ve never had credit or have a poor credit history, it might be difficult to get a regular credit card. In these situations, a secured credit card might be the only way to improve your credit standing.
Secured credit cards are viable options, but before you get one, there are some questions you should have answered.
What are the costs?
Like many regular credit cards, secured credit cards have costs. Some of the most common costs include application fees, processing fees, and annual fees. Find out the fees for the secured credit card before applying. Stay away from cards with high fees that use most of your security deposit.
* http://credit.about.com/od/creditcardbasics/tp/credit-card-fees.htm
How much is the deposit?
Secured credit cards are “secured” with a deposit that's held in an account and used when you default on your payments. Many secured credit cards have minimum and maximum deposit limits. Some secured cards place deposits in an interest-bearing account. Find out if your deposit will earn interest and if so, how much.
In what situations is your deposit used?
Some creditors only use the deposit in cases of severe delinquency, e.g. 5-6 months past due. Others use it for a single late payment. Knowing the situations that the creditor will draw from your deposit can help you be more disciplined, especially if you’re concerned about getting your full deposit back.
Are there eligibility requirements?
Income and age restrictions might apply to some secured credit cards. Even though you’re willing to put down a deposit for a credit limit, card companies still have requirements in place. Many secured credit card lenders require borrowers to have a checking or savings account with their bank before extending secured credit.
What will your credit limit be?
Your credit limit isn’t always the exact amount as your deposit. It can be some percentage of your deposit, making your credit limit less than the deposit. Ideally, your credit limit is an amount equal to or greater than your deposit.
What is the APR?
The APR, or annual percentage rate, is the interest rate applied to balances that you carry beyond the grace period. The higher the interest rate, the higher your finance charge will be when you carry a balance.
Are timely payments reported to credit bureaus?
If you want the credit card to help establish or re-establish credit, your payments must be reported to the major credit bureaus. Secured credit cards that don’t report to bureaus won’t help your credit rating. Make sure the card isn’t reported in a way that reveals it as being a secured card to prevent bias from future lenders.
Can the card be converted to an unsecured credit card?
The best secured credit cards allow you to convert to an unsecured after a period of timely payments. Unsecured cards often have lower fees (or no fees at all), a lower interest rate, and fewer restrictions.
source: http://credit.about.com/od/usingcreditcards/bb/securedcard.htm
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