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What does it mean “unsecured”?

[Friday, May 18th, 2012]

Let’s make clear the term itself: “an unsecured loan is money that a bank lends someone without making them promise to give property to the bank if they cannot pay the money back” (© Macmillan Dictionary).
Now, as we know the definition we can say what an unsecured credit card – it’s a card without security deposit. It means that you don’t have to pay money as a secure guarantee to get a credit card. And if you are not paying your credit, bank will have nothing to recover it with. Bank extends unsecured credit card on the basis of the personal guarantee to repay.
Today you can find as unsecured credit cards for bad credit as unsecured credit cards for good credit history. Along with unsecured there are secured credit cards. Unlike the unsecured, these cards have a secured deposit which is used by a bank if you delay or skip a payment.

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