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There are 2 types of credit cards. Secured and Unsecured. Unsecured you have to qualify for or pay an annual fee to have the card. The interest rates depend on your credit score and whatever the prime rate is.The Prime Interest Rate is the interest rate charged by banks to their most credit worthy customers (usually the most prominent and stable business customers). The rate is almost always the same amongst major banks. Right now it's about 8%. Then the secured credit cards are for those who are unable to qualify for unsecured, or are just starting to build their credit. With these you put a certain amount of money (usually about $300 to $1000) into a savings account and the bank gives you a credit card using those funds as collateral. After having the secured card for about a year and paying your bill ontime you can then make it an unsecured card and get your money back plus interest because of the funds being in a saving account..
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