The real beauty of the Granite Secured MasterCard is that it is original and is also designed for those who have had problems and issues obtaining credit or cards and loans. So you do not have to be perfect in your credit. You also earn interest on your deposit.
Secured Line of Credit
Achieving a good credit score and rating is one of the most important aspects when you want further credit or are using the existing credit card. It is not easy, however to reduce this on your report. An available line of credit is vital when you apply for a credit card. The MasterCard gives you a Granite secured line of credit. This means you can relax a bit for the moment and not worry too much about owning a credit card.
You will have the freedom to:
- Pay your bills on time
- Be prepared for unexpected costs in life
- Have available funds to spend if you need to
How much credit that you are afforded is largely dependent on your credit rating at the start. You should always have a deposit balance that is equal in amount to that of the credit that is given to you. For example, if you were offered $300 ($240 avaiable credit after a $60 Annual Fee) credit then you would be expected to place down a deposit of the same amount. See the Terms and Conditions for other fees and limitations. You are also entitled to a credit limit increase too. However, you could be turned down for this.
Fees and Restrictions
This particular credit card does have some restrictions as do other cards. You can only apply for this card if you live in America. Then there are a few verification checks that have to be made such as a valid social security number and valid address in the country. You also have to be over a certain age to apply. All these checks are there to protect consumers. You should ensure that before you apply for this card you read all the terms and conditions and fees:
- Annual Fee: There is an annual fee linked to this card.
- Balance Transfer Fee: You will be charged around a certain amount of the complete amount of any balance transfer you make which is fairly standard for any credit card.
- Cash Advance: You will be charged a fee for cash advances and you should make sure you are aware of these before moving forward.
- Foreign Transaction Fee: You are entitled to use your credit card abroad if you wish, although again you will be charged a fee for using it somewhere else in the world.
- Late Payment Fee: As with most credit cards if you are late with a payment then you will have to pay a late fee for this. Make sure payments are always on time.
The Granite Secured MasterCard on the market is great if you have no credit or your credit history is particularly bad as not all credit cards are as flexible. There are no real rewards to speak of but the benefits are that you can get a decent credit limit.