Secured cards that people with bad credit can benefit from
If you are reeling under the effect of a poor credit score, it is more than likely that you are struggling to find a credit card lender who is willing to give you a credit card. Though this might seem to be a risky proposition, certain credit card lenders are willing to take the risk, albeit with caution. There are secured credit cards that are available for people with bad credit. Here are a few that are worth a mention.
The Applied Bank Secured Visa Gold card is one of the cards under this segment. There is no application or activation fee for this card. The rate of interest on this card is 9.99% which remains unchanged even if you are late in making your payments. Customers can choose their credit limit based on how much they can pay upfront as a security deposit. The deposit can vary between $200 and $5000 a month. All transactions on this card are reported on a monthly basis to the three major credit bureaus.
The Capital One Secured MasterCard is another worthy option for people with bad credit. The bank does not charge any application or processing charges. Customers can avail a credit of up to $3000 based on the security deposit paid up-front. Good payment and effective usage of the card will help customers get an extended line of credit without having to pay any extra deposit. All transactions are reported each month to all credit bureaus. The card has an annual fee of $29 and the interest rate is variable at 22.9%.