How A Secured Credit Card Works

Secured cards work the method normal credit cards do. However, there is one big difference. You should make a deposit to get a secured card. That deposit maintains the card issuer in case you do not make your payments — and makes it easier for people with bad credit or a little credit history to get approved.

How Does The Security Deposit Run?

Deposits on secured credit cards logic are – You give a certain amount of money as collateral, and the credit card issuer generally grants you a credit limit equivalent to your deposit. For instance, if you make a 500 USD deposit, your credit limit will also be 500 USD.

In the same way, if you make on-time payments on your secured credit card, you will get your deposit back when you shut or upgrade your account.

If you are obtaining a credit card to fix your poor credit, select one that reports to all 3 bureaus, (credit bureaus). Not whole cards do. If your card provider does not report, you will not increase your credit, no matter how heartily you make your payments.

Explaining The Application Process

Even though you will put down a security deposit, you will not automatically be confirmed for a secured card. You still should apply, and most of the time, the provider will check your credit. Per credit check following from a credit, application lowers your credit point a bit, so it is not a good opinion to apply for numerous cards. If you have been rejected by some providers, find other options. If you’re a very low point, you might want to look for a card that does not need a credit check at all — and there are some.

A Secured Credit Card Mean

Secured credit cards are made for 2 types of clients:

These with thin or nonexistent credit histories – folks looking to create credit for the first time. Those with sub-par credit points attributable to adverse credit events or benign neglect – folks trying to make credit.

Qualify for a Secured Credit Card?

A secured credit card has much looser underwriting standards than most unsecured cards, particularly premium money back credit cards and travel awards credit cards with generous rewards programs, wide lists of value-added perks, and advanced spending limits.

No-Credit-Check Secured Credit Cards

A few secured credit cards need no credit check in any respect. If they will scratch up the minimum needed security deposit, candidates are guaranteed approval.  The catch is that no-credit-check secured cards tend to own higher annual fees, high APRs, restrictive terms,  and no clear path to unsecured status.

Traditional Secured Credit Cards

Most secured credit cards do need a credit check. Precise FICO score needs vary, however it’s not possible that you’ll qualify with a score below five hundred.  FICO scores between five hundred and 560 are iffy – some issuers would possibly bite, some may not, and it might come down to exculpatory factors, like as an open bank account or housing ratio.

Plenty of issuers that do run credit checks avoid candidates with latest or non-discharged bankruptcies. Unluckily, the one way you will know for sure whether your application is approved is to apply.

A Secured Credit Card Is Only Issued

A secured credit card is given with a money collateral deposit that becomes the credit line for the account. One of the most significant gauges of a secured credit card is that it is issued only opposite a stable deposit with any bank of a financial corporation. The secured credit card is given to a person who is unable to have a normal card and has a fixed deposit account in the related bank.

These cards are secured since the bank has the right to close out the fixed deposit account to save debts, in case there is a problem on payments. The card owner can’t shut the fixed deposit account until the secured card is in his/her possession. Normally a bank presents a maximum cap of 85 percent against the fixed deposit. Those cards run similar to the normal credit card and interest can also be gained on the fixed deposit. Apart from the constant section, such a card runs completely like a standard credit card and you continue earning interest on the fixed deposit.

Now in India, certain private sector banks such as ICICI Bank, Axis Bank, Kotak Mahindra Bank, and some public sector banks namely State Bank of India (SBI), Central bank of India, Syndicate Bank, supply the option to avail secured credit cards against fixed deposit accounts. In general, banks supply credit cards with a cap of anywhere between 80 -100 percent of the exact value of the fixed deposit.

Secured Credit Card At Walmart

Walmart, the retail giant offers 2 types of credit cards:

Walmart store credit card

It can be used for buying only in Walmart Stores and Supercenters, www., Sam’s Clubs, Neighborhood Markets, and Walmart and Murphy USA Gas Stations.

Walmart MasterCard

This version could be used wherever MasterCard is accepted.

Both the MasterCard and the Walmart store card offer specific advantages.

Those include:

Save up cash back program

Both cards enlist shoppers in Walmart’s award program, which offers cash back on everyday buying. You get:

3 Percent back on buying made at

2 Percent back on fuel at Walmart and Murphy USA gas stations (Murphy Express is not included).

1 Percent back on everything else, including Sam’s Club, Walmart physical stores, Neighborhood Markets, and everywhere else that accepts Mastercard.

Awards are distributed as a monthly statement credit. There is no limit at the number of awards you can earn. And they will not expire as long as your account is in well standing.

Little sign-up bonus

Both cards also come with a 25 USD statement credit if you expend 25 USD on a Walmart within twenty-four hours of opening your account.


If you are new to credit cards or have bad credit, you will still probably qualify for the Walmart store card. Clients with FICO points as low as 550 may generally be approved.

The MasterCard variant of the Walmart credit card generally requires a credit point of 660 or higher, which is considered the low end of “fine” in the credit point scale.

No annual fee

Private in-store financing offers

Both cards present special promotional in-store financing on big buying. In other words, card owners take an interest-free grace time to pay off their balance. The term changes based on the amount of your buying.

Secured Credit Card Approval

One factor to think about with warranted approval credit cards is that a lot of them are secured credit cards. A secured MasterCard needs you to place down a deposit, typically the number of credit that may be extended to you — fewer process fees, if any. this layer is absolutely refundable if you retain your account in sensible standing, and will even earn a touching interest within the method.

An advantage to a secured MasterCard is that even folks with unhealthy credit will typically get one. And since issuers of those cards report back to the 3 major credit bureaus, their correct and accountable use will facilitate to build credit scores.

The First Progress Platinum Prestige Mastercard is a secured card with a minimum deposit of 200 USD and allows up to 2000 USD. The credit check is not required, making that a perfect choice for those with bad credit. That Prestige version of the card has a yearly fee but comes with a very good APR, which makes this a better selection for people who bear a balance from month to month. Using this card is reported to the 3 credit reporting agencies.

*Invest your new MasterCard® secured credit card together with your tax refund today!

*That card reports monthly to all or any 3 major bureaus and approval relies upon a fully-refundable down payment.

*You can be approved at any credit score, no minimum needed.

*No process or application fees needed.

*Full-featured Platinum MasterCard, accepted for automobile rentals, hotels, and legion alternative locations worldwide.

*Credit Line Secured by Your Fully-Refundable Deposit of 200 USD  – 2000 USD Submitted with Application.

Secured Credit Card Age

You must be at least eighteen years old to take a credit card, and there is no upper age limit. If you are between 18 and 21, you must be able to get a secured card, student credit card or another starter credit card for your own. You only need sufficient independent income to perform monthly lease payments.

Clients under eighteen years old cannot get a credit card for their own names but can be added to another adult’s credit card account as an authorized user. While a lot of credit card firms allow authorized use at any age, others want authorized users to be a minimum age–typically 15 or 18. In most cases, the primary card owner may add an authorized user by providing the user’s name and Social Security number to the credit card firm. That process could be done online or on the phone.

Young adults may get a regular credit card for their own or with help from a co-signer. They may also select among 3 card sorts that are particularly suited to first-time cardholders. Two of them below;

A Regular Card For Their Own

These between 18 and 21 years old could open a credit card account in their name if they have evidence of individual revenue, according to rules set by the Credit Card Accountability and Responsibility Act of 2009. In an effort to break credit card debt among young people, the act wants credit card firms to make sure young applicants have the means to repay their bills. Most providers require applicants 18 to 21 to simply state their compensation amount on the credit card application.

A Regular Card With A Co-Signer

Another method for adults between 18 and 21 to take a credit card is to have a co-signer, another adult who is minimum 21 years old. The co-signer must have a good credit history to improve the chances of getting approved. Unlike an authorized user, both people are jointly liable for repayment and both may charge debt to the card. Both should use the card responsibly because the payment history is reported to both signer’s credit reports.

Secured Credit Card Affiliate Program

If you are interested in joining a credit card affiliate program, below we have compiled some of the best networks to join.

Credit card stats are crazy: According to, there are 364 million open credit card accounts in the United States as of the end of 2017  with seven in ten Americans owning at least one credit card.

It is a competitive niche with profitable payouts, so it will need some determination and unique angling to come up with a traffic strategy that works.

The 3 Best Credit Card Affiliate Networks

The Credit.Com Affiliate Network

According to their webpage, has connected with the leading credit card suppliers to provide the very best solution for affiliate publishers seeking to advertise credit card offers.

They commit the largest affiliate payouts in the charge card space, the very best converting credit card affiliate offers real-time affiliate sales tracking and online reporting.

The Commission Soup  Network

Commission Soup also has access to a bundle of different consumer and business credit card affiliate programs. Three of them;

Applied Bank® Secured Visa® Gold Preferred® Credit Card

AccountNow® Gold Visa® Prepaid Card

Indigo® Unsecured Mastercard®

The Bankrate Credit Card Affiliate Network

The Bankrate Credit Card Network is another source if you are a publisher looking to monetize your credit card-related content and traffic.

Bankrate’s free credit card affiliate program supplies you with the tools and support you need to turn credit card related website traffic into revenue.

According to their webpage, Bankrate’s Affiliate Program has a diversity of financial offerings beside just credit cards.