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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 for their reviews. We are not compensated by companies for their reviews, but we are compensated for links and advertisements on our website. Click here for details.

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.

 

 

 

Secured Credit Cards vs. Unsecured: What's the Difference?

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Unsecured Credit Cards to Rebuild Credit

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1Password for iOS Gets Discounted Before the Big Upgrade to iOS 8

1Password is the best app to keep your passwords and credit cards secured. The app loved by millions is going to get a big upgrade when iOS 8 comes out, and that upgrade will be free for existing users. If you thought about getting the app but the price of ...

Published:  Sat, 09 Aug 2014 03:16:00 GMT



10 questions before getting a secured credit card

Check out the latest secured credit card offers from our partners. If you're in that boat, here are the answers to the top 10 questions about secured credit cards. A secured card requires a cash collateral deposit that becomes the credit line for that account.

Published:  Thu, 08 May 2014 17:00:00 GMT



Secured Credit Card FAQ

Some even offer credit lines of up to $10,000 over the lifetime of your card. This way, issuers have the benefit of credit cards secured and you get the benefits that go with credit cards that are unsecured. A: Over time, using secure credit cards could ...

Published:  Sun, 18 Apr 2010 17:00:00 GMT



Compare credit card offers from our partners

At CreditCards.com we've partnered with leading banks and ... and prepaid cards. Secured Credit Cards Secured cards give you a credit line and report your payment activity to the major credit bureaus. Cards for Bad Credit Cards for people with bad credit ...

Published:  Wed, 20 Apr 2016 17:00:00 GMT



Watchdog acts over mis-sold loan insurance

"This action has taken a long time, and the FSA still needs to tackle PPI sold with credit cards, secured loans and mortgages where people may not have complained," said Adam Phillips, chairman of the Financial Services Consumer Panel.

Published:  Tue, 29 Sep 2009 20:00:00 GMT



Will the Government Tax My Social Security Benefits?

The portion of your benefits you are taxed on depends upon your income. The Internal Revenue Service sets limits for calculating tax liability every year. In 2015, you will pay income taxes on up to 50% of your benefits if you are filing as an individual ...

Published:  Wed, 10 Jun 2015 07:13:35 GMT



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