Secured Credit Cards With Real Rewards
Consumers with no credit or poor credit tend to neglect to consider secured credit cards as an opportunity to establish or re-establish their credit. The cards may look expensive and unattractive, yet they work pretty well when a need to rebuild credit arises.
Secured cards require a security deposit but all in all, they work like regular credit cards. And such a benefit as cash back or point rewards, that is often associated with top-notch credit cards, can also be offered as an incentive on a secured card.
Here are secured credit cards that offer rewards and other useful benefits.
1. SKYPASS Visa Signature Card
Korean Air frequent flyers who have limited credit will enjoy this opportunity to earn additional miles towards their flights and build their credit. This card awards with double miles for Korean Air ticket purchases, and with 1 mile for every $1 spent on eligible purchases. The first purchase will bring the cardholders 15,000 SKYPASS bonus miles, and 2,000 bonus miles will be granted on renewal.
The perks include 2 KAL lounge coupons each year, travel & emergency assistance services, and free Vantage Score from TransUnion.
2. Best Western Rewards® Secured MasterCard®
Loyal Best Western guests will like the opportunity to establish or rebuild their credit and earn rewards along the way. Best Western stays will earn 13 points per $1, and all other purchases will earn 2 points per $1 spent. The bonus offer is 5,000 bonus points after the first card purchase is made.
Other benefits include a 10% discount when cardholders select the Best Western Rewards Rate at bwrcarddiscount.com, free FICO® Credit Score, and auto rental insurance.
Don’t forget about interest rates and fees
Secured cards are designed for people with no or poor credit whose primary goal is to establish or rebuild credit. Therefore, rewards should not be on the first place.
It is important to closely review terms and conditions: interest rates and fees should be paid the closest attention. It’s highly unlikely that earned rewards will cover annual fees, not mentioning the APRs.
The terms of security deposits also vary. The usual minimum security deposit is $200, but some issuers may require you to pay more or less. Security deposits are refundable and some may earn interest. Often times additional deposits are required to increase the credit card limit, but some issuers may increase limits without additional payments.
Is a good credit required to get a secured card?
No. Secured cards are designed for people with poor credit and for those who have no credit history at all. However, approval is never guaranteed. There always are minimum requirements an applicant should meet to qualify. Therefore, it is recommended to check credit reports and requirements before an application is submitted.
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