I'm getting a secured credit card and it is asking me how much i want to deposit. What should i put?



Your call. Your deposit amount will determine the limit on your card.


Put as much or as little as you want. The amount you decide on will typically be your spending limit, although some banks double that amount. So, if you deposit $250, you will not be able to have a card balance of more than that amount. Any charges you attempt after you reach that limit will be refused. So, put $250 as a deposit to start and see how it works out. Try to keep your balance at about $100 and pay it off every month, on time and never late. After a few months of regular use and payments, you can get your $250 back and get a normal card.


How much have you got? $5,000 would be a decent start.


I recommend $1,000. [A one time deposit.] This gives you some latitude in how much you can charge and still stay within limits (ratio of debt to credit, only spending 30% of credit - as some people recommend) and the $1,000 is enough to put into a (1 yr or longer) Certificate of Deposit to earn (relatively speaking) much more than the .01% the average savings account pays.


How much cash do you have lying around? $300-500 might be good. I think Discover secured card is best. Some others have fees.


Do i have to pay that 250 every month?