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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?

TopConsumerReviews.com 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!

2016

Secured Credit Card Reviews

5 stars
OpenSky® Secured Visa® Credit Card

OpenSky® Secured Visa® Credit Card TopConsumerReviews.com 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.

 

 

 

5 Credit Cards You Can Trust Yourself With

A card that you can use to not only build better habits, but also a better credit score. Enter secured credit cards: Secured credit cards can provide a solid failsafe for borrowers worried about running up a balance beyond what's in their bank account ...

Published:  Mon, 21 Nov 2016 23:01:00 GMT



What to Look for in a Secured Credit Card

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



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:  Sun, 27 Nov 2016 02:24:32 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:  Sun, 27 Nov 2016 04:35:54 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



Why You Might Need a Secured Credit Card

1. They can help build your credit history. Unlike prepaid credit cards, secured credit cards give you an actual credit line. Most lenders that offer secured cards will report your activity to the major credit bureaus, which can help grow your credit ...

Published:  Thu, 09 Apr 2015 05:18:35 GMT



How Do Credit Cards Work?

An example: If your APR is 20%, you'll be charged interest on your balance at a daily rate of .054%. There are two main types of credit cards: secured and unsecured cards. Unsecured credit cards: The most common type of credit card out there, unsecured ...

Published:  Mon, 29 Jun 2015 17:00:00 GMT



How to Get a Credit Card With Bad Credit

Some of the fees are fair and to be expected. For example, many credit cards (secured or not) charge for balance transfers and cash advances. Other fees, such as maintenance fees, can be excessive and should be avoided. Many secured credit cards charge an ...

Published:  Fri, 10 Apr 2015 03:38:00 GMT



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