Secured Rewards Programs

Secured credit cards are available to customers with damaged or no credit who have available funds and want to rebuild their credit rating. The "secured" aspect of this type of credit card refers to the cardholder's existing savings account, which should be equal to or greater in value than the amount of credit required. The deposit made by the cardholder can be used by the issuer as security against the possibility that the cardholder fails to make a required payment. The savings account is separate from any other accounts the cardholder may have and is dedicated to funding the credit card.

Secured credit cards are low risk for lenders and are usually accepted wherever credit cards are used. They offer a convenient method of using funds while building up a credit history. Secured cards may charge a range of fees including interest and annual fees.