Advice Needed: Is a shared-secured Visa card a good secured card for rebuilding credit?

[scvbd99]

It's from one of the larger credit unions in my area called Hapo.  

There are no yearly fees, and the interest rate is 18% (which doesn't matter since I'm only going to use 10% of the credit limit at a time, which will be $30 or so, and I'm planning on always paying in full before the due date).  

So it seems to work the way all other secured cards do...except I don't understand this line:

"110% of limit will be secured by an account."  

Does that mean that if I want a $300 limit, I have to put in $330?  Like a deposit?  

Here's the Info:

https://www.hapo.org/visa/share-secured-visa.html

https://secure2.hapo.org/vclassic_apply1.php

https://secure2.hapo.org/VISA_Account_Agreement2.pdf 

[guiness56]

Sounds like you need to open an account with the amount of the credit limit plus 10%. 

[scvbd99]

Thanks for the response, guiness.

I think I'll go for it.