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There are a few key differences between secured and unsecured credit cards for people with bad credit. Secured cards require a deposit that's typically equal to the card's balance, while unsecured cards do not. Secured cards also offer some protection if you lose the card or if it's stolen. Unsecured cards are generally more flexible, allowing you to borrow more money without having to put up a deposit.
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jay wigdore nicely describes the value of credit card.Credit can be good when used wisely. The main reason most people use credit is that they do not have the cash to pay the total cost of an item or service at one time. Another reason is that it may be easier to pay for an item through regular installment payments.