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Building credit takes time. Start with a secured credit card. Secured credit cards are a tool that can help you establish or build your credit history. Make your payments on time each month, and keep your balance low relative to the credit limit, for positive marks on your credit report. If used responsibly, secured credit cards can help you raise your credit score and improve your financial standing. Secured cards are most beneficial for:People with poor FICO scores (579 and below)People with no credit history who want to establish good creditBecause secured credit cards are a tool for people who already have credit problems or need to build a credit history, it’s important to understand exactly how secured credit cards work and which are the best ones available to you.
The BankAmericard® Secured Credit Card lives up to its name. Not only does it help cardholders establish and restore their credit, but it also provides added security for shopping and banking online.A minimum deposit of $300 is required to open this account. The maximum credit line, $4900, is determined by your income, the amount of the security deposit, and your ability to pay. After 12 months, you may get your security deposit back if your account is reviewed.
Credit cards with no annual fee offer the flexibility of credit without the cost of a yearly fee.No annual fee credit cards help reduce your cost of credit while offering you a variety of features such as rewards, cash back on every purchase or lower interest rates. Use our comparison tool to help you decide which Bank of America® credit card offering no annual fee is right for you.
People with bad credit or no credit can get benefits from secured credit cards. Even people with very good credit but have trouble getting approved for regular credit cards can benefit from secured credit cards.
If you can use your card responsibly, your credit score may increase. Therefore, you can have a better chance to get approved for a regular credit card after a few months.
Although secured credit cards are not like traditional credit cards, they are still credit cards. Many secured credit cards offer rewards programs, so cardholders can earn rewards points by making purchases.
You can get approved with a bad or limited credit history. A few secured credit cards don’t require any credit check, if you can pay down the minimum required security deposit. There are also some traditional secured credit cards, the issuer will review your personal credit history when determining whether to approve your credit card and what terms you are eligible for. Responsible past use of credit will maximize your chances.
You can apply for a secured credit card online, in banks or by email depending on the card. And you just need to fill in your personal information and submit your application. The credit card issuer will consider your credit reports and several different factors when reviewing your application to get an idea of your creditworthiness.
You need to have an understanding of the terms of your credit card in order to use it better and avoid paying extra fees.
Pay your bill in full on time
Because secured credit cards don’t require you to have a very good credit score, they often have more fees than unsecured credit cards. In general, you have to pay an annual fee and an application fee. Some terrible secured credit cards charge cardholders high- interest rates, monthly account fees, and even credit limit increase fees which will be charged when you request to have your credit limit increased.
What’s more, any late payments will be reported to the credit bureau, which may you’re your credit score. If your payment is delayed for several months and your credit card is owed, your account will be closed and you will lose your deposit. Therefore, we recommend you to pay the bill in full on time in order to avoid extra fees.
Convert to unsecured credit card
Some secured credit cards will review your account after a period of time, and upgrade your credit card to unsecured card if you qualify. If your secured credit card issuer doesn’t upgrade your credit card to an unsecured credit card, you can apply for an unsecured credit card with other card issuers.
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