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Secured Credit Cards

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Has anyone got or been offered a secured credit card, I don't mean a pre paid card. Thinking more vanquis or capital one.

Any info please?? :beer:

Comments

  • dhassen
    dhassen Posts: 759 Forumite
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    Secured on what? I've never heard of a secured credit card..... doesn't mean they don't exist though?!
    Official DFW Nerd Club - Member no. 784 - Proud to be dealing with my debts
  • Thejagman
    Thejagman Posts: 68 Forumite
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    Secured as in you put a security deposit of say £500.00 in up front and the cc company give you a card with a £500.00 limit. Quite common in the states I believe.

    The Jagman
  • fairydiamond
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    So if you don't pay, they just take your £500 and clear the balance. Good for some people I guess. Never heard of secured credit cards before.
    My Wins: £150 Next giftcard. Rimmel Lip Gloss, Benefit Lipstick and lipgloss. Rimmel Day2Night mascara. Elizabeth Arden Body Treatment Cream. Big Bang Theory T-shirt, Make Up Set, St Tropez Kit, Clipper Mug Tea Set, Rosie Project Book, Kwik Fit MOT. Benefit Make Up Set Dior Star Foundation. VIP Concert Tickets & Meet & Greet with The Saturdays
  • never-in-doubt
    never-in-doubt Posts: 20,613 Forumite
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    Thejagman wrote: »
    Secured as in you put a security deposit of say £500.00 in up front and the cc company give you a card with a £500.00 limit. Quite common in the states I believe.

    The Jagman

    Secured CC's is a US thing, not a UK one. In the UK similar types of accounts exist called pre-paid cards, i.e. you pay 500 and you get 500 limit.

    Other than that, MBNA used to do one where you pay 100 and 6 month later they convert into a normal credit card account and refund the deposit but others have moaned saying it isn't that good.

    HTH :beer:
    :o 2010 - year of the troll :o

    Niddy - Over & Out :wave:
  • cifpower
    cifpower Posts: 6,502 Forumite
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    Capital One used to do this in the UK but no more. There have been a few people who have got an MBNA card by paying a £100 deposit and getting a credit limit of £500. To get this you have to apply for a standard card and you are given a phone number to ring.
  • Thejagman
    Thejagman Posts: 68 Forumite
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    Just read on the living with BR forum that Flybe are giving cards to discharged BRs ?? Anybody got one ?

    The Jagman
  • sscott5581
    sscott5581 Posts: 663 Forumite
    First Post First Anniversary
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    Thejagman wrote: »
    Just read on the living with BR forum that Flybe are giving cards to discharged BRs ?? Anybody got one ?

    The Jagman

    I am a discharged bankrupt (although I have been for a number of years, my bakruptcy drops of my files May this year) and I managed to get a Fly Be card in October with £800 CL
  • Nomoredebtnow
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    NO luck with Flybe
    Thank you for applying for a Flybe Card.
    We will review your application and contact you in writing with a decision within 7-10 working days. Your application reference number is given below. Please write this down and quote it if you need to contact us.
    Discharged nearly 15yrs and happen again😓
  • cifpower
    cifpower Posts: 6,502 Forumite
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    Why do you say "no luck"? It could easily end up being an acceptance! At least it wasn't a straight denial.
  • Nomoredebtnow
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    Been turn down by Vanquis few months ago like this.
    Discharged nearly 15yrs and happen again😓
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