Secured credit cards to bail you out of a bad credit crisis
Struggling with the bad credit that caught up with you during the recession? The time to worry about how to overcome this problem seems to be over. The recovery of the economy is encouraging banks to reach out to people with a tarnished credit report to help them amend their mistakes. While getting unsecured credit cards to put these worries behind you may be tough, getting secured cards with favorable terms is definitely possible if you check through the options available. Here are a few secured credit cards that can help you repair your damaged credit report.
The Capital One Secured MasterCard is one of the cards in this segment worth signing up for. The bank does not conduct a credit check before issuing this card. All main transactions done using this card are reported on a regular basis to the three credit bureaus to help you work on your credit scores. While you can avail a credit limit of $3000 on the card on paying the security deposit, using the card prudently will help you increase the line of credit in future without having to pay a higher deposit. The card carries an annual fee of $29 and the interest rate is variable starting from 22.9%.
The Applied Bank Secured Visa Gold Credit Card is another secured card you can sign up for. This card does not carry any application or annual fees. This is one of the few cards that offer a low interest rate of 9.99% which is fixed and does not increase even in case of late payments. The credit limit on the card varies between $200 and $5000 depending on the money paid as security deposit.
Latest Secured Credit Card News
Secured credit cards are credit cards that are supported by a money deposit of about $200-$1000 paid upfront. This amount is used as collateral for issuers and usually equals to the future credit line. This type of card can be extremely welcome if you are a beginner at credit issues or for some reason have to rebuild your credit almost from scratch.
Are you new to finance and want to find out what to start building your credit history with? Or maybe you’ve had hard times under your belt and now have to rebuild your credit score bit by bit? Then, probably you’ve already stumbled on some information about secured credit cards and prepaid cards.
Secured credit cards have been increasing in popularity over the last several years, and for good reason. For folks who have no credit history, limited credit history, or a poor credit score, a secured card offers a path toward financial wellness and a healthy credit score.
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