LookCard+ Credit Card is a crypto-collateralized credit card/ secured credit card, a type of credit card that requires the cardholder to provide a security deposit as collateral and to obtain credit line as financial background check is not required. This deposit acts as a safeguard for the credit card issuer in case the cardholder fails to make payments. Here are the key aspects of a collateralized credit card:

1. Security Deposit:
   Cardholder required to deposit a refundable collateral amount equal to 100% of their desired credit limit. This collateral will fully determine the credit limit on their card. Unlike other plans, no additional stored value or collateral percentage will be required.
   
   For example, a $10,000 deposit typically results in a credit limit of $10,000.
   
   
2. Building or Rebuilding Credit:
   These cards are often used by individuals who are building or rebuilding their credit history. Once there is sufficient records for the credit score, user could request for credit limit increment without pledging additional deposit.
   
   
3. Similar to Regular Credit Cards:
   Collateralized credit cards function like regular credit cards. Cardholders can make purchases, earn rewards, and are required to make monthly payments. Interest rates and fees apply if the balance is not paid in full each month.
   
   
4. Refundable Deposit:
   If the cardholder decides to terminate the credit card, the security deposit is refundable after deducting all the outstanding balance, if any.