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Tip of the Day Stocks are High Risk, High Reward

Stocks are High Risk, High Reward - Stocks when used properly and taken out on a long-term basis usually return more than more investments in dividends, although are really risky...

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Secured Bank Credit Card

Who needs a secured credit card? Well anyone can have a secured credit card, however this product is specifically designed for people who have never had credit or have poor credit history and may nor qualify for regular credit card.

As with everything else , gather as much information about the card and the card provider you intend to approach to offer you this secured credit card, most banking institution have different features, one banking institution can charge high on interest as compared to another, One is advised to go out 'shopping' and be on the look out for the banks or credit unions that are out to fleece customer by charging exorbitant interests.

If possible one is advice to seek for as much information as possible in regard to the product, ask for hidden charges, interests, I mean anything you can think off before committing; by doing this you may avoid future disappointments.

To get secure this card you need cash deposit as collateral, these becomes the basis of credit line for the account, example if you deposit 1000 then your card limits will be for 1000 or some percentage above this limit, you can deposit more to raise your limit or the bank may decide to reward you if you are promptly in repayments.

For those people who are interested to use this as a stepping stone to eventually have an unsecured credit card, should locate for bank that actually do reports to the three bureaus about your spending and repayment trends, ask the bank if they do report before getting the secured credit card. Good card management may latter aid your application for the unsecured credit card, If you start getting mailers offering you unsecured cards, you'll know that the bank is reporting. Remember your deposit also earns some degree of interest, normally this interest will be or vary slightly as the normal saving account.

All secured card charge a higher annual fees and interest than the regular unsecured card, charges will again vary from different institution, again shopping around for these will prove to be very vital since then you will be able to make better judgment on the product you going to settle on.

So one may ask why do I need a secured credit card if it acts as just having cash in my pocket, well, the advantages are numerous if you were to think about it, most hotels, shops retail store will at some point ask for plastic money, you can also use this to build your credit score for eventual unsecured credit card. You can properly manage your spending. I would recommend these if you have future plans of applying for unsecured loan.

Remember with any card, management is crucial, however good management and discipline will finally guarantee your happy use with this product.

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Definition of the Day Back-End Load

Back-end load - A back-end load is a fee such as a sales charge or a commission, which investors pay when selling their mutual funds within a certain number of years, which is usually 5 or 10 years. The fee will be a percentage of the value that is being...

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