A secured credit card works like any other credit card except that it requires a security deposit, which is held as collateral for your account.

As a cardholder, your status is automatically reported to the three major credit bureaus. You may earn credit line increases based on your payment and credit history—with no additional security deposit required. As an added benefit of this card, you can track your credit with enrollment in CreditInform^®, a service that provides you access to your credit score as well as credit tools and information.

A secured card gives you a line of credit to make purchases. As you know, this is particularly useful when you can't use cash or don't have cash handy. And because this is a credit card, you can choose to pay off your balance in full each month or over time.

How does it work?

Once you're approved, all it takes to get started is a minimum security deposit, which you can pay all at once or over time. You can make your security deposit online or over the phone.

When you've made your security deposit, your card will be on its way with a credit line equal to the amount of your security deposit. Your welcome kit will contain information about enrolling in your free CreditInform account, which will help you track your credit information and provide additional credit tools.

Your card status will automatically be reported to the three major credit bureaus. Based on your payment and credit history, you may qualify for future credit line increases with no additional security deposit needed.