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Secured Credit Cards Better Business Bureau Reliability Seal

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.

Continue reading below reviews

2018

Secured Credit Card Reviews

5 stars
TopConsumerReviews.com Best-In-Class Blue Ribbon Award

USAA Secured Card® Platinum Visa®

USAA Eligibility Requirement: Today, USAA membership is only open to U.S. military service members, veterans who have received a discharge type of Honorable, and their eligible family members.
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3 stars

primor® Secured Visa Classic Card

Credit lines available from $200 to $5,000! Low fixed 13.99% interest rate on purchases - with no penalty rate!
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3 stars

primor® Secured Visa Gold Card

Credit lines available from $200 to $5,000! Super Low Fixed 9.99% interest rate on purchases - with no penalty rate!
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3 stars

Excent™ Secured Visa Blue Card

Build Credit History - Reports to all 3 nationwide credit bureaus
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3 stars

USAA Secured Card® American Express® Card

USAA Eligibility Requirement: Today, USAA membership is only open to U.S. military service members, veterans who have received a discharge type of Honorable, and their eligible family members.
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3 stars

UNITY® Visa Secured Credit Card

Unlike your Prepaid Card, UNITY Visa secured card can help you build your credit. Apply online in less than 5 minutes, and you could be approved today!
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3 stars

First Progress Platinum Elite MasterCard® Secured Credit Card

Fund your new MasterCard® secured credit card with your tax refund today!
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3 stars

First Progress Platinum Prestige MasterCard® Secured Credit Card

Fund your new MasterCard® secured credit card with your tax refund today!
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3 stars

First Progress Platinum Select MasterCard® Secured Credit Card

Fund your new MasterCard® secured credit card with your tax refund today!
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3 stars

OpenSky® Secured Visa® Credit Card

No credit check necessary to apply. OpenSky believes in giving an opportunity to everyone.
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Continued from above

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!

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 Steps to Rebuilding Credit After Bankruptcy

You'll get this credit card, but you'll only use it for certain expenses. And you need to be able to pay it off in full every single month. Once you think you can handle this, apply for a secured credit card. These cards require you to put down a deposit.

Published:  Thu, 15 Feb 2018 04:00:00 GMT



The worst credit card habits you need to break now

What you can do: Always check your credit score before applying for a credit card. If your score is below 650, you might be better off applying for a secured credit card to help build your credit. Overspending is the biggest danger credit cards present.

Published:  Wed, 07 Feb 2018 00:58:00 GMT



Credit card debt: 4 options to pull out of it

In case, you fail to avail a personal loan due to low credit score or insufficient income, you can opt for secured loans like gold loan and loan against securities. Conversion of outstanding dues into EMIs: Some card issuers allow you to convert your ...

Published:  Thu, 15 Feb 2018 22:56:00 GMT



When It Makes Sense to Use a 401k to Pay Off a Credit Card

Like credit cards, many personal loans are unsecured debts. You don't need to come up with collateral to apply for a personal loan. Though they charge more interest than a car loan, mortgage, or other secured loan does, their rates are far lower than ...

Published:  Fri, 09 Feb 2018 00:00:00 GMT



Do Credit Builder Loans Actually Work

Here are some other options if you don't want to take out a loan. Secured credit cards Like credit builder loans, secured credit cards are an easy way to build or rebuild credit history. The application process is the same, but secured credit cards ...

Published:  Thu, 08 Feb 2018 03:16:00 GMT



SignNow Users Get Secured Payment Collection with PCI Data Security Standards

Reports are then sent by vendors on a quarterly basis to their respective financial institutions and credit card brands. "It was crucial for us to demonstrate that all of SignNow's security measures are recognized by the banking and credit card companies ...

Published:  Mon, 12 Feb 2018 11:52:00 GMT



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