credit card question

[Def_3]

Hey I had a quick question for all you financial experts here, was wondering good company's that offer secure deposit credit cards,

we know of capital one, any other ones out there?

[69cougar]

I am too lazy to goolge this but what the hell is a secure depoist credit card??

[QuasarCav]

You give them a certain amount of cash and that is your credit limit.

you could never be in debt because you are only spending the money that you put down. Good for people that cant get credit but I've never figured out the point of someone charging you interest on your own cash.

Give me 6K and you can have my CC.

[BokCh0y]

Home Trust for Visa

Capital One for Mastercard

As far as I know these are the only 2 right now that offer secure credit cards to people in Canada.

[BebeAphrodite]

Originally posted by QuasarCav
You give them a certain amount of cash and that is your credit limit.

you could never be in debt because you are only spending the money that you put down. Good for people that cant get credit but I've never figured out the point of someone charging you interest on your own cash.

Give me 6K and you can have my CC.

I'm not understanding, from what I read, I interpret this as you put money on the card and you use it. How can there be interest if you've already paid?
I'm confused. Or do you mean you put $600 on the card, so you can use $600 plus another $600?

[jdmakkord]

Originally posted by BebeAphrodite


I'm not understanding, from what I read, I interpret this as you put money on the card and you use it. How can there be interest if you've already paid?
I'm confused. Or do you mean you put $600 on the card, so you can use $600 plus another $600?

It is held as a security deposit. Meant for people with brutal or no credit.

[BebeAphrodite]

then when do you get ur money back? when u cancel the card?
so the deposit you put determines the max limit?

[jdmakkord]

Originally posted by BebeAphrodite
then when do you get ur money back? when u cancel the card?
so the deposit you put determines the max limit?

Yup. You may get your money back when credit is established, but I'm not too sure.

[Dope Dealer]

I'm not too sure how it works in Canada, but in the States a secure credit card is one you put money into and you can only use that money. It's just like a debit card, but it bears the Visa name and gives you a CC number to purchase stuff online. In the States now though, most debit cards have the visa/mc logo on them so they work for online purchasing also (using your debit number). I think its mostly for people that arent above 18 and those with no credit. It could be different in Canada though.