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A secured credit card requires you to make a deposit against the card's credit limit. Your credit limit will usually be a percentage of your security deposit or it may be the same as your deposit. Many banks place your deposit into an interest-bearing savings account where it stays until you close your account, upgrade to an unsecured credit card, or default on your credit card balance.
Secured credit cards act just like regular credit cards. Purchases reduce your available credit and you're required to make monthly minimum payments on your balance. If your secured credit card has a grace period, you can avoid paying finance charges by paying your balance in full each month. Late payments and over-the-limit transactions are penalized with a fee.
