Sentences with phrase «collateral by the credit card issuer»
A secured card is a credit card that requires a refundable security deposit, made by you, which is held as collateral by the credit card issuer in an account.
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An unsecured card is acquired by virtue of your creditworthiness, your credit score and other factors; the card issuer extends credit with no collateral on your part.
A secured card is a credit card in which you are required to put down a security deposit which is held by the card issuer as collateral in the event you do not meet your financial obligations on the card.
By securing the card with cash collateral, the credit card issuer's risk is limited.
But on a secured credit card, the credit limit you set is held by your card issuer as collateral.
A secured card is different then a prepaid card because a secured card is a credit card, a line of credit will be extended to you generally based on the amount of your deposit into an account which is held by the card issuer, the deposit is used for collateral and you must pay the credit card balance due each month.