History of PREPAID CREDIT CARD (or better known as SECURED CREDIT CARD)

Last update Jul. 23^rd 2019 5:06:32 PM

Creation date Jul. 16^th 2019 6:43:28 PM

• 
  PREPAID CARDS PH on Jul. 23^rd 2019 5:06:32 PMReport

  BRIEF DESCRIPTION

  • Exactly like a credit card but will need a collateral in form of bank deposits which cannot be withdrawn by the cardholder until he relinquishes ownership of the credit card.
  • The deposited amount will also serve as guarantee in case cardholder fails to pay the monthly dues and card becomes overdue. This will allow the bank to withdraw any amount due from the collateral deposit account to pay for any amount due.
  • However, approval of application is still not 100% guaranteed and will be under the discretion of the bank.

• 
  PREPAID CARDS PH on Jul. 23^rd 2019 5:01:56 PMReport

  CARD LIMIT

  An amount which is usually less than the collateral deposit.

• 
  PREPAID CARDS PH on Jul. 16^th 2019 6:47:10 PMReport

  BRIEF DESCRIPTION

  • Exactly like a credit card but will need a collateral in form of bank deposits which cannot be withdrawn by the cardholder until he relinquishes ownership of the credit card.
  • The deposited amount will also serve as guarantee in case cardholder fails to pay the monthly dues and card becomes overdue. This will allow the bank to withdraw any amount due from the collateral deposit account to pay for any amount due.

• 
  PREPAID CARDS PH on Jul. 16^th 2019 6:43:28 PMReport

  Mode

  70

  Name

  PREPAID CREDIT CARD (or better known as SECURED CREDIT CARD)

  Viewer

  public

  Editor

  gnobgnob-4yhbdp1t

  Category

  banks

  BRIEF DESCRIPTION

  • Exactly like a credit card but will need a collateral in form of bank deposits which cannot be withdrawn by the cardholder until he relinquishes ownership of the credit card.
  • The deposited amount will also serve as guarantee in case cardholder fails to pay the monthly dues and card becomes delinquent. This will allow the bank to withdraw any amount due from the collateral deposit account to pay for any amount due.

  CARD LIMIT

  Any amount less than the collateral deposit.

  PAYMENT

  Same as credit card

  SAMPLE CARD

  https://socialcompare.com/u/1907/securedcredit_c447fff727e3b39d4b8a6feda78e0a1e.jpg https://socialcompare.com/u/1907/securedcredit-4z7dgzzs.jpg

  FEES AND PENALTIES

  Same as credit cards.

  WITHDRAWALS VIA ATM

  Same as credit cards.

  MAINTAINING BALANCE

  Requires a certain amount of deposit which is higher than the credit limit as collateral.