Secured credit cards
Secured credit cards are perfect for people with bad credit or bankruptcy on their credit report. A secured credit card reported to major credit bureaus can prove your credit worthiness to creditors, which can lead to better credit terms and being offered more credit. It's a great way to rebuild credit.
The best feature of a secured credit card is that it can help prevent debt interest, because you pre-pay the amount(s) you want to charge.
Have a teen or college student in your home? A secured credit card is an ideal way to make sure your teen or student has a way of getting cash for an emergency situation. And, you don't have to worry about over charging.
You can also use a secured credit card as a financial learning tool for your children. You can give them the card, you deposit the amount you want available, and each time your child charges you establish your own monthly re-payment system, with interest. Of course, the interest goes in your pocket, and your child learns how to treat a credit card with respect.
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