secured credit card

plural secured credit cards

1. bankingA type of credit card that requires an upfront cash deposit from the cardholder, which serves as collateral and typically sets the credit limit.

   The message may be no more than a recording instructing the consumer to leave their name and address to receive an application, or provide the consumer with a list of banks that offer secured credit cards.

   2000, Margaret C. Jasper, Credit Cards and the Law, page 10

   2 more examples

   The plaintiff, a Florida corporation, offered a Massachusetts company the services of its resource system in issuing a secured credit card whereby the guaranteed cash surrender value of life insurance policies would be employed to secure credit card debt.

   1971, American Law Institute, Restatement of the Law, Second: Conflict of Laws, 2d, As Adopted and Promulgated by the American Law Institute at Washington, D.C., May 23, 1969 · Volume 6

   If you still need to build your credit history after owning a secured credit card, cash advance the maximum limit on that card, take the money to another bank, and follow the same procedure to get another secured credit card.

   1996, Scott Bilker, Credit Card and Debt Management, A Step-by-step How-to-guide for Organizing Debts and Saving Money on Interest Payments, page 16