SECURED CREDIT CARDS – The Best Choice For Building Or Rebuilding Your Credit
Many people struggle with bad credit history for different reasons. If you are in the same situation, is there an easier way to solve the problem? Can a secured credit card help you to recover from bad credit and regain a good credit standing?
What is a secured credit card?
A secured credit card is a type of account offered to customers that require a security deposit. They are great for building or rebuilding credit because most of them are guaranteed approval. So whether you have bad credit or no credit, a secured credit card is a good place to start your credit journey.
Another reason why secured credit cards are so popular is that if you make your payments on-time. Within 1-2 years your account will become unsecured! Meaning you get your security deposit back!
- Start building credit with all three credit bureaus with the secured Self Visa® Credit Card.
- Apply Now: Intro No Annual Fee with the secured Self Visa® Credit Card^
- No credit check
- No hard inquiry
- $100 minimum security deposit*
*Qualification for the secured Self Visa® Credit Card is based on meeting eligibility requirements, including income and expense requirements and establishment of security interest. Criteria Subject to change.
The secured Self Visa® Credit Card is issued by Lead Bank, Sunrise Banks, N.A., or First Century Bank, N.A., each Member FDIC.
^$0 annual fee for the first year only, $25 annual fee thereafter. Variable APR of 28.24%. Offer valid for new customers only.
| Regular APR | Annual Fee | Credit Line | Credit Recommended | Security Deposit |
|---|---|---|---|---|
| 28.24% Variable | Intro - $0 ($25 Annual Fee after the first year.)^ | Starts at $100 and is equal to your deposit | None/Poor | $100 minimum security deposit* |
- A better way to get a Card Offer!
- Credit Cards
- Secured Cards
- Prepaid Cards
- Search, Compare, Apply!
| Regular APR | Annual Fee | Credit Line | Credit Recommended | Security Deposit |
|---|---|---|---|---|
| 9.99% Fixed | $48 | $200 - $1,000 | Poor/Fair/Limited/Damaged | $200 - $1,000 |
Advertiser Disclosure: See the online credit card applications for details about terms and conditions of credit card offers. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the “Apply Here” button you can review the credit card terms and conditions on the credit card issuer’s web site.
The credit cards on this page are the best secured credit cards intended for people with bad credit scores. No credit, Bad Credit, NO PROBLEM! All of these offers are from our sponsors.
WHY CHOOSE A SECURED CREDIT CARD ABOVE AN UNSECURED CREDIT CARD?
The major benefit of using a secured credit card is that it may help you establish a good credit history, which at some point may allow users to gain unsecured credit cards or other forms of credit finance.
The credit card products on this page can help you rebuild, or reestablish your credit history if you make on-time minimum payments with all of your creditors and maintain your account balances below the credit limits.
The difference between a secured credit card and an unsecured bad credit card
Unlike a regular credit card, your credit line will depend on the value of your cash deposit. Some credit card companies require a minimum of $200 cash deposit while other issuers require higher minimum cash deposit starting from $500.
While an unsecured bad credit card doesn’t require a security deposit. But they do tend to only give small credit limits and most have a lot of fees attached to them. Unilke the secured credit card which generally have a small or no fees.
Using secured credit cards to build credit
To successfully use a secured credit card for rebuilding credit, practice good credit habits. You want to keep your credit utilization to under 30% and get in the habit of paying your credit card off each month.
TIP Some secured credit cards like the Applied Bank® Secured Visa® Gold Preferred® Credit Card allow you to add to your security deposit! That means you can open your account with the minimum amount and over time grow your credit limit. Not only is this a great way to save money, but it will look like the credit issuer is giving you a credit limit increase! That’s a good sign that you are now credit worthy!
Read more of our article titled Can Secured Credit Cards Lead You To Good Credit?
