Find the best secured credit cards

Secured credit cards are used to rebuild credit based on the fact that you will have to make a cash deposit to open it up. For most, it is a second option is you failed to get an unsecured credit card. By making a one-time payment to creditors and having a healthy financial life span you will be able to rebuild your credit history with this type of card. You might face an application charge or an annual fee depending on the issuer that you subscribe to – we at Credit Sesame make that part of searching process easier by matching you with the most popular and well reviewed secured credit cards on the market right now. Although not as popular as unsecured cards, the secured credit card is still a valuable option to those looking to build their credit back up to a good or excellent standing.

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Why choose a rewards credit card?
A secured card is the best option to take when it comes to rebuilding credit, which you are also most likely to be accepted into due to the required deposit that has to be made in order to get started.

What is a rewards credit card?
A secured credit card is a type of credit card that creates a limit based on the amount of deposit otherwise known as a credit line. If you deposit $1000 you will then be able to have $1000 credit limit on the account. It is important to keep in mind that this limit is not set in stone and that the bank can raise it if you pay your balance on time every month.

What kind of card can I get?
If you are currently sitting at a poor or fair credit score range then this card is a great option to start rebuilding your credit history back to the top. Although this card won’t have the best benefits and does require a deposit, in some cases a minimum deposit, it is still a great option. Make sure to read about the benefits of each card issuer and what they offer when signing up and compare any other fees that might be added after the introduction period.

What are the pro’s & con’s?
The benefit of this card is that it helps you rebuild your credit, even if you have a bad credit score right now, it will help you get back on track. The downside is usually there is a minimum deposit that has to be made in order to get started. Other downsides include having an annual fee.

Secured Top 2

Capital One ® Secured MasterCard ®

The Capital One ® Secured MasterCard ® is a great option for those who do not want to pay any annual fees while keeping all the credit building benefits. There is a minimum security depsoit that gets you a $200 credit line. You can shop with this credit card at many different locations so it is convienant and easy to get.

Customer Reviews

So I had very bad credit and got denied a couple months ago for this card. But after applying for a high rate card with a $300 limit “Bank One” and having it for about 3 months paying at least the minimum payment every month, my score was high enough to become pre-qualified for this card. They sent me letter (which they had done before and still got denied after being “pre-approved”) with a code and this time got Approved! I even added my husband to boost up his score (free card). Compared to Bank One, this is much better! But I’m keeping both open to boost my score and possibly after a month or two getting a discover student secure card. My goal is to have 3 different cards for 6 months and boost up my score to buy a Clayton House.

Having various cards from different creditors but Capital One is by far one of the best. This card is a secured card that offers a cheaper annual fee and an interest that is lower compared to other secured cards. If this is paid of on a monthly basis you avoid getting hit with interest. The customer service is great. I have always received phenomenal service. The only negative thing is that no matter how great your payment history is with this credit card, they do not offer credit line increases. You would have to pay additional deposit to increase the available credit. Other than that, great card.

Expert Opinion

The card helps users build their credit history by regularly reporting the account activity to all three major credit bureaus, which is something that cannot be done with prepaid cards. All account holders will have free access to their own credit scores. They will even get educated in how their everyday decisions are affecting their credit score with the help of the Capital One Credit Tracker.

Users are entitled to a $200 credit line when they make the minimum security deposit. The credit line may increase if your payment history stays consist and the minimum deposit is maintained. You can manage your account 24 hours per day, 7 days per week by mobile app, online or phone. The credit card is accepted by millions of merchants worldwide.

First Progress Platinum Prestige MasterCard ®

The First Progress Platinum Prestige MasterCard ® credit card is great for those who are just starting out in the credit world. You can be approved at any credit score level, there are no minimums required. No processing or application fees required. Refundable security deposit required at time of application, only apply when you have a minimum of $300 to despoit immediately from a checking account or debit card.

Expert Opinion

Users must make a fully refundable security deposit of at least $300 in order to open up an account and obtain a card. Your credit card account activity will be reported to the three major credit bureaus, which means it can help build up your credit score. Account holders will have online access to their account activity 24 hours per day, 7 days per week.

New applicants will get approved no matter what their credit score is as long as they make the minimum deposit. There is no application or processing fees associated with opening up an account. This Platinum Credit Card is the preferred method of payment with many merchants around the world. This is a nationwide program that is available everywhere except New York, Iowa, Arkansas and Wisconsin.

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Related Credit Card Options

Pre-paid Credit Cards

The pre-paid credit card is a great way to start your credit experience if this is your first time getting a credit card or if you want to be able to weild a powerful card for online purchases or other locations that only accept credit.

Secured Credit Cards

Secured credit cards are your best option if you are in need of rebuilding your poor credit score or this is your first time in the credit area and are looking to get started from scratch. The chances of being accepted are relatively high, even with no credit history.

Business Credit Cards

If you run a small, medium, or even large enterprise you will be in need of a business credit card. These cards play by different rules and are really useful for purchasing business related products and services. In return ou will get great rewards and other incentives.

Cash Back Credit Cards

Cash back credit cards are a great way to earn more on your every day purchases while also being able to redeem cash at checkout. Not only will it save you trips to the ATM machine but you will be able to also experience other great perks such as a lower interest rate and annual fee in certain cases.

Low Interest Credit Cards

If you have been paying your balance on time, and you are sitting a good or excellent credit score rating then you are likely eligible for a low interest credit card. These are credit for paying off debt and making expensive purchases as they will allow you more time to pay back the debt.

0 APR Credit Cards

If you are doing a balance transfer or are looking to make expensive purchases then a 0% APR card is the right choice for you. The introductory rate usually lasts anywhere between 6 months to 18 months depending on the issuer and is a great way to buy and save.

Help: Choosing the best secured credit card

It is virtually impossible to survive as a consumer without a credit card. Too many merchants these days require their customers to use credit cards, even if they have cash available. But for those with a bad credit score, poor credit history or no credit history at all, it is going to be tough to get approved for a credit card. The only thing you can do in this situation is obtain a secured credit card instead. This is a credit card that requires you to make a refundable deposit before any credit is issued on the card. That way if you end up not paying your monthly bill, the credit card company will be able to keep your deposit and use that towards what you owe them. On the other hand, if you are able to make your monthly payments then it will build up your credit score and help increase your chances of obtaining a regular unsecured credit card in the future. That is the whole point of obtaining a secured credit card, so don’t be discouraged if there is a hefty security deposit required. Usually the deposit amount will depend on the amount of credit you want on the card. Don’t expect to get $10,000 in credit if there is only a $200 security deposit. Your initial security deposit will match the amount of credit you start off with. So if you deposit $200 then your credit will be $200 as well. However, the good news is if you keep making your monthly payments on time, the card issuer could eventually extend your credit line as you build up enough trust with them. Then if you ever decide to close your account and obtain an unsecured credit card, your initial security deposit will be refunded to you in full.
There are lots of different secured credit card plans available. Some of the features that differentiate each plan are the application fees, annual fees, minimum security deposit, credit limits, APR and whether or not the issuer reports account activity to the three major credit bureaus. You need to consider all of these features when choosing a secured credit card for yourself. Obviously you will want to choose a secured credit card with the lowest fees possible. These cards tend to have lower credit limits though, but that is okay. The idea is to start out with something simple that you can afford. The last thing you want to do is obtain a secured credit card with a high credit limit and then have fees that are too expensive for you. This will result in you not being able to make your monthly payments, which will destroy your credit score even more on a secured credit card. So choose a credit with low fees and low credit limits. Then as you progress and pay your bill responsibly each month, you can take on more risk with a higher credit limit.
The annual percentage rate, or APR, is the most important factor to consider when choosing a secured credit card because the APR tends to be higher with secured cards than with unsecured cards. If you can find a secured credit card with a 0% introductory APR then go for it, but make sure to check the APR after the introductory period expires. Sometimes they can be as high as 22.99%, which is why you want to be careful when taking on higher credit limits. The good news is that you can avoid paying any interest at all if you are able to pay your balance in full every month. You will want to have a little bit of debt accumulated though because paying off your balance in full won’t substantially improve your credit score. Believe it or not, credit bureaus give you a better credit score when you have more debt accumulated with just the minimum monthly payments made. So if you are trying to build up your credit then consider leaving some debt on your card at all times. Just make that minimum monthly payment.
The final aspect about your secured credit card that you need to consider is if it comes from a reputable bank. There are many scam companies who target people with bad or no credit by offering them secured credit cards with ridiculously high fees and interest rates. It is best to research the reputation of the company offering the credit card before signing up with them. The internet is an easy way to research the feedback and customer reviews of any company by simply typing their name into Google. If you are unable to find any information about the company then it is most likely a scam. A company that has a great reputation with lots of positive reviews is what you want to look for.

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