A secured credit card is a type of credit card that requires a security deposit to open the account. The cardholder makes a one-time, refundable deposit that acts as collateral for the credit card issuer. A secured credit card is an option for those who are  trying to build, rebuild or establish credit. 

Pros 

• Typically reported to credit bureaus. 
• Can help you establish or re-establish credit. 
• Your security deposit is only used if you default. 
• Easier to get approved 

Cons 

• It can be difficult to come up with the security deposit. 
• It may not come with a rewards program that other cards may have 

Secured credit card is secured by a refundable deposit equal to your credit limit (greater than or equal to $250). 

Both current and new M&T customers can apply for a Secured Credit Card by setting up an appointment and visiting their nearest branch. You can also apply by phone at 1-800-724-3222. 

A secured card is used in the same way as an unsecured card, and is widely accepted at the same merchants that accept unsecured cards.