I want a secured card with the best terms, no app fee and no annual fee. I can deposit upto $3000 into asavings account

Answered on February 23, 2019
Updated on February 23, 2019
The content is accurate at the time of publication and is subject to change.
Amy Miller Amy Miller
To start with, it is very important to note that secured credit cards may come with no application or processing fee but most of them do offer an annual fee. In addition, secured credit cards typically do not offer competitive interest rates and that's because of the risk of payment default. Please see a list of the best secured credit cards on offer here, look over the terms and conditions for the secured credit card of your choice and apply online.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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BROWSE MORE QUESTIONS ABOUT Secured Credit Cards:

A secured card may be a great option though for getting a credit card and rebuilding your credit as secured cards are usually reported to the credit bureaus – Experian, TransUnion or Equifax. The credit limit on a secured credit card is established by the security deposit an applicant pays. Your initial deposit is usually refundable, and there are secured cards with fair fee schedules and good customer service. It means that secured credit cards work like unsecured credit cards: a cardholder will receive statements every month and will be required to make card payments monthly. The security...
Secured cards require an upfront security deposit to be paid. The credit limit on a secured credit card will be equal to the deposit you pay. The deposit is usually fully refundable. The issuers of secured credit cards can report them to credit bureaus as unsecured credit accounts. The unsecured credit cards do not require a security deposit, but may charge application and activation fees. The credit limit is determined based on applicant’s creditworthiness.
Merrick Bank offers two secured credit card options – the Merrick Bank Secured Credit Card and the Merrick Bank Double Your Line® Secured Credit Card. Both credit cards may help you build your credit because they report to all three major credit bureaus. Secured credit cards, like the Double Your Line® Secured Credit Card, are one of the best ways to quickly establish or rebuild credit. When using a secured card for purchases and then paying the full balance each month, your FICO Score can increase over time. Moreover, you will be able to get your updated FICO® Score each month for free to track your...

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