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SECURED Credit Cards: fees, rates & charges |
Prepaid credit cards often have more fees associated with them over pre-paid credit cards since there's no interest to be made and they report to credit agencies - a step that pre-paid card issuers get to avoid.
Many have activation fees and/or montly fees, but this is not always the case. Fees can be per transaction or other services including, loading fees, transfer fees, check deposit fees, annual fees and more. Some cards that may look like a great deal may in fact cost more in the long run by making the difference by charging fees in areas you weren't expecting. Be sure to read the ‘fine print’ as some unscrupulous issuers make their product look appealing with none of the obvious fees, but try to hide other charges that can well exceed the perceived savings.
Initial deposits on secured cards usually require a minimum of $300-$500 and there are usually additional fees is more money is added at a later date to raise the credit limit.
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