Friday, January 13, 2012

Wells Fargo Secured Credit Card, Is Secured Credit Card like a Prepaid Credit Card?

I asked this question before-but im still confused. I applied for a Secured Credit Card and it said that I have been conditionally approved for a Wells Fargo Credit Card (pending final confirmation that funds have been received to establish your Collateral Account) with a $800 credit line. So, does this mean that I have to send them 800 dollars or have that in my checkings? i talked to a rep yesterday and he said i needed to send $300, and my limit was 800 so i umed i would have 800 on my card when i recieved it. I called today and the woman asked me if i had 800 and i said no i only have 300 and she said that if i sent them 300 then that would be my limit. Im confused. Is this like a pre-paid credit card or something? I got two different stories. Can someone please elaborate for me??

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