When I got my first credit, I made a very dumb decision that ended up costing me around $3,000, which is a lot of money when your 18 or 19
In this video I’m going to break down, the difference between getting a secured credit card and normal unsecured credit card.

Also going to break down the pros and cons between both of these types of cards could have saved me a ton of money.
Now before I continue to tell you the difference between both of these cards. Unsecured and secured

Remember, you don’t need to get into massive debt to build credit, and you don’t have to pay any interest either when your building credit. ( If someone tells you to have to, then consider that a red flag and they just want you to buy what they are selling)

Example, a car company, might tell you to buy a new car you build credit, its BS you don’t need all that debt.

Secured and Unsecured Credit Cards Explained

The Difference
Secured Credit Cards: Requires a Deposit, which then becomes your spending limit, and more than often, the credit card company doesn’t match it.
Unsecured Credit cards: Do not require a cash deposit, it’s a credit line giving to you by the bank.
Example: This Credit card is Secured, so to get a limit of 800 bucks I had to deposit 800 dollars, and yes you get it back at the end of usually 6month when they ask you if you want to be upgraded.
This credit card is unsecured: So they gave me a credit line by the bank, that was based on my credit score and my financial situation.

Pros unsecured ( normal credit card) My mistakes getting a 3k credit card to build credit
Better offers
Sign up bonus
Free travel
Build credit
Fix credit also
Establish credit
No security deposit
Lower interest rates depending on your credit score

Cons Unsecured (normal credit card)
Poor term if you have bad credit
If you don’t manage it correctly, it could set you bad years with your credit score and debt
Harder to get approved for
Lower limits

Secured Pros | My mom
A credit score doesn’t matter as much
Limit set by the amount of money you have ( with an unsecured they set the limit)
Low deposits, and usually no annual fee
Higher limits depending
Build credit
Fix credit
Establish credit

Cons Secured
Security deposits
Higher interest rate ( which is BS because you have a security deposit, but then again it is a higher risk for the companies, and you still won’t pay if you do it correctly)
A low limit on a credit line
Few rewards

Oh, and just get 1 or 2, you don’t need 50 cards to build your credit. Also, try to get credit cards you plan on upgrading. For example, you can upgrade from a discover it secured card to a normal discover it card.
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