When a credit card is “secured,” it means money must be deposited with the credit card issuer in order to open an account. That money is known as a security deposit or reserve as it's referenced here at Sable and it's held by the credit card issuer while the account is open. In order to use your Sable secured credit card, you must move the appropriate funds from your Sable bank account into a reserve account to act as collateral to establish your Sable secured credit card limit.
To set your secured credit card limit, please go to the Cards Tab in the Sable app and select the "Set Credit Limit" option. Please note that the funds equivalent to the credit limit you're setting your credit card with will automatically be taken out from your Sable checking account and transferred to your secured credit card reserve.
Every month you will receive statements based on your credit card usage with a due date that you will need to pay off using funds from your Sable bank account. Your reserve amount will not automatically be used as this will remain constant to maintain your credit limit. The reserve amount will be released back to your checking account if you wish to reduce your credit limit or close your secured credit card.
Your secured credit card has a lot of added benefits as it helps build your credit history as well as exciting rewards/cashback as mentioned on our website Sable Card Rewards.