Secured Credit Card
A Secured Credit Card is a way for people with poor credit records to enjoy the convenience of a credit card, when they are unable to qualify for an ordinary card.
With a secured card, your account must be in credit for you to use it - i.e. all purchases must be paid for up front by sending the card issuer a cheque.
While this means that secured cards are not actually credit cards, they can be used in all the same ways as any other Mastercard or Visa, and so allow those with bad credit ratings to - for example - buy online.
Secured credit cards are also an option for those who don't wish to run the risk of racking up expensive credit card debt.
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