Secured Card FAQs
Questions on how to how to build your credit responsibly with an M&T Secured Credit Card? You'll find the answers here.
A secured credit card is a type of credit card that requires a security deposit to open the account. The cardholder makes a one-time, refundable deposit that acts as collateral for the credit card issuer. A secured credit card is an option for those who are听 trying to build, rebuild or establish credit.听
笔谤辞蝉听
- Typically reported to credit bureaus.听
- Can help you establish or re-establish credit.听
- Your security deposit is only used if you default.听
- Easier to get approved听
颁辞苍蝉听
- It can be difficult to come up with the security deposit.听
- It may not come with a rewards program that other cards may have听
Secured credit card is secured by a refundable deposit equal to your credit limit (greater than or equal to $250).听
Both current and new M&T customers can apply for a secured credit card by setting up an appointment and visiting their nearest branch. You can also apply by phone at 1-800-724-3222.听
A secured card is used in the same way as an unsecured card, and is widely accepted at the same merchants that accept unsecured cards.
