Secured credit cards need a cash deposit in order to be activated. The secured card acts like an unsecured card and allows you to buy and pay off goods. You may be charged interest if you default on your payments. In addition, the issuers can take your deposit. If you fall behind on payments, it will affect your credit score, so you need to pay attention to the minimum monthly payment.
Capital One Platinum Secured Card Credit Card
Secure credit cards are offered by Capital One Platinum Secured Credit Card. This card doesn’t require collateral. This card preserves your credit record and helps you to rebuild your credit. Moreover, this card allows you to make payments on time and avoid maxing out the balance. You should notice positive changes in credit reports within three months. This card can be combined to another secured credit card such as the Discover It Credit Card.
Capital One Platinum Secured Credit Card allows you to have a credit limit as high as $1,000 You can also get a credit limit of up to $5,000. Credit scoring is heavily influenced by credit limits. It is important to consider credit utilization. It should be less than 30%. Once you have established creditworthiness, you can then move to unsecured credit cards offering better perks. This card should be used only to build good credit and qualify you for better perks.
Discover it Secured Credit Cards
For those who wish to rebuild credit without paying high fees, the Discover it Secured Credit card is the best option. There are no annual fees and no restrictions on what you can spend. This card allows you to earn rewards and builds your credit history. Discover it Secured Credit Card gives you the best both of them with a low interest. This card is great for paying monthly bills and earning rewards on every purchase.
The Discover it Secured Credit Card comes with a generous welcome bonus and good cash back programs. This card is great for students with limited credit history or students. It allows you to establish strong credit without the hassles of a credit application or credit report. After seven months, Discover will automatically review your account and return your deposit if you are still not making payments on time. This card comes with many perks that reward you for being responsible and paying your bills on schedule.
nRewards Secured Credit Card
For people with poor credit, the nRewards secured credit card is a great choice. The card is issued to people with a certain amount of money as collateral for their credit limit. This card is great for people with poor credit or no credit. It reports credit payments to major credit bureaus. This card is low in interest and can be a great choice for people looking to improve their credit score.
There are many options for secure credit cards. However, the nRewards Secured Credit Card's low annual fee is what makes it unique. It is an attractive option for those with limited funds or those looking to build credit. The card's no annual fee and $200 security deposit makes it a solid option for people with less than perfect credit. It's competitive with other secured credit card cards, with a $200 deposit.