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Comparing Secured Credit Cards

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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.

How a Secured Credit Card Can Help Your Credit

One of the easiest ways to build credit and improve a credit score is to open a secured credit card. Whether you're young and new to credit, or are looking to improve your credit score because of past financial problems, a secured credit card can help.

Published:  Thu, 05 Apr 2018 09:04:00 GMT



What Is a Secured Credit Card

Secured credit cards enable virtually everyone to build (or rebuild) their credit by responsibly managing their secured credit card just like any other credit card. Best of all, many secured cards have low deposit requirements, and some even have a cash ...

Published:  Mon, 21 Aug 2017 13:00:00 GMT



Secured Credit Cards And What You Need To Know

This post was contributed by a community member. Do you have a poor credit history, or maybe no credit history at all If so, you know how hard it is to be approved for a credit card. Financial institutions usually extend credit cards to individuals with ...

Published:  Thu, 27 Jul 2017 05:05:00 GMT



What's the Difference Between Secured and Unsecured Credit Cards

"[Credit is a system whereby] a person who cannot pay gets another person who cannot pay to guarantee that he can pay." -- Charles Dickens As Charles Dickens describes it, credit sounds like a marvelous and miraculous thing. It doesn't quite work like ...

Published:  Fri, 25 Aug 2017 18:00:00 GMT



Finance 101: Secured Credit Cards

CHICOPEE, Mass. (Mass Appeal) - If you are looking to establish credit or control your debt, Todd Christian, financial counselor from Cambridge Credit, came to tell you about secured credit cards and the ChexSystem. We also discussed an event at ...

Published:  Wed, 23 Aug 2017 16:39:00 GMT



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