What Are The Best Secured Credit Card Applications?
Listed are the top 5 secured credit cards below for you to review.
1. Capital One® Secured Card
A couple nice things about this credit card is that it is accepted at millions of locations worldwide. It also has no annual fee and you can manage it on the go as it has an app that can be used with your Android or iPhone.
2. Citi® Secured MasterCard®
This card helps you keep you on track with Auto Pay, online Bill Pay and alerts. This card is also a MasterCard® so it is accepted at many travel locations.
3. BankAmericard® Secured Credit Card
After 12 months of using this card responsibly, you can get your security deposit returned.
4. First Progress Platinum Elite MasterCard® Secured Credit Card
The nice thing about the First Progress Platinum Elite MasterCard® is that it is good for Car Rentals and Hotels.
5. primor® Secured Visa Gold Card
No processing or application fees and a quick application process.
Each of these top secured credit card applications has unique benefits so make sure you read the details.
What Is A Secured Credit Card?
Is a credit card where you put down a security deposit to get a credit line established. Therefore the name “Secured” credit card. Unlike a prepaid card, a secured credit card builds credit when used responsibly, with regular reporting to the 3 major credit bureaus.
The whole idea is that you will apply for a secured credit card to re-establish your credit. Paying on this card responsibly over a few months time can boost your credit score. This will eventually allow you to apply for lower interest unsecured credit cards.
If you like the idea of a secured card, you might just decided to keep it. With a secured card you cannot run up the limits and get your self into trouble. It does allow you all the conveniences of making purchases online or in the store.
How Do I Apply With A Secured Credit Card Application?
Most of the time on secured credit cards there is no credit history or minimum credit score required. Just go to the issuers secured credit card application and fill out the requested information, make the initial cash deposit and apply.
3 Tips When Using Secured Credit Cards
1) This one may seem obvious, but make sure you pay your payments before the payment due dates. It is critical that you show a perfect payment history to rebuild your credit score.
2) Make sure you use alerts and online account management if available to closely monitor your card activity.
3) Remember that a secured credit card requires a cash deposit to be made to open it. This can be refunded so make sure you are paying responsibly and after a few months you could get the deposit back.