Today, everyone realizes how important it is to build and maintain good credit. One of the ways to do this is to demonstrate a satisfactory payment history with a secured credit card. Properly managed, a secured Visa or MasterCard can open some avenues not previously available to an individual. Things like car rentals, travel or purchases from catalog or retail stores can be considerably easier with a credit card. In fact, there are many types of transactions that are impossible in today's world without a Visa or MasterCard. By using such a card regularly and paying at least the minimum payment on time each month, an individual will be building, or rebuilding, a favorable record at the major credit reporting agencies.
A secured credit card requires a "security" deposit, similar to putting down one month's rent for an apartment. The bank takes your deposit and opens a savings account in your name. You receive a credit card with a credit line equal to 120% of the amount of your deposit. The money in your account remains yours, and it may earn interest. With a Gold Visa you receive a credit line equal to 133% of the amount of your savings deposit. You also earn interest on the entire amount.
If your goal is to rebuild a tarnished credit history, a secured credit card is a smart investment. Sterling will report your payment history to credit bureaus, in effect, making you look good to other creditors. Sterling Bank & Trust headquartered in Southfield, Michigan is an active issuer of secured credit cards offering both Visa and MasterCard.
Date Added to Directory: 5/2/2001, Current Content: 9/8/2008, Days in Directory: 2686
Add to del.icio.us
Tell a Friend
