vkg,

You wrote, There is also fraud risk.

What fraud risk? Is this there more fraud risk specific to a secured credit card? In this case, the bank has money on account as surety for payment. The cardholder fails to pay, the bank can refuse to redeem their CD...

Also, Many secured cards have much higher interest rates. Compared to what I have heard, this appears reasonable.

I would agree. 9.9% isn't all that bad a rate. I assume that's based on the card holder carrying a balance and only paying a minimum...