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What is the difference between a secured credit card and a pre-paid credit card?

April 26, 2017credit card difference pre-paid secured

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What is the difference between a secured credit card and a pre-paid credit card?

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The main difference between a secured credit card and a pre-paid credit card is that secured credit cards are reported to credit bureau agencies and pre-paid credit cards are not. If you are interested in establishing good credit, making timely payments on your secured credit card will help you establish a positive credit rating on your credit bureau and improve your credit history. With a pre-paid credit card, nothing is reported to a credit bureau and there is no record of a credit card account. Horizon Plus reports account history to both Equifax Canada and Trans Union Canada.