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Subject:  Secure Credit Card and APR Date:  1/14/2013  2:51 PM
Author:  Jacketfan Number:  306706 of 312187

I was logging into my account at USAA today and something on the front page caught my eye. They were advertising a secure credit card with an APR of 9.9%

In this case, the security is in the form of a 2-yr CD at today's standard absurdly low rate. The value of your CD is your credit limit. I have been familiar with the concept of secured cards for a long time, but it never ocurred to me that there would be an APR on them if you ran a balance. You are borrowing your own money. There is zero risk to the bank, and I suspect the administration of having to collect on a bad debt isn't anywhere near 9.9%, not to mention they are still making money off of your CD deposit.

I am currently looking for a post-military-retirement job, and I think I'm looking at the wrong kinds of jobs. How do I get into the secured credit card business?

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