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2019

Secured Credit Card Reviews

What are the best Secured Credit Cards? 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.

The Best Secured Credit Cards

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?

The Best Secured Credit Cards

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!

 

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.

 

Understanding secured credit cards

In today's digital world, it's hard to do anything without a credit card. Sure, a debit card helps. But life's little emergencies always seem to pop up right when you're a little short on cash. If you ...

Published:  Wed, 17 Apr 2019 00:45:00 GMT



What Is a Secured Credit Card? How Is It Different From an Unsecured Card?

At NerdWallet, we adhere to strict standards of editorial integrity to help you make decisions with confidence. Many or all of the products featured here are from our partners. Here's how we make ...

Published:  Tue, 16 Apr 2019 13:56:00 GMT



What you need to know about secured credit cards

Credit can feel tricky at times. It takes credit to get credit, or so it seems when someone is new to credit or working to repair past credit issues. However, there are financial products designed to ...

Published:  Mon, 15 Apr 2019 02:15:00 GMT



New to credit cards or repairing your credit? Here's how a secured card can help

(BPT) - Building strong credit is arguably one of the most important things you can do for yourself. It can affect everything from getting a loan, to renting an apartment, to even getting your very ...

Published:  Thu, 18 Apr 2019 01:34:00 GMT



Options if You're Denied for a Secured Credit Card

Credit cards offer purchasing power that's convenient for day-to-day purchases or as a lifeline for unexpected emergencies. But according to a 2018 analysis by the Urban Institute, a nonprofit ...

Published:  Wed, 03 Apr 2019 14:44:00 GMT



Everything You Need to Know About Secured Credit Cards

Secured credit cards help you build credit when you can't qualify for an unsecured card. But there could be high fees charged, and you need to make sure to find the right card to meet your needs. ...

Published:  Sun, 31 Mar 2019 23:04:00 GMT



What Is A Secured Credit Card?

A. Usually the credit cards you use are unsecured and not backed by any collateral. However, secured credit cards are backed by collateral such as Fixed Deposits. Unlike unsecured credit cards, the ...

Published:  Tue, 16 Apr 2019 06:20:06 GMT



Everything You Need to Know About Secured Credit Cards

When you charge on a credit card, typically the card issuer has no guarantee you'll pay back the debt you've taken on -- other than your promise to pay. Credit cards secured only by your word are ...

Published:  Fri, 29 Mar 2019 17:00:00 GMT



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