The minimum deposit needed to open a secured credit card account is $200.  However, with a secured card, your security deposit represents the amount of credit that will be extended to you, so the higher the deposit the higher the credit line.  The activity on a secured card is reported to the major credit bureaus just as is the activity on an unsecured credit card.  Given that lenders like to see that you have been extended long lines of credit, a large deposit on a secured account looks favorable on your credit report.  Plus, if you plan to make purchases with the card, a larger deposit will get you more usage.

If all you have right now is $200, the go ahead and apply for your secured card now.  You can add more money to your deposit account, thereby increasing your credit line, any time you like.

You don’t need a co-applicant to get approved for a secured credit card.  A secured credit card will help you build credit history with both low risk to you and your lender.  The only difference between a secured card and a regular credit card is that with a secured card, your credit limit matches the amount of the deposit you put down – this usually starts around $200.00.  This deposit acts as your collateral.  Your credit limit can be as little or as much as you choose – you can up your limit simply by adding more to the initial amount you deposit.  The great thing about a secured credit card is that it can act as a personal savings account while building your credit history at the same time.

Yes.  If you want a 100 percent guarantee that you will be approved, apply for a secured credit card.  A secured credit card will help you build credit history with low risk to you.  Secured credit cards work just like regular credit cards and are also reported to the three major credit bureaus.   The only difference between a secured card and a regular credit card is that a secured card requires a security deposit and your credit limit matches the amount of the deposit you put down – the minimum is $200.  Your credit limit can be as little or as much as you choose – you can up your limit simply by adding more to the initial amount you deposit.  The great thing about a secured credit card is that it can act as a personal savings account while building your credit history at the same time.

If you don’t have a credit history and want a 100% guarantee that you will be approved, apply for a secured credit card.  A secured credit card will help you build credit history with low risk to you.  Secured credit cards work just like regular credit cards and are also reported to the three major credit bureaus.   The only difference between a secured card and a regular credit card is that with a secured card, your credit limit matches the amount of the deposit you put down – this usually starts around $200.00.  Your credit limit can be as little or as much as you choose – you can up your limit simply by adding more to the initial amount you deposit.  The great thing about a secured credit card is that it can act as a personal savings account while building your credit history at the same time.

Yes.  You most certainly can.  Transactionally, prepaid cards work the same as debit cards or credit cards.  However, if you are planning on using a prepaid card to cover the expense of a subscription that requires a monthly payment, be sure that you determine the date on which the payment will be deducted from your prepaid account each month.  You will need to ensure that you have enough money on your prepaid card, on or before the date that the payment for your subscription is due.  Otherwise, your payment will be declined and your subscription will likely fall into jeopardy.

In most cases, no.  Some car rental companies accept debit cards, but beware they are likely to put a hold on your card that is much higher than the price of the car rental.  With a debit card this means less access to cash for you.   If you need to rent a car and don’t have a credit card you can apply for a secured card if you have enough lead-time before your trip.  Secured credit cards work just like regular credit cards and are also reported to the three major credit bureaus.   What separates them from regular credit cards is that they require a security deposit – usually starting at around $200.  If you have a debit card, but don’t have enough time to apply for a secured credit card, be sure to contact the rental company to find out how much of a hold they require.  Then be sure the available balance on your debit card account is enough to cover the rental reservation.  

There are a few things that separate debit cards from credit cards.  A debit card is linked to your personal bank account, and as soon as you make a purchase with a debit card the money is immediately withdrawn from the account associated with it.  There is no bill at the end of the month.   When you make a purchase with a credit card, you are simply lowering your amount of available credit, and you will receive a bill at the end of the month for which you are responsible.  Lastly, the activity on a credit card shows up on your credit report, but the activity on debit card does not.  

Prepaid cards are a good option if you don’t have a personal checking account.  You can build up your available balance on your prepaid card simply by making cash deposits at most major grocery stores and gas stations.  A prepaid card works a lot like a debit card - once the money is gone, it’s gone.  A prepaid card will not allow you to charge over the available balance and there are no bills or interest fees.

You can use a prepaid card to buy things off of the Internet if you don’t have a credit card. With a prepaid card, you will not receive an itemized bill, unless you request one, and the account associated with the card will not show up on your credit report.  You can build up your available balance on your prepaid card simply by making cash deposits at most major grocery stores and gas stations.  A prepaid card works a lot like a debit card - once the money is gone, it’s gone.  A prepaid card will not allow you to charge over the available balance and there are no bills or interest fees.

Debit cards are as widely accepted as credit cards and transactionally, they work in a similar way.  However there are a few things that separate debit cards from credit cards.  A debit card is linked to your personal bank account, and as soon as you make a purchase with a debit card the money is immediately withdrawn from the account associated with it.  There is no bill at the end of the month.   When you make a purchase with a credit card, you are simply lowering your amount of available credit, and you will receive a bill at the end of the month for which you are responsible.  Lastly, the activity on a credit card shows up on your credit report, but the activity on debit card does not. 

If you simply don’t want the worry of carrying a lot of cash around with you, a debit card is a great option.  Alternatively prepaid cards are an option if you don’t have a personal checking account.  You can build up your available balance on your prepaid card simply by making cash deposits at most major grocery stores and gas stations.  A prepaid card works a lot like a debit card - once the money is gone, it’s gone.  A prepaid card will not allow you to charge over the available balance and there are no bills or interest fees.