What is a Secured Credit Card?

A secured credit card is a card that requires a cash collateral deposit that becomes the credit line for the card account. For example, if you decide to open the credit card account with a $1,000 value, your credit card limit will be equivalent to $1,000. The cash collateral can be deposited to a regular checking account or to a CD (Certificate of Deposit) account, which earns interest. The Minimum Deposit for our Secured Credit Cards is as follows:

Minimum Deposit Platinum Plus Secured Credit Card: $20,000
Minimum Deposit Platinum Secured Credit Card: $3,000
Minimum Deposit Classic Secured Credit Card: $500