I have a terrible credit history. Can I apply for a secured credit card or are these all rip-offs?
Yes, but be cautious. In today's financial environment it can be hard to get by without a credit card. It certainly makes getting a hotel or travel reservation easier. The idea here is that you have no credit, or bad credit. Rather than take a credit risk, the issuer has you deposit cash of a similar or equal amount as your credit line, so if you deposit $500, you may get a $500 or $600 credit limit.
The catch is the fee. Make sure you understand what fees and amounts you will be charged. There will be an annual fee, just for having the card, and there may be monthly fees as well. You may be offered additional products that will be charged against your balance. Decide which is best for you and don't accept unnecessary charges.
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Yes, but be cautious. In today's financial environment it can be hard to get by without a credit card. It certainly makes getting a hotel or travel reservation easier. The idea here is that you have no credit, or bad credit. Rather than take a credit risk, the issuer has you deposit cash of a similar or equal amount as your credit line, so if you deposit $500, you may get a $500 or $600 credit limit.
