Secured credit cards are a reliable option for many consumers looking for a new card. How to tell if they’re right for you, however, depends on a number of factors. Here are some signs that a secured offer can help your financial situation.
You have a Low Credit Score
Are you trying to rebuild your credit? Have you had financial trouble in the past? Secured credit cards are an option that can work out well for those of us who are having a hard time getting approved for a credit card. They are available to almost everyone who sends in an application.
You Want Boundaries
Secured credit cards work in a way that is different from other, regular credit cards. They are set up so that you deposit a certain amount of cash into the account. This amount serves as collateral.
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In life we all come across scenarios where it is best to pay for something with a credit card. Take purchases online for instance; the credit card has the added benefit that it is widely accepted by many online merchants and payment is instant from the buyer to the seller. By being able to pay with a credit card you will be able to receive the item in the fastest possible time available.
If you had to send a check to an online merchant it might mean waiting for the check while it is in transit, than waiting for the check to be deposited, and than after it is deposited you will have to wait for the check to clear. All this may take a few days up to a full week to complete before the merchant even packs and ships your products. The worst case scenario may even mean the merchant doesn’t accept any other form of payment except for credit cards, so count those cash, check, and money order payment methods out.
Credit cards also offer many forms of protection for the consumer. Many reputable brands of credit card such as those which carry the Visa, MasterCard, or Discover logo have more features such as satisfaction guarantees and protection from fraud sales. Don’t expect the same features when you’re paying with checks.
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Typically, what bad credit consumers are finding online when they search for an instant approval or guaranteed platinum credit card, are “Shopping” cards. Unknowingly, many of these consumers apply thinking they are getting a true-to-life platinum credit card, because they are being marketed as a “Platinum Unsecured Credit Card”. In actuality, these cards offer an “Unsecured line of credit”.
What’s the difference?
An unsecured line of credit is the ability to make purchases on credit, and to re-pay over time. Sounds just like a typical credit card, right? Wrong. The difference is that the issuer allows purchases only from a select vendor(s), either from an online resource or through an offline catalog.
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Credit cards are considered as one of the necessities in today’s life. Besides, with a credit card, you can literally purchase any product or services without having money in your pocket at all. No longer will you run the risk of getting your money stolen by simply having a credit card.
However, with all the advantages that a credit card can give you, you will find that it is quite difficult to apply for a credit card and getting approved. There are a lot of things you have to consider before a credit card issuer or a bank can get you approved for a credit card.
The first thing you need to know and need to have when applying for a credit card is a good credit rating. Your credit rating is one of the essentials that a credit card issuer or a bank will look at in order to get you approved for a credit card. By having a good credit rating, you will be sure that you can get yourself approved.
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It seems that everything can be managed online these days. Your credit cards are no exception. Just as you can use your credit cards to make purchases and pay bills over the internet for convenience, there are a number of other ways you can manage your credit card usage online. Some people feel using a credit card online is risky – but in most situations it’s actually a more secure environment than when you give your credit card to your waiter or cashier in a retail establishment! Using some preventative measures, you can further reduce your online credit card usage risks. Here are some tips for using credit cards online securely:
Online Credit Card Applications
In order to apply for a credit card, the issuer requires several pieces of identifying information from you in order to determine your eligibility for a credit card. When you apply online from reputable websites, the information is encrypted and sent over a secure server. Check to make sure the URL contains “https” instead of the standard “http” as that indicates the use of a secure server.
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Whenever you use a credit card, security is extremely important. Your card is the gateway to all of your finances, so it is critical to make sure that no one can access it. Credit card companies are constantly looking for innovative and creative ways to increase the security on your card.
Personal Keypads
One exciting feature was developed by a company in Australia. It’s a battery-powered credit card keypad to reduce fraud. With this feature, your credit card includes its own keypad directly on the card and you type in your PIN number to get a one-time code that will authorize your purchase. The card is being used in Great Britain, Israel, Switzerland and Italy. This exciting technology puts the keypad in your hand, rather than on the merchant’s counter, where someone may observe what you are doing,
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There’s a lot of talk about the safety (or lack of safety) when purchasing items with your credit card online – but what about the application process used to get the card in the first place? How safe is it to provide your personal details through an online credit card application?
Secure e-commerce technology is actually considered safer than mailing your paper application through the United States Postal Service! Think about it for a minute: when you place something into the mail, you probably drop it in your mailbox and carry on with your day. Maybe you drop it in a big blue mailbox on the corner of the busy intersection you walk by on your way to work each morning. How difficult would it be for someone to stick their hand in and pull the envelope out of a home mailbox? Not difficult at all. It would be a little harder to take mail from the public mailboxes, but it’s still possible by an enterprising criminal!
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In previous years, identity theft and credit card fraud was a result of thieves sifting through trash bags and uncovering things people threw out without destroying personal information. Waiters disappearing with cards sometimes took the time to write card details down to use for online purchases later… but credit card fraud and identity theft has become a highly advanced, technological operation for many thieves.
Would you notice if a clerk swiped your card through a two card readers in one swift movement? Would you be able to tell if the gas pump where you swipe your card had a “bug” built in to the existing pump’s reader, saving your data both to the pump to make your gasoline purchase and to the “bug” itself for later retrieval by the thief? This type of credit card theft comes from the use of credit card skimmers – small units that work by swiping the credit card’s magnetic strip through them; just as you would if you were making a purchase. (more…)
Many savvy credit card users have adopted a new stance in recent years. In an effort to reduce the chance they will become a victim of credit card fraud, they refuse to sign their credit cards. Some will leave the signature line blank altogether, while others will write “see ID” on the signature line.
The theory here is that criminals with an eye toward your credit card will be less able to either use your card (without a signature and a matching ID) or won’t be able to falsify your signature if not given an example on the back of the card.
This can be a tough decision for many of us when we get a new credit card – do we sign it or not?
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One of the biggest trends of today’s world is shopping online. It is convenient, easy, and saves a great deal of time, not to mention that it, in many cases, saves you a great deal of money at the same time. However, while shopping online is the latest and greatest trend for consumers, hackers and other dishonest people have also turned to online shopping as a way to obtain credit card information for fraudulent use.
You take a risk every time you use your computer and the internet to do your shopping, however, if you know what to do and what to look for, you can take steps to ensure that you do everything possible to protect your credit card information.
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