Credit cards are guaranteed to require a cash amount and are often used to build credit. If you have trouble getting approved for an unsecured card in the past, the security card might be right for you. This post, we introduce to people about the best-secured credit card.
In the previous post, Info Credit Free introduces people to some of the necessary information that is useful for getting the best credit card offers in the US, to get more information people can read the article Somethings about student credit cards people should note. Now, let find knowledge about the credit card consolidation in the post today.
BEST-SECURED CREDIT CARD
Just like a lot of article posts such as instant approval credit cards, low-interest credit cards, pre-approved credit cards, best credit card offers…, this post about credit card consolidation also includes some main parts. They are:
1. What is the best-secured credit card?
Credit cards are guaranteed to require a cash amount and are often used to build credit. If you have trouble getting approved for an unsecured card in the past, the security card might be right for you. By making a minimum payment on time for all creditors and maintaining an account balance below the credit limit, a credit card secured with responsible financial behavior can help you set up or rebuild your credit history.
The credit limit on your secured credit card will usually equal your security deposit. In some cases, your credit limit may be larger than your security deposit, depending on the card you choose and your credit rating.
Although you deposit a guarantee for a credit line, you can use a secured credit card just like you would with any other credit card. Swipe it to purchase items to your credit limit and make timely payments for your balance each month.
2. Some benefits of the secured credit card
- No Credit Check Needed
Credit cards are guaranteed to be good options for people with bad credit and are seeking to avoid another hard investigation of their credit history and potential denial. To open a secured credit card, you make the initial deposit, becoming the card’s credit limit. That initial deposit could range from a few hundred dollars to about 5,000 dollars.
- Credit History for Credit Bureaus
Independent young people, college students away from home, those who recover from a major life event (such as divorce or serious illness), and recent immigrants can also benefit from the card. Secure credit because it helps them start or restart credit history.
When you don’t have a recent pay stub or tax return, some lenders may refuse your credit application because you don’t have proof of income. Most credit card companies are guaranteed to report your activity to three credit bureaus (Equachus, Experian and TransUnion) so you can start building (or rebuilding) your credit score.
- Eligible for Higher Limits
Through responsible management of your secured credit card, you can score a higher spending limit. By turning in your payments on time and paying your balance in full every month, you improve your chances of getting a higher limit sooner.
Alternatively, the customer can contact the lender to deposit more money and increase your credit limit. Over time, the lender can increase the limit without requiring any additional deposits.
- Grace Period
When choosing a guaranteed credit card, it is important that you choose a card with a grace period. The grace period is a time window, usually between the end of the payment cycle and the due date of that cycle, in which you do not have to pay interest until your new balance is paid in full.
Although most credit cards offer grace periods, some credit cards are not guaranteed. If there is no grace period, you will owe interest each time you buy. This will make improving your credit history more difficult than necessary.
- Accepted Internationally
Most credit cards are guaranteed to be accepted as a form of payment when traveling abroad. Due to some disadvantages of traveler’s checks, some international tourists may be happy to know that they can rely on their guaranteed credit card as a payment option.
3. Some best-secured credit card
|Card||Best For:||Minimum Deposit Required||Annual Fee|
|Discover it Secured||Cashback||$200||$0|
|Citi® Secured Mastercard||No annual fee||$200||$0|
|Capital One Secured Mastercard||Building credit||$49, $99, or $200||$0|
|OpenSky Secured Visa Credit Card||No credit check||$200||$35|
|First Progress Platinum Prestige Mastercard Secured Credit Card||Fully refundable deposit||$200 – $2,000||$49|
|Self Lender — Credit Builder Account||No hard credit pull||See Terms||See Terms|
|Green Dot primor Visa Classic Secured Credit Card||Easy application||$200||$39|
|First Progress Platinum Elite Mastercard Secured Credit Card||Low APR||$200 – $2,000||$29|
|Green Dot primor Visa Gold Secured Credit Card||No credit history required||$200||$49|
|The Secured Visa from Merrick Bank||Beginning cardholders||$200||$50|
This post is about credit cards for no credit. We provide this information to offer you some of the necessary information that is useful for getting the credit cards for no credit. Also if you are using credit cards and would like to know how to borrow money, please refer to the personal loans for people with bad credit link we just provided in the previous article.
In addition, we provide a variety of information on insurance or the Swift Code of each bank in the US in many previous articles. If you are living in the US and want to know about insurance or code, people should read some articles like such as Swift Code Capital One Financial Corp, compare car insurance quotes, professional indemnity insurance…
Hillary (Team Content) – Info Credit Free