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Secured Credit
Cards
If you need a credit card for
business purposes, but due to bad credit you are unable to qualify, you
likely will be able to get a secured credit card instead.
A secured card requires you
to deposit cash into an account, which becomes a line of credit for the
card, similar to how a debit card works. You can then add additional cash
deposits to your account, to be able to continue using your card after
using the original balance.
Not all banks offer secured
credit cards, so you will likely need to shop around for a bank that offers
this.
As a bonus, some banks report
your secured credit card to the credit agencies, enabling you to build
up good credit in your name, so if this is important, be sure to ask the
financial institution if they report the card to credit bureaus, and most
importantly, if they flag it as a secured credit card. If it is flagged,
it will not look as good on your report as it would if it was tagged as
a regular credit card, so again, check with the bank if this is important
for you.
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