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    Edmundo Daco Jr.

    A secured credit card is a kind of credit card that requires deposit as collateral on the account. You can acquire it by the usual application for credit cards, which needs an assessment of your credit score. The bank will make a hard inquiry with a credit agency to check if you have good enough credit. When the credit line is approved, the bank will determine the amount of deposit required from you to open the account. Once it's done, you will be able to use the secured credit card just like an unsecured one, except that the credit limit of the secured credit card depends on your deposit. Just like an unsecured credit card, you will be charged interest for unpaid debt per month.

    Using a secured credit card is one of the best ways to improve your credit score. It is also a good way to start building credit because some banks doesn't mind credit scores yet due to the secured payment or deposit. 

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