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      May 21, 2019

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Comparing Secured Credit Cards

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Top Consumer Reviews Articles 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.

I cancelled my credit cards and have no credit history. How can I fix that?

Q. My credit report only shows medical bills. I got rid of my credit cards 10 years ago, so I have no credit history. I've applied for a secured credit card and was turned down. How can I re-establish ...

Published:  Wed, 15 May 2019 13:15:00 GMT

Credit cards: What are they and how can you get the most out of them?

(Since credit card debt is not secured against any specific assets, the interest rates charged can be higher than for other types of debt such as a mortgage.) Obtaining a credit card can be ...

Published:  Sun, 19 May 2019 23:15:58 GMT

The best credit cards for freelancers

Before applying for a card, know that banks have final say on who's approved. These recommendations were put together assuming applicants would have average to excellent credit, with the exception of ...

Published:  Fri, 03 May 2019 15:35:00 GMT

Fund Your Secured Credit Card Promptly, or You'll Lose It

At NerdWallet, we strive to help you make financial decisions ... Our opinions are our own. Getting a secured credit card is a big first step toward improving your credit. In addition to giving you ...

Published:  Tue, 30 Apr 2019 17:00:00 GMT

Hume Bank Business Visa Credit Card - Commercially Secured

Hume Bank's commercially secured business credit cards help in controlling expenses and are available at a competitive purchase rate of 10.6% p.a. They come with features like 55 interest-free days, ...

Published:  Sat, 20 Apr 2019 17:00:00 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

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

3 Times Getting a Secured Credit Card Makes Sense

The best secured credit cards are an excellent tool for building and rebuilding credit fast. They give credit access to people who usually don't qualify due to low credit scores. At the same time, ...

Published:  Thu, 14 Mar 2019 03:35:00 GMT

Secured vs. Unsecured Debt

Unsecured debts can include student loans, medical bills, payday loans and credit card debt. Unlike with secured debts, lenders cannot collect your assets if you do not pay the debt you owe, but they ...

Published:  Tue, 09 Apr 2019 06:02:00 GMT

Pros and Cons of Secured Credit Cards

A secured credit card can be a solid credit-building tool, whether you're looking to establish credit or you need to set your credit straight. "It's so easy to get sideways with your finances," says ...

Published:  Tue, 26 Mar 2019 01:00:00 GMT

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