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 areÌý trying to build, rebuild or establish credit.Ìý
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- Typically reported to credit bureaus.Ìý
- Can help you establish or re-establish credit.Ìý
- Your security deposit is only used if you default.Ìý
- Easier to get approvedÌý
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- It can be difficult to come up with the security deposit.Ìý
- It may not come with a rewards program that other cards may haveÌý
Secured credit card is secured by a refundable deposit equal to your credit limit (greater than or equal to $250).Ìý
Both current and new M&T customers can apply for a Secured Credit Card by setting up an appointment and visiting their nearest . You can also apply by phone at 1-800-724-3222.Ìý
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.
