Is there anything more embarrassing for a consumer than to be rejected by a bank for their credit not being good enough? Embarrassing for sure, especially if the consumer is trying to rebuild their credit after shaky financial times. However, a secured credit card can be the answer for many consumers facing similar financial situations, and can also help lead a consumer back to a solid credit footing in time. Many families fall on tough times due to a sudden change in personal change in financial fortunes. While the effort to restore financial footing can be cumbersome and can seem to take forever, new options in the form of a secured credit card can now help consumers to start the credit rebuilding process quickly.

The reason that the banks don't assume a significant financial risk is because the consumer is backing the original credit limit set by the bank with a deposit that matches the credit limit, usually at a minimum of $200. While there are some banks that offer unsecured credit cards to consumers with shaky credit histories, they normally come with unusually high interest rates, often as high as 30 percent, which is a reflection of the bank assuming increased risks for a consumer with a shaky credit history. A secured credit card offers the bank an opportunity to welcome new credit customers at a much lower risk, and the consumer has the chance to open a secured credit card account with a bank that has a good reputation. In most cases, it's a win-win situation for both sides. While some banks will charge different fees for various transactions, or for monthly and annual maintenance fees, the consumer is still being offered an opportunity they otherwise wouldn't receive.

Banks are often looked at as the bad guys in a tough economy, and in some cases, that certainly may be true. However, banks can also be very helpful in assisting consumers during times of financial need. The offering of a secured credit card account to consumers gives banks the opportunity to retain a good reputation in terms of consumer confidence, and for the consumer, it affords them the opportunity to right their personal financial ships. Consumers no longer have to feel embarrassed walking into a bank and assuming that their credit isn't good enough. There are banks who are not only willing to do business with them, they can in fact be a willing partner in restoring good credit for many consumers.