Secured Credit Cards vs. Debit Cards

If you’re trying to rebuild credit, it can feel like an uphill battle. Ways to improve your credit fast is by getting a secured credit card. This is better than a debit card. A debit card only uses the money that’s already yours to pay for stuff. You’re not borrowing, therefore you’re not being reported to any credit bureaus. On the other hand, if you use a secured credit card, you are rebuilding credit.

A secured credit card requires that you make a deposit. The deposit you make will stay in tact unless you default on paying back what you charge. If you do, the money you used in the deposit goes towards your debt. Otherwise, you’re buying on credit when you make purchases because you do have to pay that money back separately from your deposit. Overtime, you start to rebuild credit.

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