Compare Sizes
Register
English Français Español

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

0
CREDIT VS DEBIT VS PREPAID Cards
Name
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  • Exactly like a credit card but will need a collateral in form of bank deposits which cannot be withdrawn by the cardholder until he relinquishes ownership of the credit card.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.
Banks
English
Public
PREPAID CARDS PH
2019-07-23 17:06:32
View changes

User reviews and comments

No comments yet. Be the first to leave your review.