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

See the reference side-by-side comparison CREDIT VS DEBIT VS PREPAID Cards

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

SAMPLE CARD
BRIEF DESCRIPTION	Exactly like a credit card but will need a collateral in form of bank deposits which cannot be withdrawn by the cardholder until he relinquishes ownership of the credit card.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.
CARD LIMIT	An amount which is usually less than the collateral deposit.
PAYMENT	Same as credit card
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.

Similar