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    irmajeans's Avatar
    irmajeans Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Oct 16, 2007, 12:02 PM
    Credit card Debt
    I know this is going to sound like I am uneducated... but how do I know if the credit card (citbank) is secure credit card or unsecure?? Any information is greatly appericated... and thanks for credit card education... :D
    CaptainRich's Avatar
    CaptainRich Posts: 4,492, Reputation: 537
    Cars & Trucks Expert
    		  
    #2

    Oct 16, 2007, 12:09 PM
    Quote Originally Posted by irmajeans
    I know this is going to sound like i am uneducated...but how do i know if the credit card (citbank) is secure credit card or unsecure??? any information is greatly appericated...and thanks for credit card education....:D
    It can be either. If you need to deposit a minimum to have their card, and the deposit balance is not made available to you, it's security. If no deposit is needed it isn't secured.

    But, I'd recommend a Federal Credit Union before anything else.
    Menard50's Avatar
    Menard50 Posts: 9, Reputation: 4
    New Member
    		  
    #3

    Oct 23, 2007, 06:59 AM
    Quote Originally Posted by irmajeans
    I know this is going to sound like i am uneducated...but how do i know if the credit card (citbank) is secure credit card or unsecure??? any information is greatly appericated...and thanks for credit card education....:D
    All credit cards are unsecured. If you offered collateral, such as your home or vehicle it would be an installment loan and secured. Hope that helps.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Oct 23, 2007, 08:17 AM
    Whoops I meant to disagree with Menard there.

    Irma,
    If you had to give them money to deposit or an account to use to secure your debt, then it's a secured card. Otherwise istss unsecured.

    Why do you ask?
    Menard50's Avatar
    Menard50 Posts: 9, Reputation: 4
    New Member
    		  
    #5

    Oct 23, 2007, 08:40 AM
    You are correct Scott - I guess I was thinking that if someone gave money to open a card they would know it was secured.
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