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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.

 

Should You Keep Your Old Secured Credit Card?

Secured credit cards are a really important credit-building tool. When you can't get approved for a standard credit card because your credit score isn't very good or because you haven't had ...

Published:  Sun, 16 Jun 2019 08:34:00 GMT



How Secured Credit Cards Can Build, or Rebuild, Your Credit

Once a little-known option, secured credit cards for people with scant or poor credit are getting more attention. This week, for instance, Amazon introduced a secured card called Amazon Credit Builder ...

Published:  Fri, 14 Jun 2019 03:00:00 GMT



Amazon launches new secured credit card for those with bad or no credit

Amazon this week unveiled a new secured credit card with Synchrony Bank, aimed at customers with bad or no credit history. The card - called the Amazon Prime Store Card Credit Builder - requires a ...

Published:  Thu, 13 Jun 2019 14:10:00 GMT



Amazon Launches Secured Credit Card for Shoppers With Bad Credit

E-commerce giant Amazon.com Inc. (AMZN) has partnered with Synchrony Financial (SYF) subsidiary Synchrony Bank to offer secured credit cards to shoppers with low credit scores or no credit history. ...

Published:  Tue, 11 Jun 2019 04:41:00 GMT



Synchrony Expands Amazon Relationship With Secured Credit Card

Synchrony Financial expanded its relationship with Amazon.com Inc., unveiling a new secured store credit card that targets consumers with low credit scores. Amazon's new Credit Builder card requires ...

Published:  Mon, 10 Jun 2019 06:53:00 GMT



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