Q's about secured credit cards

[MrOwlEye]

Good posts.

Sounds like the solution is A) get a secured credit card with the highest deposit that I can afford, and B) use that card to book travel, but use my debit card to pay for it.

[viking64]

viking64 -- Thanks for the reply.

I agree, it does appear the debit cards can cover most things -- but it really depends on the location. And unfortunately in business I don't always have a choice. Business is all about speed and convenience first.

I'm fascinated that you found a secured card in which funds may be added periodically. (My bank, HSBC, laughed at me when I asked about this, and said there's no such thing.) So please tell me: What company does this?

Thanks again

MOE

Sorry it took awhile to respond. I'm working with Digital Credit Union in Massachusetts. They have an excellent online presence and have been very accommodating so far. I've not tried to set up a secured card yet, but I will in May or June. I want to have $700 - $1000 to begin with precisely for car rental authorizations.

I can't remember the minimum, but DCU does let you increase your credit line. It may be in $200 or $500 increments. I just can't remember.

[MrOwlEye]

Thanks, viking64. Do you have to a member of some other organization to join DCU? What does it take to join?

[vb1962]

I have called several secured card issuers including Citi, US Bank, Wells Fargo and Capital One and have been told I have to have 2 years POST bankruptcy to even get a secured card. Anyone get this response? Bank of america is next on my list.

[MrOwlEye]

vb1962: Yes, my bank (HSBC) recently denied my secured card application. I came to them with $2,000 and they said "no." The risk to them was nil, but they still said no.

On the bright side, I've found lately that most car rentals and hotels will take a debit card. Yes, they still freeze $300 - $500 in your account on top of the bill, but at least they take the card.