Secured Cards:  

A secured credit card is designed for individuals and business owners looking to improve their credit worthiness ratings over time. These cards require a security deposit serving as collateral on credit offered. In most cases, the security deposit is asked for is an indication to how much would be given as credit limit. Due to their lowly qualification requirements, secured cards are known to offer a guaranteed approval feature accepting all applicants not necessarily based on their credit ratings. Secured cards are generally designed to assist card members improve their rating over time in order to gain access to an unsecure card providing much high credit limits at lower interest rates.