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      May 22, 2019

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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.

 

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



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