A secured credit card can help you build credit. With this type of card, you have to make a deposit and then make at least the minimum monthly payment. Ideal situation is to pay off the balance completely each month. The deposits that you make can be refunded once the account is closed. This means that your card can be used for years before you have the to pay back the balance.
Capital One Platinum Secured credit card
If you have had problems making your payments, the Capital One Platinum Secured credit card is a great way start your credit history. You can start with a low deposit of $49 or $99, or even up to $200. Capital One allows you make monthly payments and will mail your card once you've made the deposit. This will allow you to have a credit limit up to $1,000.
The Capital One Platinum Secured card has an initial credit limit of $200. With additional deposits of up $800, it's possible to increase the limit. You can apply for higher credit lines by increasing your deposit after six months. In fact, you can get a credit limit increase of up to $1,000 after just six months. This is a great way to build credit and start improving your score. You should make sure you make your payments on time.
You can find it secured
If you are looking to build credit, the Discover it Secured card is a great choice. This card comes with no annual fee and no minimum balance. It will help you rebuild credit and earn rewards. This card is ideal for students. There is no annual cost and you can transfer the balance to an unsecured discover card after seven years of good payment habits. Once you've been responsible with your card, you can graduate to a more secure card without a security deposit.
Discover it Secured credit-card features include $0 annual fee, foreign transaction fees free of charge, and late payment fees. You can avoid late fees by paying all of your bills on time. International purchases will not incur a fee. For the first six months, balance transfer fees are three percent of the total amount transferred. After that period, they rise to five percent. These fees are a reasonable option for building credit.
Citi Secured Mastercard
Citi Secured MasterCard is the best secured credit card. This credit card offers a low security deposit, ranging from $200 to $2,500. It allows you to build credit and teach responsible financial habits. The card comes with no annual fees and you can use it up to a year. If you feel ready, you can upgrade to a larger limit.
The Citi Secured Mastercard's annual fee is zero dollars. This is unusual among secured credit cards which often have high annual fees but offer few benefits or perks. Many unsecured credit card building cards also charge eye-popping fees each year, which tends to increase the cost of the card after the first. Even though this card is low in annual fees, it can still add significant amounts to your monthly bills once you use it.