With the recession lingering and record numbers of people declaring bankruptcy, the subject of secured credit cards is topical. If you are in the unfortunate situation of rebuilding your credit after a bankruptcy or because of a poor credit rating your options for obtaining a credit card are limited to a secured credit card. A secured credit card is basically a credit card backed by funds that you have deposited into the bank beforehand.
Pat Curry writing in bankrate.com offers consumers timely advice. He says: “Howard Dvorkin, calls secured credit cards ”a Clint Eastwood movie — the good, the bad and the ugly. Some are good. They have low fees and treat customers as customers instead of as cattle. The bad ones take advantage and extort the clients because of their situations. Then there’s the ugly, which are completely despicable. They’ll give you the card, but you have to buy this insurance policy for $55 a month.” Read Pats entire article here where he gives you 10 questions to ask before getting a secured credit card.