Auto debiting instead of checks
Question: Why does one have to pay $45 per year, and 18.75% interest (on “borrowed” money that really isn’t), to get a secured credit card?? These sound like the terms of a high-risk unsecured credit card. A secured card carries no risk to the lender since it only allows loans up to the amount you’ve already deposited with the bank. This is exploitation of people with bad credit, pure and simple. The poor get
poorer…
As far as the preposterous idea of getting one of these cards (to not incur debt, yet pay interest on it?) when you actually have the ability to get a “real” credit card, I can’t think of a better way to waste money!
Answer: These cards are not meant for those who can get “real” credit cards. These cards are for those who can’t get a real credit card. This is a service to help someone establish a credit rating. The charge is so high because it is high risk to the supplier. I had to use a secured card a few years back because I had bad credit and I couldn’t get a “real” card. It helped me to establish a good credit line which helped me get a “real” credit card. This is a useful service, even though it’s not for everyone. Only for those with less than perfect credit.
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Filed under: Bad Credit Loan
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