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This kind of card looks and works just like a regular bank card, but uses your bank deposit being a guarantee or collateral. If you're struggling to pay the amount due punctually, for example, the lender can put on your deposit in your outstanding balance.

A bank secured charge card is perfect for consumers who don't qualify for regular bank cards either since they have no credit history yet, or because they go bankrupt and therefore have undesirable credit scoring. Having a bank secured credit card shows the financial institution that you will be financially effective at paying monthly dues. If you are using the card responsibly, the lender may eventually provide you with a line of credit. Numero de Carte Bancaire

Since you will only reach charge a sum that matches your deposit, you can be certain that you won't overspend. When you're unable to give the balance, as an example, the financial institution simply deducts the payment from your checking account. Having a bank-secured charge card, there is no risk of incurring debts.

But as with other bank cards, the disadvantages of your bank-secured credit card occur by using it irresponsibly. If you don't pay on time, for example, you will be confronted with high interest fees and late payment charges. Numero de Carte Bancaire

Most bank-secured bank cards only allow limited transaction frequencies, therefore you are only able to use it a particular number of times. Banks use this measure to protect against overdrafts. It's also quite difficult to close a bank-secured credit card - you won't get your deposit immediately. The lender could keep your money for a couple more billing cycles to make certain that no sketchy charges were made. Numero de Carte Bancaire