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Secured Credit Cards Offers
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OpenSky® Secured Visa® Credit Card Credit Recommended: Bad / No
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APRs & FEES:
OpenSky® Secured Visa® Credit Card Credit Recommended: Bad / No
Card details:
No credit check necessary to apply. OpenSky believes in giving an opportunity to everyone.The refundable* deposit you provide becomes your credit line limit on your Visa card. Choose it yourself, from as low as $200.Build credit quickly. OpenSky reports to all 3 major credit bureaus. Show MoreClick apply button to get redirected to the bankās secure application page
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First Progress Platinum Prestige Mastercard® Secured Credit Card Credit Recommended: Poor/Limited/No
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APRs & FEES:
First Progress Platinum Prestige Mastercard® Secured Credit Card Credit Recommended: Poor/Limited/No
Card details:
Receive Your Card More Quickly with New Expedited Processing OptionNo Credit History or Minimum Credit Score Required for ApprovalQuick and Complete Online Application Show MoreClick apply button to get redirected to the bankās secure application page
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Applied Bank® Secured Visa® Gold Preferred® Credit Card Credit Recommended: Bad/No
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Applied Bank® Secured Visa® Gold Preferred® Credit Card Credit Recommended: Bad/No
Card details:
Better than Prepaid…Go with a Secured Card! Load One Time - Keep On UsingAbsolutely No Credit Check or Minimum Credit Score RequiredAutomatic Reporting to All Three National Credit Bureaus Show MoreClick apply button to get redirected to the bankās secure application page
All your personal information will be protected
First Progress Platinum Select Mastercard® Secured Credit Card Credit Recommended: Poor/Limited/No
FEATURES:
APRs & FEES:
First Progress Platinum Select Mastercard® Secured Credit Card Credit Recommended: Poor/Limited/No
Card details:
Receive Your Card More Quickly with New Expedited Processing OptionNo Credit History or Minimum Credit Score Required for ApprovalQuick and Complete Online Application Show MoreUnderstanding Secured Credit Cards
Secured credit cards look and work like regular unsecured credit cards except one thing: they require a cash deposit from the card holder. This deposit should be paid before the card is issued and can be used in the event you default on your payments lessening the risk to the lender.
The common costs associated with the secured credit cards are application fees and annual fees. However, it is possible to find a secured credit card without an annual fee. As for the benefits, you may look for a secured credit card with rewards, but the main benefit of such cards are not rewards but credit reporting to the three major credit bureaus. Secured cards give an opportunity to rebuild your credit history and if you make on-time minimum payments and maintain your balances under the credit limits, you will succeed.
Frequently Asked Questions:
To build a credit history using a secured credit card, you first of all should make sure the card will be reported to at least one credit bureau. If the card is not reported to any of the credit bureaus, then it will be useless. Most secured credit cards are reported to all three major credit bureaus monthly. So you will only need to manage your secured credit card responsibly to build good credit. For that you will need to make all due payments with all your creditors on time and keep your card balances low.
Secured credit cards can be used to establish a credit history or to repair a bad credit history as secured cards are usually reported to the credit bureaus ā Experian, TransUnion or Equifax. The credit limit on a secured credit card is established by the security deposit an applicant pays. Secured credit cards work like unsecured credit cards. A cardholder will also receive statements every month and will be required to make card payments monthly. The security deposit will stay intact while a cardholder makes all due payments on time and the deposit will be refunded once the card is paid off and closed.
To get a secured credit card you will have to pay a security deposit. You may need to send it along with your credit card application. Or, which is more common, you will have to submit your application first and after you are approved, the credit card issuer will ask you to pay the deposit. The credit card issuers usually give applicants up to three months to pay a security deposit. If the security deposit is not paid on time, the application will be withdrawn. When security deposit is paid and received by the issuer, the card will be sent to the applicant.
A secured credit card is a credit card that requires a collateral deposit that becomes the cardās credit line. The average minimum amount of the deposit is about $200. However, it can be higher or lower depending on the issuer you are applying with. If you want to increase the credit limit on your secured credit card, you simply need to increase your collateral deposit. Secured cards, like regular cards, can be used everywhere they are accepted. The cards are also reported to the major credit bureaus so they are good for those who are building or rebuilding their credit.
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