Srini Krishnamurthy, associate professor of finance, shares his expertise on secured credit cards and answers consumers’ most pressing questions about the card.
“It [secured credit card] is a credit card, but with a difference – to get one, you first must keep some money as a deposit with the bank issuing the card. Oftentimes, the credit limit on the card will be equal to the amount of the deposit amount,” said Krishnamurthy. “So, if you put in $200 as a deposit, then your credit limit could be $200, though some banks may offer higher limits.”
Read about the best-secured credit cards on WalletHub.
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