secured credit card

Definition

A credit card linked to a savings account. The funds contained in the account may be claimed by the company issuing the card in the event that the holder fails to make the necessary payments. This arrangement allows the issuer to take on riskier credit card applicants.

Use secured credit card in a sentence

Without any credit history in evidence, William's only option to build his financial standing was to take a secured credit card from the bank.

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Until you build your credit back up to an acceptable score, we recommend you open a secured credit card, which will use your own funds for collateral.

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Fred wanted a credit card so he could get reward points, but his score was too low, so he signed up for a secured credit card to build up his credit score.

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secured bond secured creditor