Secured Credit Card

Explanation: A credit card obtained by using a cash deposit or other collateral to guarantee the credit card. The credit limit is based upon the amount of deposit or collateral.

Our Thoughts: Secured credit cards are often the only option for people with bad credit. Usually, the fees are very high.

Related Terms:
Unsecured Credit Card, Collateral
Synonyms:
Bad Credit Card, Bad Credit, Bad Credit Credit Card, Secured Card