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      October 19, 2017

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Comparing Secured Credit Cards

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TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

Comparing Secured Credit Cards

Secured credit cards are synonymous with rebuilding credit. For those that can't qualify for a credit card from a standard creditor, secured credit cards fill a huge void. Thankfully secured cards are easy to apply for even if your credit history and credit score have taken a huge hit. When comparing secured credit cards it's important to look at several aspects of each offer to find the right one that will provide the flexibility you need as well as get you back on track financially. Here's what to look for when comparing secured credit cards:

  • Understanding the respective fees of secured credit cards is imperative. Many secured credit card companies knows there's an element of desperation with many of their clients and will subsequently stick it to them in fees. Application and activation fees are not always charged with secured credit cards but be on the lookout for them. Annual fees can range from $50 to several hundred dollars. When you're looking for the right secured card look closely at the annual fees. You won't be able to avoid an annual fee with any secured card but you can be smart and look for one that is affordable.
  • Once you've proven yourself with a collateralized card, many secured card companies are willing to issue a small line of credit to test you out. Low credit limits are often the case for someone without a solid credit payment history. Before you choose a secured credit card make sure you understand the company’s policies regarding when they will review your card for a potential credit line. Some companies will start the process right away while others will wait over a year before approaching the idea.
  • Collateralization payment should be quick and easy. Without another credit card you'll need convenient options to load and reload your secured credit card. Do they offer credit loading stations that accept cash? Can you send a check? Are money orders required? Making sure it's easy to use your card each month, without too much hassle, will align you for better success.

Secured credit card options, for those with a less than perfect financial past, are plentiful across the internet. Be smart and avoid being a victim to overpriced application, activation and annual fees that are common with secured credit cards. Be sure and look closely at all aspects of the credit card offer before moving forward. Secured credit cards can help improve your credit history but not if you're over spending on fees.

What to Weigh When Considering a Secured Credit Card

Not everyone can qualify for the top-of-the-line rewards credit cards. If you've been turned down because of your credit scores, you have other choices. One is to build credit using a secured credit card. Secured cards make up less than 1% of the credit ...

Published:  Tue, 17 Oct 2017 22:20:00 GMT



nRewards Secured

Rewards paired with no fees make this secured card a stand-out. This card offer is currently unavailable on Bankrate. To see more cards in this category, please visit our bad credit category page. Advertiser Disclosure: This post contains references to ...

Published:  Wed, 18 Oct 2017 07:24:00 GMT



Credit Cards After Bankruptcy

Informed consumers who want to get back on their feet after bankruptcy can do so by applying for a secured credit card offer from a leading issuer, kicking off a process of rebuilding their credit score by having their monthly on-time payments reported to ...

Published:  Mon, 09 Oct 2017 07:00:00 GMT



Couple wants new credit cards after accounts went delinquent: Money Matters

Multiple inquiries hurt you. 7. If you can't qualify for a "regular" unsecured credit card even in a couple of years, you can get a secured card, which is like a prepaid card using your own money. Before you would open any secured card account, you'd ...

Published:  Wed, 11 Oct 2017 02:04:00 GMT



HELOC Vs. Credit Card: Which Is Better for Emergency Cash

This HELOC vs. credit card comparison discusses the factors to consider before taking out either of them. Let's start with the basic features: There are both advantages and disadvantages on taking out a secured type of credit. With a HELOC, if you have ...

Published:  Tue, 17 Oct 2017 20:03:00 GMT



How to Get Cash Back From Your Credit Card

Cash-back reward offers are no longer reserved for the highest-spending cardholders. As competition in the industry heats up, even secured credit cards with no annual fees are doling out cash-back rewards as banks look for ways to encourage card use.

Published:  Thu, 12 Oct 2017 03:15:00 GMT



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