When the client opens a credit card, he does not look for a loan only. In the world of today, the banks developed quite attractive financial offers. So, every client wants to benefit as much as possible.
There are several advantages credit cards can bring:
- Considerable bonuses and rewards;
- User-friendly service;
- Possibility to ameliorate your credit score.
Each of the bonuses is attractive. However, a possibility to ameliorate a credit score is seen as unique service, possible with Secured MasterCard.
MasterCard is a dynamic company on the financial market. It introduces new solutions on a regular basis. PayPass technology is one of the most well-known ones. PayPass plastics are easy to use. Such credit cards offer great loans, but they give different advantages than Secured MasterCard.
Differences between Secured MasterCard and Credit PayPass
Both plastics serve to borrow money. It is the basic similarity. Here are some differences between a Secured Credit card and PayPass plastic:
- Secured credit cards for bad credit no annual fee is easy to get. This plastic is a very tricky financial product. In order to open it, you have to open two accounts. One should be credit and another one must be deposit. So, you have to put cash on your deposit account and then you will be allowed a credit line for the same amount of money on your deposit. Basically, banks provide themselves a guarantee for the borrowed money. That is why they welcome the case when clients open Secured Credit Card.
- PayPass loan, on the contrary, is not that easy to get. PayPass plastics are regular credit cards. So, in order to open this plastic, the bank will check you. Your credit history, ID details and future financial income will be evaluated. If the banker approves your profile, you will get a loan.
- PayPass is a contactless plastic. So, you do not have to fear to forget the PIN code or get bothered by signing the cheques. Contactless technology is truly loved by millennials. Any payment can be made quickly.
- Secured MasterCard is not equipped with contactless technology. When you pay with it, you will be asked to enter PIN or to put your signature. Today, such a method of paying is considered old fashioned.
- You will get more bonuses and rewards with PayPass. Depending on the bank, you will be offered sign-up bonuses. You will certainly have cashback service. That means when you spend, you get a percentage back to your card. It helps to save funds.
- Secured plastic, on the contrary, offers more scarce cashback opportunities, but it can help you to earn a high credit score. That makes it unique. With this type of card there is not a chance you will fail to pay a loan back. Your credit is secured by guarantee. So, you will get a high credit score. That is the biggest advantage of Secured MasterCard.
The cards offer numerous benefits. You should think carefully which one to choose. It all depends on whether you are a successful borrower already. If you have a bad financial score, it is better to open a secured card. If your financial image is positive, get a PayPass plastic and enjoy its rewards.