Secured credit cards
are different from unsecured credit cards because
they act more like a debit card than a real credit
card. Secured credit cards require that you deposit
an amount of money onto the card, which becomes the
maximum amount you can charge on the card when making
purchases.
These credit cards would be ideal for
family members, such as a son in college,
that you wish to give an set allowance and then be
able to track that allowance through his credit card
spending by checking the credit card statements!
Also, you will not have to wire money
to him, all that would be required would be to 'top
up' his secured credit card. This
will surely save you time and money!
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