New Delhi, May 27 -- With how important a good credit score is for loans, favourable interest rates, and even your job prospects, having a high credit score is becoming more and more essential in today's borrowing climate. If you have short or bad credit histories, secured credit cards represent a viable way of establishing creditworthiness.

Secured credit cards have the same functionality as a conventional credit card; however, they come with one major distinction: before you receive a secured credit card, you must make a set deposit for security purposes. Usually, secured credit cards will impose a credit limit equal to the amount you deposit; in other words, the deposit provides a back stop for lenders or a spending limit for consumer...