Credit score advices to get the top secured credit cards? No, you don’t have to be a hardcore biker (or even a casual one) to benefit from the Harley-Davidson® Visa® Secured Card. It’s a decent, no-annual-fee secured card for people looking to build or rebuild their credit. And if you are a biker, well, you can earn Harley-Davidson rewards, too. Our pick for: Low fees and interest: The DCU Visa® Platinum Secured Credit Card is a secured card for bad credit, but it offers a lower interest rate than many unsecured cards for people with good credit. You must be a member of Digital Federal Credit Union to get this card, although you can join by becoming a member of a partner organization for as little as $10.
OpenSky Secured Visa Credit Card: Details and benefits: The two reasons you may want to apply for the OpenSky Secured Visa Credit Card is if you don’t own a checking account, but still want access to a credit card, or if you’re looking for a secured card with a decent annual percentage rate. For everyone else, the $35 annual fee should make this card a non-starter. That being said, OpenSky Secured Visa can help you build or rebuild your credit, as the issuer, Capital Bank, reports your monthly payments to the three major credit bureaus — Equifax, Experian and TransUnion.
Although it’s always best to pay your credit card in full each month, especially when you’re trying to build credit, the low interest rate on the First Progress Platinum Prestige Mastercard® Secured Credit Card takes a much smaller bite when you do carry a balance. Credit cards for people with bad credit tend to have very high interest rates — often 25% or more. The First Progress Platinum Prestige Mastercard® Secured Credit Card, however, offers a rate lower than what you’ll find on many products for people with good or excellent credit. You can apply with no hard credit inquiry, a benefit to people with lower scores, where every point counts. The annual fee of $49 is on the high side for secured cards. (For a lower fee but a higher APR, consider the First Progress Platinum Elite Mastercard® Secured Credit Card.)
The ideal recipient of a secured credit card is someone who has never owned a credit card or any other type of credit account, such as a loan. Such prospective customers have what’s known as a “thin file”, with minimal data at credit bureaus about their payment activity, and so will especially benefit from the credit history a secured credit card will help to build. Those with poor or bad credit, because of irresponsible credit behavior in the past, can potentially gain the same advantage from a secured card. More even than credit newcomers, these customers’ actions—such as habitual late payments, credit defaults, and bankruptcy declarations—can make lenders apprehensive. And that can leave those consumers with few if any options to rebuild their credit other than a secured card.
What Are The Advantages Of Secured Credit Cards? In the vast majority of cases, you will be able to obtain a credit card without a credit check. So your previous financial history is of no concern; if you are able to make the deposit, then you will be able to obtain a card. This card will work exactly as a standard credit card would. You will also be able to build your credit history and potentially improve your credit score, with a secured card. What Are The Disadvantages of Secured Credit Cards? The APR on secured credit cards is often high. If you’re going to use one, then it’s imperative you try to clear your balance in full every month. See even more info at go here.
