Is it normal to have to pay a balance when you first get a credit card?
soo... do credit cards work this way, or is it just because it's my first card?
Answers:
Its a secured credit card.
A secured credit card requires that you deposit money with the issuing bank, and the bank will issue a credit card in the same amount for your use. Secured cards are guaranteed to be approved, because the bank has your deposit money in case you do not pay your balance. A secured credit card for bad credit operates much like a regular credit card. You receive a monthly statement, and you pay your minimum monthly payment or the balance in full each month. You are charged an interest rate, annual fee and possibly other fees for a secured credit card account. go to : http://www.credit-card-gallery.com... and comapre all credit card and apply for a best one according to your credit.
Nope, you got ripped. It's a secured card which does absolutely nothing for you or your credit. Do they charge you to add money to it too?
Not normal for people with normal credit.
u got ripped
You now have established credit by using this card, now you need to apply for a card which is not a "secured" card and dump this one. By the way, they should give you part of the money back that you used as security. Contact your state AG to see your state's rules on this.
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