The Banamex bank is a Mexican bank that now has branches open in the United States. Banamex offers multiple credit card choices to their customers including a secured Master Card for those customers with a damaged credit history.
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Someone that needs a secured credit card has either no credit history or a damaged one. If you are in this situation and want to learn more about what you can do to build and repair your credit websites like SmartMoney and MyMoney are great resources for financial advice.
How a Secured Credit Card Works
What makes a secured credit card so different from a regular credit card is that is requires a type of security deposit to act as collateral for the credit account. This prevents the cardholder from defaulting on the credit card since their credit limit is determined by how large of a deposit they make. Most credit card providers require a deposit of at least $200.
The credit card provider reports the status of this account directly to the three credit bureaus Experian, Trans Union, and Equifax. This is how, if you handle the card responsibly, your credit score will show signs of improvement. It is very important to never to make a late payment with this card because that will not help your credit score.
Periodically the card provider will review the account and if they feel the cardholder has handled the card responsibly, they will upgrade them to a normal unsecured credit card. If the cardholder decides to cancel the card, their initial deposit will be refunded to them.
Terms of the Banamex USA Secured Master Card
This secured credit card has an annual percentage rate of 18.24%. Unlike many other credit cards on the market today, secured credit cards do typically carry an annual fee. The annual fee for this card is $29.00. The cardholder must keep this account for at least 18 months or their deposit could be subject to fees.
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