What is a secured credit card and how does it build credit? 

A Secured Credit Card is a credit card that allows you to establish or rebuild credit with responsible use.  Secured Cards require a refundable security deposit that is held as collateral for the account.

A history of on time payments and moderate use of credit card accounts, along with other factors, helps build a good credit history.  Your activity on a Secured Card is reported monthly to Experian, one of the three major Credit Reporting Agencies (CRAs) in the U.S.  Your usage of the Secured Card and payment history can help to build your credit score1.

If you meet the following requirements, you may apply for a secured card by navigating to the Explore Products section on the app Dashboard, finding the Secured Credit Card tile in the carousel, and tapping Learn more.

Requirements for a Secured Card:

1) You must be 18 years old or older

2) Have a US home addresses in one of the following states: California, Washington, Nevada, Texas, New York, Massachusetts and Georgia

3) Have a US mobile phone number

4) You must have an EWB deposit account with funds equal to your chosen credit limit.  A hold will be placed on that account for the credit limit amount.


1 We may report information about the status and payment of your Account to credit reporting agencies and other creditors.  East West Bank will report this information using the available personal identifying information you have provided to us or provide to us at a later date.  However, based on your overall credit profile, we cannot guarantee the credit reporting agencies will develop a credit score if your overall credit profile is limited. You can learn more about how we report Credit in your Secured Visa® Classic Credit Card Agreement.