How can I make the best use of a secured card to build my credit rating?

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Hello all..

According to me buy a few things and pay off the card every month. "People should not get these cards to carry any balance," Sherry says. "It seems you need to make a few purchases and pay for them. It helps to pay in full every month to show you've got this excellent credit rating."

While secured cards make sure you never spend more money than you can afford while they force you to save, it's not a good idea to keep one any longer than you have to, experts say.

All secured cards have annual fees and higher interest rates than regular, unsecured cards. If you have enough discipline to use a secured card responsibly, you have enough to use an unsecured card and set up a better savings program on your own.

Give your suggestions also..

Thanks

Cash One

Cash in one hour

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How is this better than a prepaid card?

I would definitely get a prepaid card instead and there are quite a few available which allow you to have a basic bank account along with your prepaid card.

OneBanking prepaid card and Red88 prepaid card come to mind. Furthermore, Eclipse prepaid card and cashplus prepaid card also have credit builder facilities which allow you to build your credit history and there are none of the high interest or fees involved with secured cards.

Cheers

Ash