Credit sucks part II

Well, I've done it. If secured was the only way to do it, I've signed up for a credit card that requires a security deposit (at the dismay of my mother, who likes $$$ for christmas presents) (Sorry mom!), but I do have a few questions. The terms of service for the card were very upfront. I acheived my goal through a particular bank based out of Delaware called Applied Bank which offers a solution for those of us lacking in credit or with bad credit, and because there are none in Michigan, it looks like Customer Service will be done over the phone or via mail, which isn't a problem considering my over abundence of stamps, neat handwriting and ability to drop a folded envelope into a mailbox, as well as the mad skillz of dialing a cell phone number, though that is currently limited at the moment due to an under abundence of minutes.

Aaaanyway, I've been refreshing the page every thirty minutes to check and see if I have been approved for this perticular model of card, and I have high hopes considering the website that referred me to it was a site displaying cards for bad credit.

Well how does it work? Sit down, have a biscuit, and I'll tell you.

The card features a 9.99% fixed interest rate, that doesn't change! I was much surprised to not find any default rates or other rates if you make late/early payments, but on the other side of the scales, there is no grace period on the payments, which means you have to pay the day of and if you have an internet connection, this process is very easy, but low and behold you'd better pay it that day, or you get charged interest + 9.99% + $35 or $37 for limits over $1,000. The site offers the ability to write a "virtual check" and ability to postdate it for your convinience so if you are in the middle of a pay period or about to get your check, you can schedule a day to make the security deposit.

Also for 99 cents on the $100, you can add security which adds $0 fraud liability and something I find a good find for a credit card... As well as reporting to all three credit beaurous, a mark is not left on your credit decreasing your score because it is a secured card, which means with my miniscule $200 limit I can build credit and be worry-free.

The only trip-up that I see with this is the fact that you literally have to pay for your first month's credit line, because your line equals what you put down on the card for the deposit. All in all, I'd reccommend this card for those that want to build credit slowly. The site says you can increase your limit at a set time (you have to put down the difference in the deposit to do it). It sounds like a little bit of a money hog, but if you want something that's credit-reporting, I'd suggest it due to the fact if you monitor your balance and pay it on time it is safe, but it ain't got those baby bumpers for you careless types. The terms of service warn you that if you go over your limit, it's $35 a day, so just don't do it!

The questions that I acquired is that it has a Minimum Finance Change of 50 cents and a ATM convenience surgcharge of $5 or 5% of the withdrawl, whichever is higher, so I'm unsure what this means - either they charge for non-merchant ATM withdrawls or charges themselves, I am unsure. Other than that, I'm pretty secure in my findings.

So yeah, for a beginner's card search, I think I did a decent job.

You going to eat the rest of that biscuit?