The deposited amount acts as collateral against spending and ultimately represents your credit limit. A unusual feature with this card is a slightly longer grace period for payments. Most cards include a range of 20 to 25 days for bill payment, but the Secured Visa stretches that to 24 to 30 days. This means more time to pay your bill, helping you to potentially avoid a late payment. With the Secured Visa, the annual fee is waived the first year and $29 every year thereafter.