To activate secured cards, you need to deposit cash. Once this cash deposit is made, the secured card will act like an unsecured credit card, allowing you to purchase and pay off items. If you fail to make payments on time, interest may apply and the issuers could take your deposit. Paying late on your payments will negatively impact your credit score. You need to be aware of the minimum monthly payment.
Capital One Platinum Secured Card Credit Card
The Capital One Platinum Secured Credit Card is a secure credit card. This card does NOT require collateral. This is advantageous because it preserves credit history and can help you to improve your credit score. The card is also flexible enough to allow you to pay on time and not max out your account. Within three months you will see positive changes to your credit score. You can combine this card with another secured credit card, such as the Discover It Secured Credit Card.
Capital One Platinum Secured Credit Card gives you a credit limit up to $1,000. You can also get a credit limit of up to $5,000. Credit scoring is very dependent on credit limit. This means that you must carefully evaluate your credit utilization ratio. It should not exceed 30%. Once you have established a good credit history, you can move on to unsecured credit cards with better perks. This card should only be used to establish good credit and help you qualify for better perks.
Discover it Secured credit card
For those who wish to rebuild credit without paying high fees, the Discover it Secured Credit card is the best option. The card does not have an annual fee and there are no limits on the amount you can spend. You can also earn rewards and build up your credit rating. With a low interest rate, the Discover it Secured Credit Card offers the best of both worlds. You can use this card for all your monthly expenses. Additionally, you earn rewards for every purchase.
The Discover it Secured Credit Card comes with a generous welcome bonus and good cash back programs. This card is ideal for students or those with a limited credit history because it will help you establish a strong credit history without the hassle of a credit report or an application process. Discover will automatically review your account within seven months and return any deposit that you have not paid on time. You will also receive many perks and rewards for paying your bills promptly and exercising financial responsibility.
nRewards Secured Credit Card
Bad credit people will love the nRewards Secured Credit Card. The card is issued to people with a certain amount of money as collateral for their credit limit. The card reports credit payment history to the major credit agencies and can be used by people with bad credit or none. This card has low interest rates, and it can be a great option for people who are looking to build a good credit history.
There are many options for secure credit cards. However, the nRewards Secured Credit Card's low annual fee is what makes it unique. This card is ideal for people with limited credit histories or who are trying to improve their credit score. Cardholders with less than perfect credit are able to use it because there is no annual fee, and they can also deposit $200. You can also get it with a $200 safety deposit which makes it more competitive than other secured credit lines.