Ask Terry Questions Credit cards

Credit cards

By Terry Savage on January 31, 2024 | Credit/Debt

I am starting over and I’m trying to build my credit with a prepaid credit card if you open an account with $2,000 and just say for instance you decided that you don’t want that card anymore do they refundyour money ? Or do they keep your money after your credit gets better do they refund your money and give you another amount how does that work is my question? I have several more questions after this.

Terry Says

It’s not a PREPAID card. It’s a card linked to a savings account at the issuing bank. They are called “secured cards.” Read about them here:

Just remember that the best way to build credit using these cards is to charge something every month, and then pay it off IN FULL and ON TIME every month. That will build your credit!

Other card issuers, may send you offers. But you probably want to keep that original card — and the attached savings account — in effect for a few years.



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