Today, everyone realizes how important it is to build and maintain good credit. One of the ways to do this is to demonstrate a satisfactory payment history with a secured credit card. Properly managed, a secured Visa or MasterCard can open some avenues not previously available to an individual. Things like car rentals, travel or purchases from catalog or retail stores can be considerably easier with a credit card. In fact, there are many types of transactions that are impossible in today's world without a Visa or MasterCard. By using such a card regularly and paying at least the minimum payment on time each month, an individual will be building, or rebuilding, a favorable record at the major credit reporting agencies.

A secured credit card requires a "security" deposit, similar to putting down one month's rent for an apartment. The bank takes your deposit and opens a savings account in your name. You receive a credit card with a credit line as determined by the bank. The money in your account remains yours. Some banks also charge enrollment fee or processing fees.