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Secured Credit
Card | Top Companies: This Week's Reviews |
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| Services Offered:
Secured credit cards |
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| Company Overview:
Discover had more than $3 billion in transactions in
2006, and has been in business since 1986. They work
with the PULSE network, which has more than 4,000 bank
connections and over 260,000 ATMs around the world that
customers can use. Most of their card offers are for
consumers with good credit, but not all of them. |
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| Our Review:
Discover card is one of the leading companies in the
credit industry. They have something to offer for every
consumer, and a website that makes finding their
products very simple. If you take the time to check them
out, you’re sure to love their products and their
customer service. |
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| User Review:
Discover offers some great credit cards. I couldn’t
believe all of the options that I had to choose from.
Even though I had to get a secured credit card and pay a
little more, I still was impressed with the service.
After all, it’s not their fault that my credit is bad. |
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| Services Offered:
Secured credit card |
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| Company Overview:
Credit Axis, who was established in 2003, works with
over 80 different lenders and creditors to help
consumers with their credit needs. They offer secured
credit cards and unsecured credit cards for all
consumers, regardless of credit. The company also offers
loans and other credit resources to consumers. |
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| Our Review:
Credit Axis is a good place to find a secured credit
card. The company has a really simple website to use,
and many different products to choose from, thanks to
their big network of lenders. Their customer service is
great, as you would expect. |
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| User Review:
Credit Axis helped me to get a secured credit card when
I couldn’t get approved anywhere else. I wasn’t sure
about getting a card that had so many fees and
restrictions, but I figured that it was worth it to fix
my credit. |
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| Services Offered:
Secured credit card |
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| Company Overview:
Bank of Internet is an online-only lender with more than
$1 billion in assets. They were established in 1999, and
quickly became a leader in the online banking industry.
They offer credit cards, loans, and online banking for
businesses and consumers alike. They acquire thousands
of new customers each year. |
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| Our Review:
Bank of Internet has some great secured credit card
offers. The company is strictly online, which helps them
to offer better rates and more options to their
customers. The website is really easy to get around, and
the customer service is top rate. |
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| User Review: Bank
of Internet is so cool. I found all kinds of great
products at their site, including an awesome deal on a
secured credit card. I didn’t have any trouble figuring
out the website, because it was so easy to use. That, in
my opinion is always essential for an online business of
any kind. |
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| Services Offered:
Secured credit card |
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| Company Overview:
First Plus Platinum was started in 2007 to offer secured
credit cards and unsecured credit cards to consumers
with bad credit and no credit. They have more than 10
different cards to choose from and a variety of other
programs and resources for consumers. The company is an
online company, and their phone contact information is
for customers and prospective customers only, for
account information and to apply for a card. |
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| Our Review:
First Plus Platinum has a great secured credit card
program for those with bad or no credit. Their cards are
really well explained on the website, which is pretty
simple to use and well designed. The customer service is
very professional and helpful, as well. |
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| User Review:
First Plus Platinum was the first company that I visited
after I fixed all of my credit problems. Everything was
still showing up on my credit report, so getting a card
was difficult. However, First Plus Platinum gave me a
card with no problems at all, which I was very thankful
for. |
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Other Top Companies for
Secured Credit Card : |
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What is a Secured Credit Card? |
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A secured
credit card is usually designed for people with less
than perfect credit. “Secured” basically means that
there is a property or asset attached to the card so
that the bank has something to fall back on if you don’t
pay. For example, an unsecured credit card is one that
you get with no strings attached, and you just have a
set credit limit and interest rate. A secured credit
card will usually require a deposit, which is generally
taken off of the available credit line, or some form of
annual fee. These cards are often the only way that some
people can get credit cards. By having that extra
charge, or some form of protection for themselves, the
bank or creditor feels much safer in lending to you
because they have a backup plan if you can’t or don’t
pay your bill. When people get in over their head with
credit card debt, sometimes the only way that they can
redeem themselves is through the use of secured credit
cards. A secured credit card is similar to a home loan
or an auto loan, if you look at it from that
perspective. A home loan is secured, because the bank
can take your home if you don’t pay. An auto loan works
the same way, as does a secured credit card. The bank
will have some stipulation of something (usually fees or
charges) that they can take from you in the event that
you don’t pay. That’s really all there is to a secured
credit card. They certainly aren’t recommended for most
people, because they can often be more expensive than
they are worth. However, for those people who need help
getting back on track, getting secured credit cards
might be the only choice. In that instance, as long as
you are cautious in which cards you choose, getting a
secured credit card can be a great asset to your
financial situation.
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