To apply for a secured credit card, you’ll need to submit an application and make a deposit
The amount of the deposit varies depending on the card issuer, but it typically ranges from $200 to $500
Your credit limit will be equal to or less than the deposit you make
Once you’re approved for a secured credit card, you can use it to make purchases just like any other credit card
However, because you’ve made a deposit as collateral, your credit limit is typically lower than a regular credit card
Some secured credit cards also have higher interest rates and fees, so it’s important to read the terms and conditions carefully
To build your credit history and avoid interest charges and late fees, it’s important to make your monthly payments on time and in full
Payment history is the most important factor in determining your credit score, so it’s crucial to make your payments on time