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!
- Better than Prepaid…Go with a Secured Card! Load One Time – Keep On Using
- Absolutely No Credit Check or Minimum Credit Score Required
- Automatic Reporting to All Three National Credit Bureaus
- 9.99% Low Fixed APR – Your Rate Won’t Go Up Even if You Are Late
- Activate Today with a $200 Minimum Deposit – Maximum $1,000.
- Increase Your Credit Limit up to $5,000 by Adding Additional Deposits Anytime
- Put down $200, which becomes your credit line. Then, if you qualify, double your credit line to $400 without making another deposit.
- Double your $200 credit line by making at least your minimum payment on time each month for the first 7 months your account is open
- Secured Credit Cards are great for people looking to build or rebuild credit and are available to people with all kinds of credit backgrounds.
- Unlike a debit card or a pre-paid card, it helps build your credit history. We report your payment history to all three major credit-reporting agencies.
- Get your FICO® Credit Score for free each month.
- Fraud coverage if your card is lost or stolen. Access your account 24 hours a day, 7 days a week. Get help staying on track with available Auto Pay and account alerts.
- Card issued by Merrick Bank, Member FDIC.
- Choose your own credit line based on how much money you want to put down as a security deposit.
- Initial deposits can be from $200 to $3,000. You can increase your credit line at any time by adding additional money to your security deposit, up to $3,000.
- After 9 months, we review your account for a credit line increase. No additional deposit required!
- Secured Credit Cards are great for people looking to build or rebuild credit and are available to people with all kinds of credit backgrounds.
- Unlike a debit card or a pre-paid card, it helps build your credit history. We report your payment history to all three major credit-reporting agencies.
- Get your FICO® Credit Score for free each month.
- Fraud coverage if your card is lost or stolen. Access your account 24 hours a day, 7 days a week. Get help staying on track with available Auto Pay and account alerts.
- Card issued by Merrick Bank, Member FDIC.
- No Credit History or Minimum Credit Score Required for Approval
- Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
- Credit Line Secured by Your Fully-Refundable Deposit of $200 — $2,000 Submitted with Application
- Nationwide program; available in all 50 US states *See Card Terms
- Apply in just a few moments with no negative impact to your credit score; no credit inquiry will be recorded in your credit bureau file
- Receive Your Card More Quickly with New Expedited Processing Option
- No Credit History or Minimum Credit Score Required for Approval
- Quick and Complete Online Application
- Full-Feature Platinum MasterCard® Secured Credit Card
- Good for Car Rental, Hotels; Anywhere Credit Cards are Accepted!
- Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
- Credit Line Secured by Your Fully-Refundable Deposit of $200 — $2,000 Submitted with Application
- Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
- 24/7 Online Access to Your Account
- Nationwide program; available in all 50 US states *See Card Terms.
- Apply in just a few moments with no negative impact to your credit score; no credit inquiry will be recorded in your credit bureau file
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?