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Unsecured credit cards are the type of cards one typically thinks about when applying for a credit card. An unsecured credit card does not require a security deposit from the cardholder. These types of credit cards are issued to people with good credit history. Most all unsecured credit cards will have a “credit limit.” If you go over that limit, you will likely be charged a fee. Likewise, if you are late with your payment, you will be charged a “late payment fee.” With an unsecured credit card, you make your charges and the issuer of the card send you a statement at the end of the month. You pay a portion of your bill, or the entire amount, plus finance charges. Any portion you don’t pay is carried over to the next month.

There are different types of unsecured credit cards. Cards with different interest rates, different types of fees, special student credit cards, which are easier to get for students with no credit, and cards with different “rewards” programs. If you have a good credit history, do some research to find the best unsecured credit card for you. Look for one with the lowest possible interest rate and you also want to make sure there is no annual fee. This is a set yearly fee some companies charge to your account once per year - a sort of “maintenance” fee. Annual fees are most often associated with secured credit cards, but some unsecured credit cards also charge them. It may depend on your FICO (credit score.) Be sure to read and understand everything in the credit card agreement, including the grace period. This is the period of time you have to pay your balance before being charged interest. The credit limit on your unsecured card will most likely depend on your credit score and income.


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