Question about prepaid (secured) credit card.

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gonzo13
Posts: 23
Joined: Tue Jun 03, 2008 6:16 pm

Question about prepaid (secured) credit card.

Postby gonzo13 » Wed Jun 04, 2008 11:16 pm

Do you know if a secured (prepaid credit card) build a credit history?

spencer
Posts: 37
Joined: Thu May 29, 2008 8:46 pm

Re: Question about prepaid (secured) credit card.

Postby spencer » Thu Jun 05, 2008 2:23 pm

Secured and prepaid credit cards are two different things. The so-called prepaid credit cards are very similar to debit cards, the main difference being that they are accepted the same way as regular credit cards. The secured credit card requires a cash deposit, which the credit card holder cannot touch while in possession of the secured credit card. The secured credit card can help you build your credit history, but make sure you pay it on time and don't carry a balance on it.

gonzo13
Posts: 23
Joined: Tue Jun 03, 2008 6:16 pm

Re: Question about prepaid (secured) credit card.

Postby gonzo13 » Thu Jun 05, 2008 3:14 pm

Thanks for helping me out. Basically you can't obtain a secured credit card without prepaying some cash...

theway
Posts: 26
Joined: Tue Jun 03, 2008 6:33 pm

Re: Question about prepaid (secured) credit card.

Postby theway » Thu Jun 05, 2008 6:53 pm

When I first came to Canada no bank was willing to give me a credit card even with only $500 credit. The only solution I found at the time was to apply for secured credit card with CIBC, which worked right away. I have lots of friends in US, and they told me they never had similar problem down there are were approved for regular credit cards right away.


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