I am actually glad this product exists; secured cards are very useful for getting adults onto US credit infrastructure and they’ve largely disappeared as a marketed offering from banks with good distribution, so you previously had to call around to find a place that would do themhttps://twitter.com/Kr00ney/status/1138079703938621441 …
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That stopped being true in about the early 2000s as banks loosened underwriting standards and found that, even with increased defaults, the business is still a happy one to be in on a portfolio basis as long as one is not adverse selected against.
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This caused secured cards to be... adverse selected against, which didn’t increase losses (tough to lose money on a secured card) but did increase ops cost and, crucially, meant graduators from the card were far less likely to be good customers than previously.
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Late 80s-early 90s full time college students were regularly getting credit cards, unsecured. Possibly not the case for regular hs graduates.
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