What is a Secured Card?
A secured card (ours is called Score by DND) is almost identical to credit and charge cards, with one key difference. Secured cards require a cash security deposit upfront, while credit cards don't. That money is still YOURS, it's just being kept safe at the Bank of England. The security deposit is a protection in case your spending habits get out of whack (which would normally leave you with debt and worse credit, plus 17-21% interest rates on your over-spend). We know that most people are in debt, and most people struggle with over-spending.
The security deposit is actually here to help you.
Just like a regular card, it’s accepted everywhere you are used to spending money because our card is a MasterCard. So, whether it’s paying regular bills or doing your grocery shopping, you can rest assured your card will be accepted.
Best of all, you set your limit by determining how much you want to provide as your security deposit. Since it is a true credit product, not a prepaid or debit card, your credit rating will increase when we report to the credit bureaus. We do understand if circumstances get the better of you in a month and you are unable to pay off your card. You can revolve your balance with a minimum payment for up to 90 days (fees apply).
What really sets us apart from our competition is that we don’t charge crazy interest like those other guys (18-21%?!). Our late fees are based on a sliding scale on what you owe at the end of the month - not your total spend - and end up working out to approximately 5% of the total per annum (that’s a really good deal)!
Again, why a secured card? Why not just cut up my credit cards and only use cash or debit?
Because we want you to build up your credit score. A higher credit score will allow you to qualify for better homes whether renting or buying, giving you access to better neighbourhoods, schools and grocery stores. A better score will allow you to have the confidence to step into the life you have always dreamed about and it will allow you to qualify for unsecured credit in the future.
This project has been a dream of mine for a very long time. We even designed our secured card to have a slick black design to drive home the point that you DO have a premium card. You can choose from metal or plastic cards, and you’ll be surprised by their look, so much so that you’ll be proud to take it out of your wallet and use it. It won’t say prepaid or debit on the card anywhere, meaning you can improve your credit and make your purchases with the gift of privacy. You choose who you share your journey with, you aren’t forced into a conversation you don’t feel comfortable having.
My goal is for you to have the life you've always dreamed of. So let’s go build your credit together for a brighter tomorrow.