Credit Cards Key » CreditCardsKey » Best Credit Cards » what does a credit card deposit mean?

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  #1 (permalink)
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: I'm looking into bulging my credit. I've been researching with capital one, and it's said that their secured card is the best fir for me.

The reviews state that with less than 30% usage and on time payments their credit score goes up like 20 points after 8-10 months.



It requires a deposit of $49,99, or 300. I'm wondering what that is? If I deposit $300 will that only be the available or will they give me more?

And yes, aware of how interest and everything works.
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  #2 (permalink)
: A secured credit card is what's intended for people who have no credit or bad credit and are looking to boost their score. It's not quite a credit card in the traditional sense.

You can "borrow" up to the deposit amount. So, if you deposit $300 into a secured credit card account, you can spend up to $300. If you pay back what you spend, both on time and regularly over the course of several months, your score will go up as it shows habitual, and reliable repayment.

The part the banks like is that if you miss the payment deadline, the card acts like a pre-paid debit card, and subtracts from your "secured balance." When this happens, it doesn't negatively affect your credit score. It won't positively affect it either. You won't be able to use the card again until you bring the secured balance back up above the minimum.

There is no interest, because you're borrowing from yourself, and you're only allowed to borrow up to the amount in the secured balance (what you're calling the "deposit").

For all intents, your left pocket is borrowing from your right pocket and the banks are keeping track of it all to tweak your credit score.
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