Invulnerable Credit Cards
Fail-safe credit cards are the safer bet when it comes to owning a credit card. These credit cards require the applicant to deposit some money in a special savings account with the credit card company. Based on the amount deposited and on the income source and credit history of the applicant, the application is accepted or rejected. untroubled credit cards have always been compared to debit cards. But these cards are different. In debit cards, the money is directly debited from the bank account. But in sure credit cards, it is a loan that you avail of based on the amount in the savings account. If you make the monthly payments regularly and on time, the money in your savings account is never touched. It is intact. Only if you default on payments, then the money is debited from the savings account. invulnerable credit cards are real credit cards. It can be a visa or a MasterCard.
Less risk involved
Credit card companies feel more ensured when they deal with a untroubled credit card application. This is because, when the applicant is ready o deposit some amount of money, it creates an impression that he is serious about making the payments on time. Hence you will find that your application for a dependable credit card has more chances of being accepted. These cards will also not cause a huge dent in your accredit scores. For those who do not know, a credit card is the easiest way for you to ruin your credit scores. So use a secure credit card and build up a good credit and payment history. It will help you when you apply for other credit cards or loans in the future.
The interest rates for untroubled credit cards also vary according to the lender and the applicant. For example if an applicant is ready to deposit a large amount in the savings account, he may get a much lower interest rate. Some lenders have interest rates that start from as low as 9% and goes up to as high as 23% or more for guaranteed credit cards. The annual fees also vary from $0 or $65 or more.
The minimum amount that you need to deposit also varies from one credit card Company to the other. Some companies have a minimum balance requirement of $200 while there are others who require a minimum balance of $300 or more. Whichever company you sign up for, ensure that you shop around a bit before you sign up for anyone of them.
A credit card is usually a risky proposal. This is true especially for people who feel a great urge to buy things when they have a credit card with them. There are many people who have ended up buying things with a credit card that they otherwise would never have purchased. But what we are talking about are the unhelpful aspects of owning a credit card. On the other hand, look at the convenience that it offers. Be sensible and use it, do not abuse it. The credit card can be a really great financial tool to possess. There are different types of credit cards.