I want to start building my credit and wanted to apply for a Skypass secured Visa card. Do you think I will qualify?

Answered on May 23, 2017
Updated on May 23, 2017
The content is accurate at the time of publication and is subject to change.
Amy Miller Amy Miller
If you haven't had a chance to establish your credit, a secured credit card is a good option to do so. And Skypass secured card is not an exception. Like any other secured credit card, this card is designed for someone with no credit or bad credit history. The card requires a security deposit, and the minimum deposit is pretty high - $300. It is possible to find secured credit cards with a lower minimum deposit.

The Skypass secured card will allow you to earn miles on eligible purchases. If you manage your card responsibly for a year, you may be able to move to an unsecured credit account. The Skypass secured card is not the only secured credit card that offer rewards. There are other secured cards that allow to earn rewards on all credit card purchases. Upgrades are also available, and with some issuers you don't have to wait a year to upgrade to an unsecured account.
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:

If you applied for the Merrick Bank Double Your Line® Secured Credit Card, your $200 credit line will automatically double to $400 if you make at least your minimum payment on time each month for the first 7 months your account is open. You won't need to deposit any more money to receive the doubled line. For the Merrick Bank Secured Credit Card, your credit line won't double. Instead, you can start with a credit line of $200-$3,000, depending on your deposit. Your account will then be reviewed periodically after the first year to see if you're eligible for a credit line...
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.

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