5 ms·
Secured cards have high deposits ($200+) and can still get you into debt if you don't pay back / pay min / pay late - affects women more than men.
by VrindaGupta 5y ago
Secured cards have high deposits ($200+) and can still get you into debt if you don't pay back / pay min / pay late - affects women more than men.
- mike_d 5y ago> can still get you into debt if you don't pay back / pay min / pay late How exactly is your card different? Is there no obligation to make payments? If so, how many cards can I open?
- VrindaGupta 5y agoWe connect to your existing bank account and make the payments automatically to build credit. Traditional debit cards do not do this.
- mike_d 5y agoThat is exactly what debit cards do. When you make a purchase the money is withdrawn from your account. The only novel thing here is you are deceiving the processing networks by claiming your debit card is a credit card. My credit union tried to do the same thing many years ago (as a way to build credit for students) and it eventually got caught by the processing networks and recategorized. Within a month or two it dropped off everyone's credit reports and they were back to square one.
- VrindaGupta 5y agoSequin fronts the money to the merchant and pays ourselves back automatically from a connected bank account (unlike traditional debit cards). We are an official Visa partner and deal directly with credit bureaus.
- prawn 5y agoFrom my reading, you're spending your own money, but to the credit tracking side, it looks like you're spending on credit and paying it back without incurring a fee. Clever idea, as long as the credit system continues to work like this.