Among all introductory credit card offers, no annual fee secured credit card is probably perfect for everyone shopping for it. As a prospective card buyer, you may be a first time user or may be changing over from another card- you should always try and pick up a card with a special kind of offer suited just for you.
As an astute customer, you can get a good deal only if you are up to date with the latest offers being made by issuing companies. Credit with annual fees waived off are not mysterious, out of the world, rocket science stuff. Though this concept is laden with heavy financial jargon, no annual fee credit card offer is quite easy to understand, appreciate and of course, use for local super market or at any imaginable business transaction.
Atypical to any other cards, such simplistic cards offer you a world of convenient ways of transacting, either through the Internet, or in your local county. Let us first understand what a secured card is, as a complete understanding of the concept of secured credit card is imperative to demystify various jargon. Such annual card is more like a prepaid card, that is, you get to spend only what you have deposited.
This is a win-win situation for both the issuer as well as the consumer. A no annual fee secured credit card, just like a normal card, resembles a prepaid history in its functioning.
Secured cards are issued against a savings account and the issuing company has the ability to stake claim to such funds in the savings account if the card holder defaults in paying his monthly bill. This arrangement makes a virtual risk free, to any issuing company and is opted by consumers who have not so acceptable credit bill payment records, unstable employment record or are not financially stable.
The consumer by virtue of being the credit holder can avail all the conveniences offered by such card benefits in all business transactions. As mentioned earlier- secured cards are preferred by consumers who have little chances of being offered not secured cards. A line of credit helps customers build up a good credit repayment history and avail other better line of credit services.
An issuing company levies various kinds of charges on the credit card user like Annual fees, Transaction fees, Interest charges etc. As the name suggest annual fees are paid once in a year and does not depend on how many transactions you do through the credit card.
It is a fixed charge and is generally paid during the application for the card or at the end of the financial year. If at all you need to opt for a secured card, you should be opting for such with a good introductory card credit offer. While there are various kinds of introductory offers with secured credit cards, a no annual fee secured credit card is probably the most favored one.