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There are special
costs and terms with
a secured card,
however. A secured
card requires a
consumer to open and
maintain a savings
account as security
for the line of
credit. The credit
limit will be a
percentage of the
deposit. (typically
from 50 to
100 percent) Usually
a higher interest
rate than a
Unsecured credit
card.
An unsecured credit
card is for people
with a good credit
score. Typically
a
credit limit is
based on their
income and credit
score. The better
the credit score the
lower the interest
rate on the balance
of their account.
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