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Unsecured Credit Cards
Jake Bohall, Knowledge Level: All Levels, Keywords: unsecured, credit, cards, credit cards, build credit
Unsecured credit cards are credit cards in which the provider extends you a line of credit without any type of collateral. This type of credit card is usually reserved for those with an established credit history. Any credit card that does not require you to place a "down payment" towards your credit card is an unsecured credit card.
As you could imagine, if you wanted a high credit limit ($30,000 +) it would be quite an obstacle if the banks / credit providers required you to place that money on deposit in order for you to have the credit limit.
Recommended Credit Cards for Poor Credit:
Don't put your eggs all in 1 basket. We recommend you apply for at least 4 cards so you can choose the one that is right for you!
- First PREMIER Bank MasterCard/Visa
- Orchard Bank Classic MasterCards
- Centennial MasterCard / Visa
- Wired Plastic Prepaid Visa Card
The benefits of an unsecured credit card are that you are allocated a spending budget determinate upon your credit rating and income. If you have good credit history, and sufficient income, the higher your credit limit. This makes the credit card truly beneficial, as you are not "fronting" the money towards your credit. However, if you have a poor credit rating, or have a lower income household, you may discover that you will get a small, if any credit limit.
If you have poor credit, you will most likely have to choose a secured credit line through your bank or other financial institution.
Click here for more information to Compare Credit Cards.
Jake is a financial services and entrepreneurship expert.. Article on unsecured, credit, cards, credit cards, build credit by Jake Bohall
Tags: [cached]: unsecured credit cards, unsecured credit card, poor credit rating, credit providers, income household, financial institution, credit history, obstacle, collateral, banks, nbsp, budget, money,
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