GLOSSARY · DEBT & HOUSING
Secured credit card
A credit card backed by a deposit you place with the issuer, which usually sets the credit line at about the deposit. Used and paid on time, it builds a credit history for people with none, provided the issuer reports to the credit bureaus, and many issuers later move the holder to an ordinary card.
Also called: secured card, credit builder card
LEARN IT PROPERLY
CHAPTER · ARRIVING AND WORKING ON A VISA · FOUNDATIONSBank Accounts, an SSN or ITIN, and Credit from ZeroRELATED TERMS
SOURCES
- How do I get and keep a good credit score?. Consumer Financial Protection Bureau.