A secured credit card can help you build credit. This type of card requires you to make a deposit, and then pay at least the minimum monthly payments. It would be ideal to pay the entire balance each month. After closing the account, any deposits made are refundable. You can keep your card open for several years before having to start paying 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 will let you pay the deposit in installments and send your card to you once the payment is made. It's possible to expect a credit limit of $1,000, so it's worth looking into.
Capital One Platinum Secured has a credit limit of $200 for its initial credit. This limit can be increased by adding $800 to your initial deposit. You can apply for higher credit lines by increasing your deposit after six months. In fact, after six months you can increase your credit limit up to $1,000. This is a great opportunity to build your credit and improve your score. You should make sure you make your payments on time.
It's Secure!
Anyone who wants to improve their credit score will find the Discover it Secured credit cards a great option. This card is free of any annual fees and has a minimum balance. You can earn rewards while rebuilding your credit. Students will find it especially helpful as there is no annual charge and you can transfer your balance into an unsecured Discover Card after seven months. Once you are responsible with your card, it is possible to upgrade to a more secure card that doesn't require a security deposit.
Discover it Secured credit card also has $0 annual fee, no foreign transaction fee, and no late fees. The card will charge you a late payment fee, but this can be avoided if you make all your payments on time. You will not be charged for international purchases. For the first six months, balance transfer fees are three percent of the total amount transferred. After that period, they rise to five percent. However, these fees make it a relatively affordable option for building credit.
Citi Secured Mastercard
Citi Secured MasterCard is the best secured credit card. With a security deposit between $200 and $2,500, this credit cards allows you to build your credit score and learn responsible financial techniques. You can use the card for up to one year, then upgrade to a higher limit when you are ready.
Citi Secured Mastercard offers a zero-dollar annual fee. This is not common with secured credit cards. These cards charge high annual charges and offer few benefits and 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.