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Secured and Unsecured Credit Card Offers- Which One Suits You Best?
12:00:00 AM Friday, September 21, 2007
Secured and Unsecured Credit Card Offers- Which One Suits You Best?
Most credit card owners are a bit confused when they think about the difference between secured and unsecured credit card offers. A lot of them wonder what credit card offer should they choose- secured or unsecured one and why.
Both secured and unsecured credit cards carry a brand logo of one of the big credit companies. Both can be used anywhere the main credit cards are accepted. But still there are certain differences in them. And I will try to explain what they are.
If you apply for a secured credit card you have to deposit a certain sum of money in the bank. The amount you have deposited becomes your credit limit. And it is a maximum limit. You can pay the entire deposit before hand or make monthly payments. Most credit card companies will let you make this choice yourself.
If you pay monthly, the creditor will ask you to pay interest rate and some percent for balance before letting you have a credit card.
A creditor can also take some kind of collateral for the debt owed. It can be your car or home.
Secured credit cards can be very beneficial. If you are not a very responsible credit card owner, they can help you in maintaining the debt you can possibly have. Secured credit cards can also help to improve credit score.
My friend John was fired from his job last year and spoiled his credit history badly. He applied for a secured credit card. He admits that only a credit limit on his card was the only stimulus for him not spending more and more. He said that only with the help of the secured credit card he didn't end up with a bad credit history.
Unlike secured, unsecured credit card deals offer just credit. They don't require any deposit or collateral for your debt.
These credit cards offer lower interest rates and have a higher limit. Unsecured credit cards carry a brand logo (like Visa, MasterCard or Discover) and are accepted by most merchants.
If you are a responsible in making payments on time and are good in maintaining credit- unsecured credit cards fit you best!
Personally I use unsecured credit cards now. I used to have secured ones, but now my financial status is better and I feel more comfortable paying off my debt. I can really say that I am in total control of my spending as well as in control of money I have to pay back.
So unsecured credit cards are the best credit card offers for me now.
Remember that you can make the right choice between secured and unsecured credit cards only by analyzing you financial condition and personal characteristics. Both secured and unsecured credit cards can be beneficial for you.
Compare these credit card offers carefully and apply for a credit card that fits you best!
NEWS about Credit Cards | >> View all News
Credit Industry Regulations
04:47:12 AM Thursday, September 04, 2008
The proposed in 2007 better disclosure laws for credit card terms were not enough, as was indicated by consumers' comments. This has led to the new and broader regulations proposed by the Federal Reserve in May 2008 which are coming into force, cracking down on the lenders predatory policies of arbitrary interest rates and excessive fees. The American Bankers Association representatives, as well as all major US banks, are growing uneasy about the inevitable revenue drop they'll incur as a result of the stricter legislation. They warn the Fed and scary customers with unintended impact on lending prices, meaning that once they cannot overcharge high-risk customers, they will shift all the costs on customers who can and will pay. They say to apply for credit will become much more expensive and less available.
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Mileage Credit Cards Review
06:26:05 AM Thursday, August 21, 2008
Owners of frequent flyer credit cards are developing the habit of playing the ever changing game of the airlines. US major airlines, such as US Airways, Delta and Continental are altering their miles programs and the result may be frustrating for most travelers. Among the recently made changes are a greater number of redeemable miles required, fewer bonuses and new fees.
Whether suchlike alterations hurt consumers has not been revealed yet as the number of mileage cards currently in use holds steady. For over three years that number has been around 45 million, according to The Nilson Report. While it's curious to observe future developments, let's lay out the specifics of the established new requirements. It may influence your choices when you decide to apply for a card online.
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Credit Score Analysis
05:35:53 AM Thursday, August 07, 2008
Some US credit consumers have recently found themselves confused after purchasing their credit scores at one or all the major credit bureaus - Equifax, Experian and TransUnion. Their confusion gets a vivid expression through the following question sent to us by one of our readers: "Your website puts the credit score range as 350-850; however when I requested my credit scores through TransUnion and Experian, the range was 501-990, which makes someone with a 650 credit score a poor credit customer. Is the info on your website outdated and how often do you update?"
In this article, we'll try to give a comprehensive explanation to this issue so that credit card applicants get a clear picture of their chances when trying to get a new credit card or another loan.
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