? about secured ccs please

[serenity72]

If you deposit $300 into lets say BOA CC. Does that mean your CL is $300 or do they match the $300? Hopeing that makes sense. TYVM

[Tuscani]

It means your CL is $300.

[serenity72]

That kind of sucks but understandable. So basically I would be putting $300 on the card then if I charge anything I would be paying that amount I charged. Meaning these CC companies get more money in a sense?

[Anonymous]

If you mean they are charging you interest on your own money(unpaid balances) then YES! But don't be late on those payments thinking...well its my money anyway...Pay on time and keep your balance low. They are giving you an opprotunity to prove yourself, before they grant you an unsecured CL.

[serenity72]

Mabyee im saying it wrong. I didnt mean interest. Sorry to confuse. I guess what I am asking are you in essense paying double. Say my credit limit is $300 because I put $300 on it. I charge something that is $25 now I have to pay them $25 as well correct? Which in essense means they would be getting from me $325? Hopeing this makes sense.

[Anonymous]

Well you are making the deposit as good faith... Yes if you spend $25.00 of the account. You will only have $275.00 availible CL. And yes you will have to repay the $25.00 to have the $300.00 again. You must make payments as if that money was theirs. Once you deposit it don't think of it as yours anymore.

[serenity72]

Thank you. that makes more sense to me. I appreciate it.

[Anonymous]

Your welcome!

[Anonymous]

I opened a secured card in May w/Elan Financial w/scores in high 500's... and I got approved for BOA World Points Visa w/2k CL just in June. Most Banks will give you your deposit back anyway when you graduate...or your contract ends...unless you default. I also got approved for a Citi Drivers Edge MC..don't know CL yet. 0%APR for 12mths on BT and purchases...no annual fee.

[Tuscani]

BofA 99/500 is the best secured card, IMO. Do a search for more info.