What is the difference between a secured credit card and unsecured credit card?

A secured credit card is one that has a savings account of sorts tacked onto it. An individual deposits money into this account and can only use the secured credit card up to the amount in the account. In other words, a person is borrowing their own money.

Making payments on time will improve your credit though so it is great for someone with bad credit. An unsecured credit card is a card that a creditor will give with no security attached. The bank will give a credit limit dependant on what they think a debtor’s ability to pay is.

The definition of collateral according to investorwords.com/929/collateral.html is -quote Assets pledged by a borrower to secure a loan or othercredit, and subject to seizure in the event of default. Also called security. -unquote An example of this would be when a car loan is taken out.

The car is considered collateral and if the borrower stops payment on the loan the creditor can repossess the car. This is also an example of the secured loan you were asking about. The car would be the security.

Basically anything you had that was worth at least the full value of the loan could be used in a secured loan: cars, jewelry, a house etc. securedcardguide.com/ creditloan.com/unsecured-credit-cards.

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