A secured credit cooperative allows you to borrow money against a fixed deposit. The minimum deposit required and the maximum allowed vary depending on the lender. Many lenders place a hold on the funds. The money may be included in your total account balance, however. A typical secured credit card union has a credit limit up to $3500 and a minimum deposit requirement of $300
Capital One Platinum Secured credit card
Capital One Platinum Secured Credit Card allows customers to make a deposit of up to $200 to secure their credit card. The credit limit can be increased if the cardholder pays their monthly bills on time. Within six months of obtaining the card, applicants will be eligible for a greater credit limit.
Platinum Secured credit card has no annual fee and no foreign transaction fee. The card is a good choice for travelers as you can use it anywhere in the world and not pay any foreign transaction fees. The payment due date can be set by you, and you have the option of paying with your check or online.
Citi Secured Mastercard
Citi Secured Mastercards do not require credit checks. The Mastercard logo allows the card to be used anywhere. This allows you to make purchases in more than 212 countries. It is accepted more than American Express, Visa, and Discover. This card has many benefits including free credit reporting monitoring and 24 hour emergency assistance.
A Citi Secured Mastercard will allow you to transfer balances up to 5% without any fees. There is no annual fee. If you wish to transfer a $1,000 balance, this fee can be as high as $50. There is a $5 minimum balance transfer fee. You will be refunded your deposit when you reach 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. The card includes a creditwise(r), simulator and many other benefits to improve credit scores and financial literacy.
For the DCU Visa(r), Platinum Secured credit card you will need to first join the credit Union and make a $500 minimum deposit. This is much higher than other secured cards, which start at around $200. However, the DCU Visa(r), Platinum Secured card offers low interest rates with no fees.
Platinum Advantage rewards
Secured credit cards offer many benefits. These include rewards programs that can be used to exchange for merchandise or travel vouchers. Platinum Rewards Secured Masterscard offers credit limits upto $25,000 with no annual fees. Plus, you can earn rewards every time you use your card. Points can be redeemed for merchandise, gift cards or charitable donations.
You can earn one point for every dollar you spend. Some credit cards even offer bonuses through local partners like Cici’s Italian restaurant. Advantage Rewards allows you to purchase merchandise and gift cards. The card has no annual fees and does not charge fees for balance transfers, foreign payments, or overlimit fees.
Platinum Cash rewards
American Heritage Credit Union is a great option if you want to earn rewards for spending on your secured card. This credit union offers numerous rewards programs for members, including a Platinum Secured Mastercard. This card has no annual fee, and you can earn points every time you use it. These points can be redeemed for merchandise or charity.
Share Savings supports the Platinum Rewards Secured Mastercard. It gives you reward points for every dollar, which can be used for merchandise, gift cards and travel vouchers. The credit union card has no annual fees and is safe.