6 Things You Should Know Before Applying For A Credit Card

4. How Much Is The Deposit For A Secured Credit Card?

How much of a deposit is required depends on a wide variety of factors, but banks that offer secured credit cards can require collateral ranging anywhere from $200 up to $5,000. In many cases, the size of the deposit is equal to the size of the credit limit. That means an applicant who is granted a $500 secured credit card limit may need to give the credit card issuer $500 in monetary funds, up front, as collateral to secure the deposit.