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19 • Is a Secured Credit Card a good deal?

borrow your own money

No! Think about this. A secured credit card is one where you put up $1000.00 of your money on deposit, just to have the privilege of access to the credit card purchasing system. When you use this card, they lend your own money back to you, AND charge you from 15.99% to 25.99% interest. If you use this card the usual way you would probably end up paying $35 - $55 dollars a month in interest just TO USE YOUR OWN MONEY! Then couple this with the fact that credit card use comes with the built in greatest risk to lose credit score each month and now you are paying way too much to not be making lots of credit score. You are simply being used and held captive by the credit system. This financial rape is not a good deal.

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