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The use of credit cards have become common practice for internet shopping, car rentals, travel reservations and so much more. Unfortunately, people that have had some past glitches in their credit history know how hard it can be to qualify for a credit card.

Secured credit cards give you the freedom of having a credit card, without the strict requirements of having to qualify for one. A secured credit card works differently than most credit cards. You must first make a cash payment, in advance, in order to use your secured credit card. After responsible use of the card, the secured credit card company will typically allow some credit without a deposit. This can ultimately improve your credit score and start improving your credit history.

All secured credit card companies work a little differently, so it's important to consider the following aspects:

  • Charges. What kind of charges can you anticipate with your secured credit card? Do they require an application fee? If so, how much?
  • Deposits. How much of a deposit does the secured credit card require?
  • Interest rates. What interest rate is charged on your outstanding balance with the secured credit card? has reviewed and ranked the best secured credit cards available today. We hope these reviews help you find the right secred credit card that meets your needs!


Secured Credit Card Reviews

5 stars
OpenSky® Secured Visa® Credit Card

OpenSky® Secured Visa® Credit Card Best-In-Class Blue Ribbon Award

Read More... Visit Site

How a Secured Credit Card Can Help Rebuild Your Credit

If you've had some tough financial times you're probably experiencing a lot of hesitancy from creditors when it comes to approving your car or home loan application, a new credit card or even small business loan. Creditors want to see that you can spend responsibly and very importantly, that your monthly payments will show up on-time and as expected. There are several ways to improve your credit but obtaining a secured credit card is one place to start and here's why:

  • If your old credit cards have been closed, due to bankruptcy, poor spending or an erratic payment history, you'll have a hard time applying for a new one. Secured credit cards give almost anyone access to a Visa or MasterCard. The key to a secured credit card is a cash collateral deposit, typically the amount of credit you'll be granted, minus fees. However, once you've proven that you can spend responsibly, sometimes up to 12 to 18 months or less, these companies will upgrade the card to a more traditional line of credit. In turn, your new line of credit will appear on your credit history and will reflect positively.
  • Using your secured credit card wisely will improve your credit score and history as well as open doors to a better credit card in the future. One with fewer annual fees and a much lower interest rate. When you have one or more open credit cards, which reflect positive spending, it opens the door for additional creditors to lend for bigger ticket items.

Once you've obtained a secured credit card and a line of credit it's imperative you continue to prove your credit worthiness with the following steps:

  • Always, always, always make your monthly payment on time. Actually, shoot for at least a week before the due date to make sure any delays will not stop your payment from arriving on time. Making on-time minimum credit card payments consistently has a significant impact on your credit score and how future lenders will view your credit worthiness.
  • Don't exceed your credit limit even once. In fact, try to stay within a third of the available credit. Creditors are quick to report credit limit violations to the credit agencies and this will instantly stand out to future creditors. Utilizing only a portion of your available credit is most favorable. If at all possible, make attempts to pay off your balance each month to demonstrate responsible spending.

If you're working to improve your credit score start with a secured credit card and, from the start, make every effort to demonstrate responsible spending to earn and keep a line of credit. Payments must be sent early each month and avoid utilizing the full line of credit for best results.




How Should You Really Pay Off a Credit Card?

You'll be able to find those interest rates easily on each credit card statement, but these can often include store credit cards, secured credit cards, or cards you obtained with a "fair"Ł credit score. The idea behind the avalanche method is that you ...

Published:  Sat, 15 Oct 2016 03:40:00 GMT

What to Look for in a Secured Credit Card

You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved. Here's how we make money. Using a secured credit card is ...

Published:  Mon, 09 Mar 2015 10:05:23 GMT

Secured card can help you build credit

The Bankrate features "10 questions before getting a secured credit card" and "Baby-step your way to credit with a secured credit card" will explain how a secured card can help you rebuild credit. It's a bit of a paradox, but after a Chapter 7 bankruptcy ...

Published:  Thu, 28 Aug 2008 17:00:00 GMT

Credit Cards for Secured Credit | An Expert Guide

If you've had trouble getting approved for an unsecured credit card, then a secured credit card might be a good option for you. These cards require a cash collateral deposit which serves as a credit line for the account. With secured cards credit issuers ...

Published:  Fri, 21 Oct 2016 01:02:46 GMT

Wells Fargo Secured Credit Card

Read the Wells Fargo Secured Visa ® Card Agreement. Credit card subject to credit qualification. Generally, we will apply your minimum payment first to lower APR balances (such as purchases) before balances with higher APRs (such as cash advances).

Published:  Fri, 21 Oct 2016 00:17:03 GMT

Secured Visa® from Merrick Bank Review

Most credit card companies will offer you various benefits regarding your security and privacy. Merrick Bank offers a Zero Fraud Liability policy to protect consumers from identity theft at no extra cost to you. Included in the price of admission is this ...

Published:  Tue, 10 Nov 2015 16:00:00 GMT

Best Credit Cards If Your Credit Is In The Doghouse

Fail to make monthly payments or exceed your limit, and the deal's off. Unlike instant approval credit cards, secured credit cards require additional scrutiny by loan officers and can take up to four weeks for approval. Banks use the time frame as a ...

Published:  Fri, 28 Oct 2011 10:35:00 GMT

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