A secured credit cooperative allows you to borrow money against a fixed deposit. The minimum deposit varies depending on the lender, as does the maximum. Most lenders will place a hold upon the funds. However, the money might still be included as part of your total balance. The credit limit for a typical secured credit union is $3,500 with a $300 minimum deposit.
Capital One Platinum Secured credit card
Capital One Platinum Secured Credit Card lets you deposit as much as $200 in security deposits. Cardholders who pay their monthly bills in full can increase this credit limit. Within six months of receiving the card, applicants can apply for a credit limit increase.
Platinum Secured Credit Cards have no annual fees and zero foreign transaction fees. This card is also a great choice for travelers, as it will allow you to use your card anywhere in the world without incurring any foreign transaction fees. You will also have the freedom to choose the payment due date on your statement, and you can pay with your check or online.
Citi Secured Mastercard
A Citi Secured Mastercard is not subject to credit checks, unlike unsecured credit cards. The Mastercard logo will be accepted and the credit card can then be used wherever you are. This means you can make purchases anywhere Mastercard logo is accepted. It is more popular than American Express, Visa and Discover. This card has many benefits including free credit reporting monitoring and 24 hour emergency assistance.
When you get a Citi Secured Mastercard, you will be charged no annual fee and will only be charged balance transfer fees of 5% of the balance you transfer. Transferring a $1,000 balance can cost you $50. There is a $5 minimum balance transfer fee. Your deposit will be refunded after 18 months of responsible use.
DCU Visa(r) Platinum Secured Credit Card
The DCU Visa(r® Platinum Secured) credit card offers a low APR and is ideal for consumers looking to improve their credit scores. This card offers many perks, including a creditwise (r) simulator.
You must first join the credit union to apply for the DCU Visa(r), Platinum Secured creditcard. This is higher than the $200 minimum deposit required for most secured cards. However, the DCU Visa(r), Platinum Secured Credit Card offers low interest rate and no fees.
Rewards for Platinum Advantage
Secured credit Cards can offer many benefits. For example, you can exchange rewards for merchandise or travel vouchers. Platinum Rewards Mastercard gives you credit limits upto $25,000 and no annual fee. You can also earn rewards for every use of your card. You can redeem points for gift cards, merchandise, and charity donations.
You can earn one point for every dollar you spend. You may also be eligible for bonuses from local partners, like Cici's Italian restaurant. Advantage Rewards allows you to purchase merchandise and gift cards. The card does not have an annual fee, and there are no fees for balance transfers, foreign transaction fees, or over-limit fees.
Platinum Cash rewards
American Heritage Credit Union is a great option if you want to earn rewards for spending on your secured card. The credit union offers many rewards programs, including the Platinum Secured Mastercard. The card is free of any annual fee and you can earn points each time you use it. These points can be redeemed for merchandise or charity.
Share Savings is backing the Platinum Rewards Secured Mastercard. You will earn reward points for every dollar you spend. These points can be used to redeem for merchandise, gift vouchers, or travel vouchers. The credit union card has no annual fees and is safe.