Money does not pay for anything, never has, never will. It is an economic axiom as old as the hills that goods and services can be paid for only with goods and services. Albert Jay Nock, Memoirs of a Superfluous Man, 1943
What is an Unsecured Credit Card?


In order to understand what an unsecured credit card is, you first will need to understand what is meant by a secured credit card. A secured credit card is backed by a saving account. This saving account will serve as a guarantee or collateral for the secured credit card. Because the secured credit card is backed by the guarantee of your own cash deposit this credit card is guaranteed to be approved.

Eligibility for Obtaining a Secured Credit Card

There are three main eligibility criteria for obtaining a secured credit card besides having a saving account, are:

1. be of legal age and have proof of residence
2. have a telephone connection at home
3. have a valid social security number

The advantage of using a secured credit card is that you have set your own credit limit. This is will the exact amount that you have deposited in your saving account. The downside here is that, since the amount in the saving account acts as collateral, you will not be permitted to draw this money out of the bank till your credit card dues are paid back in full.

What is an Unsecured Credit Card?

From the above description you must have somehow made up a rough idea of what an unsecured credit card can be. An unsecured credit card is a card which is issued to people who have a bad credit history. These cards are issued at very high interest rates, ranging between three to thirty percent per month. The interest rates are so outrageous sometimes, that some USA states have passed ceiling limits in order to protect the consumer from being overwhelmed by the charges.

Inspite of the huge interest rates, the unsecured credit card has a good market. This is because a person, who has a poor credit history and needs a credit card desperately, will be grateful to get one on any terms. The credit card issuer is allowed to charge the inflated interest rates because they take huge risks on their money which is advanced without any guarantee of getting it back.

The unsecured credit card is a way out of a financial jam but a very risky one and also can be a very expensive one. In order to get out of debt, you will need to consult a debt counselor and work out a program whereby you can remedy your financial status and credit record. When you reach this stage, it is difficult, but not impossible. Provided, you ask for help before it is too late.

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me and the sysop posted a photo:

my 27th secret is a secret because i'm ashamed of it, but here it goes. i've got k in credit card debt, mostly racked up years ago from a combination of foolishness and being broke. thankfully i at least have decent APRs.

saturday i sat down and thought for a while and came up with a snowballing way to get it all paid off in 25 months. november will start my countdown to freedom and my reintroduction to being broke30% of my gross income is budgeted to my debt.

my credit score has been hovering at 690 for a while. i'll starve if i have to in order to get it well over 700. i've got plenty of fat supply to live off of.

10/26/08 23:11

Is A Low APR Credit Card Convenient For You?
These questions can make the picture clear for you, if it was not visible before. Credit card payment is one of the most common ways most people pay for online purchases, such an account is imperative for the success of your ecommerce business. Check out the name of the provider and check out whether the site is encrypted as per the standard requirements for the request of personal data. Although the average national credit score is 678, if yours falls under a bit, you may have to apply a few times to get approved. Today, you can see advertisements everywhere which say that they offer professional credit card debt help for anyone who needs it.