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June 29, 2001
By
Jim Follett
Website:
http://www.education-for-prosperity
>
A secured Visa credit card or Master Card is now virtually guaranteed to any permanent US resident
It used to be that people with bad credit or those that are considered a high risk could not qualify for a credit card or American Express. However, banks now offer a secured Visa credit card or Master Card. One can obtain an application online and shop the best rates. The great thing about a secured Visa credit card is that it is virtually guaranteed. This is because a secured Visa credit card requires a deposit equivalent to or greater than the amount of credit being offered.
Because a secured Visa credit card is generally more costly (both in percentage rates and fees) individuals should only consider a secured card because they do not qualify for a conventional Visa, Master Card or American Express. Additionally, it is important to pay the balances off at the end of each month or a least make payments on time. By doing so one re-establishes credit and the bank or issuing institution may replace the secured Visa credit card with a conventional card.
To date we have yet to come across a secured American Express, seemingly because of the unset spending limit. However, when their credit card becomes more prevalent presumably they will make an offer like a secured Visa credit card.
For
more information on secured visa credit card - click here!
> About The Author:Jim Follett is a successful author and the
publisher of http://www.education-for-prosperity. Education on a comprehensive variety of strategies for financial and personal advancement. *Webmasters,
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