Best secured cards for the ones who qualify
Secured credit cards are a great option for college going children who do not have a credit history to their backing to avail unsecured credit cards. The CARD Act of 2009 has further tightened the norms for issuing credit cards to students below the age of 21. They either have to show sufficient proof of income or opt for a co-signer on their application form to be issued a credit card. However, there are a few banks that have come up with secured credit cards that can work in the favor of students.
If the recent economic downturn hampered your credit history, the best way to repair it is by using secured credit cards, provided you qualify for one. The qualifying criteria of a few banks for secured cards may be tough to meet, especially because they look for people without a bankruptcy record and those who have at least a checking account with another bank. But a few banks are willing offer secured cards without too many checks.
The Orchard Bank Secured MasterCard is a secured card worth applying for. The card carries an annual fee of $35 which is waived off for the first year. All the transactions made using the card are promptly reported to all the three credit bureaus to help you either create a good credit history or repair an existing bad one. There is a minimum deposit of $200 required to avail this credit card.
The Citi Dividend Platinum Select Card is another secured credit card worth a try. This card does not carry any annual fee and there is no need for a co-signer as well.