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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!

Disclosure: We pay our reviewers and we are compensated for our reviews. Click here for details.

Secured Credit Card Reviews

5 stars
Platinum Zero® Secured Visa® Credit Card from Applied Bank®

Platinum Zero® Secured Visa® Credit Card from Applied Bank® TopConsumerReviews.com Best-In-Class Blue Ribbon Award

The Platinum Zero® Secured Visa® Credit Card from Applied Bank® is a secured credit card designed for those with poor or low credit history. Enjoy a 0% fixed APR on purchases – even if you make a late payment. Your deposit will secure your new card with a credit limit between $500 and $5,000. Pay no application fee (other fees may apply) when you sign up and get your very own Personal ID Theft Protection for FREE! The Platinum Zero® Secured Visa® Credit Card from Applied Bank® also ensures timely credit bureau reporting. No fees, no nonsense – get the Platinum Zero® Secured Visa® Credit Card from Applied Bank®!! Read More... Visit Site

4 stars
Applied Bank® Secured Visa® Gold Credit Card

Applied Bank® Secured Visa® Gold Credit Card

The Applied Bank® Secured Visa® Gold Credit Card is a secured credit card that approves your card application regardless of your past credit history. When you sign up, you can easily start making monthly payments on time. The Applied Bank® Secured Visa® Gold Credit Card is also better than prepaid overall. Your available credit limit can be anywhere between $200 to $5,000 – the choice is up to you. Applied Bank has some of the highest ratings for financial strength and security in the country. Make the right choice with the Applied Bank® Secured Visa® Gold Credit Card today!! Read More... Visit Site

3 stars
First Progress Secured Platinum MasterCard® Credit Card

First Progress Secured Platinum MasterCard® Credit Card

When you sign up with First Progress Secured Platinum MasterCard® Credit Card , you are essentially gaining a full-featured Platinum MasterCard, with the additional opportunity to build your credit history. Credit is built with monthly reports to the three major credit bureaus. Because the card is designed to help build credit, you can determine the credit limit you are most comfortable with (from $300 to $2,000), and past credit history or minimum credit scores will not be required prior to approval. You will have free, 24/7 access to your account online. Signing up online is fast and simple. The First Progress Secured Card is issued by Synovus Bank, a member of the FDIC. 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.

 

 

 

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