Sentences with phrase «deposit against the credit limit»

A secured credit card is a type of credit card that requires you to make a deposit against the credit limit.

You make a security deposit against the credit limit, so your credit history is given less significance in the approval decision.

This is a credit card that requires you to first make a deposit against the credit limit before you can get the credit card.

Not exact matches

Secured cards require you to make a security deposit to open an account, and that amount becomes your credit limit — and collateral against non-payment.

I was a little nervous to apply because I don't want to be denied and have that mark against my credit for 2 years for nothing but I went ahead and enter my info to see if I was pre-qualified for anything and this card came up along with the other Capital One and the Quicksilver or whatever that's called so I chose the safe option and was approved with a credit score of 549 and my deposit was $ 49 for a $ 200 dollar credit limit, but me being me and wanting a higher credit limit I paid $ 249 and have a credit limit of $ 400.

Unsecured credit cards are «regular» credit cards that don't require you to deposit any cash with the bank as collateral against unpaid debt: you're allowed to make purchases up to your credit limit, and can pay for your purchases over time — although you'll typically pay high interest rates on any purchases you don't pay off in full each month.

When picking a secured card you should weigh how high you'd like your credit limit to be against how much you can afford to put down as a deposit.

Here's how secured cards work, and why they make sense when your credit is iffy: You put down a deposit with your bank, say $ 500, and that deposit acts as your credit limit — meaning you spend money against the deposit, eliminating most of the risk for the bank.

The bank or credit union establishes a credit limit and deposits that in the bank for you to write check against rather than you depositing money into an account and then writing checks against that amount.

Cardholders deposit money up - front with the credit card issuer, as collateral against their credit limit.

It is curious to note that more firms have started to (1) hold the billing or responsible lawyers accountable for client advances if payment is not received within a prescribed time, especially if retainers are not obtained from these clients at the inception of the matter, or if deposits are not received from these clients prior to incurring the advance, and (2) set «credit limits on cash advances» with prohibitions against the accounting department accepting requests for client advances in excess of a predetermined minimum amount, without prior approval of the managing partner.

With a secured credit card, your credit limit is a cash deposit you'll be required to make before opening your account, so you're essentially borrowing against yourself.

If you're approved, you'll need to make a cash deposit; this becomes your credit limit that you can borrow against.