UnThreaded | Threaded | Whole Thread (11) | Ignore Thread Prev | Next
Author: Jacketfan Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308881  
Subject: Secure Credit Card and APR Date: 1/14/2013 2:51 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
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?

v/r
Tom
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (11) | Ignore Thread Prev | Next

Announcements

TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Looking at Currency Ratios
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement