Frequently Asked Questions
What is a Secured Card?
A secured card is a credit card that requires a security deposit that is held as collateral for your account. Your credit line is your deposit amount. The secured card allows you to build(1) credit as your status is reported to the credit bureaus.
How does the Secured Card work?
To establish a secured savings account, simply send a cashier’s check or money order along with your application. The minimum deposit amount is $300 and the maximum amount is $5,000. Your credit line will equal the amount of your security deposit.  You use the Secured Card for purchases and cash advances - no one will know it is secured.  At the end of the billing cycle, you will be billed for your transactions. You still must make payments to your Secured Card account like you would with any other credit card.
What increments must the security deposit be made in?
The security deposit must be made in even $100 increments.
Can I fund my initial security deposit online?
Yes.  The Secured Savings Account initial deposit can be funded with an electronic funds transfer from a checking or savings account at any financial institution.  When you apply online for the Secured Card, just select the electronic funds transfer option.
How long will the electronic funds transfer take?
The electronic funds transfer will take 3-5 days to reach your new Secured Savings Account.
What if I don't want to fund my security deposit online?
The application can be printed and mailed along with a cashier's check or money order for the initial security deposit.
Who do I make my cashier's check or money order out to?
Elan Financial Services
Where do I mail my application and deposit check?
Applications and checks can be mailed to:
Elan Financial Services
PO Box 6363
Fargo, ND 58125-6363
Will merchants know I have a Secured Card?
No. Your Secured Card will not say "secured" on it and will look like other credit cards we issue.
How does the Secured Card help build or rebuild my credit?
Your account status will be reported to the credit bureaus which will help you build/rebuild your credit rating.(1)
How long must my Secured Card account be open before I can get an unsecured card?
The account must be open a minimum of 12 months before you can be considered for an unsecured card.
Do I need to fund 100% of the credit line?
Yes. Your credit line will equal the amount of your secured savings deposit.
Is there still a chance my secured card application could be declined?
Yes. As with any credit card there are certain qualification requirements that must be met in order to be approved.
Will I receive my security deposit back if I am declined?
Yes.  If we are unable to approve your application, the security deposit will be returned using the same method of payment that was used when your application was submitted.
Does the secured savings account earn interest?
Yes. The secured savings account is an interest-bearing savings account.
If I close my account will I receive my security deposit back?
You will receive your security deposit back plus any earned interest when you close your account if the remaining balance is paid in full. 

(1) Making late payments or going over the credit limit on your account may damage your credit history.

The creditor and issuer of these Cards is Elan Financial Services, pursuant to separate licenses from Visa U.S.A. Inc., MasterCard International Incorporated, and American Express. MasterCard is a registered trademark of MasterCard International Incorporated. American Express is a federally registered service mark of American Express.

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