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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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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FWIW - certainly making a comeback in the US for younger segments already too, with regs on lending to students (eg CARD Act) re-raising UW standards somewhat
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