A secured credit card is a credit card that requires you to place a refundable security deposit, the amount of which becomes your credit limit, preventing you from spending more than you can afford to repay. Secured cards are great for people with bad credit or limited credit because they offer nearly guaranteed approval. Secured credit cards also report information to the major credit bureaus every month, just like unsecured cards. And they’re much cheaper than unsecured credit cards for bad credit.
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