A secured credit card is a great way to build your credit. You will need to deposit a minimum monthly amount and make the minimum monthly payment. It would be ideal to pay the entire balance each month. Once the account is closed, deposits are refundable. 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 been having trouble paying your bills, the Capital One Platinum secured credit card is a great choice to get started on building credit. You can make a deposit as low as $49 or $99 and up to $200. If you're not sure whether you can afford the full amount, Capital One will allow you to make payments over time and mail your card when you've paid the deposit. The credit limit for this card is $1,000. It's definitely worth looking into.
Capital One Platinum Secured cards have a $200 credit limit at the beginning. With additional deposits upto $800, you can increase this limit. You can apply for a higher credit limit by increasing your initial deposit after six months. You can even get a $1,000 credit limit increase after only six months. This is a great way for you to improve your credit score and build credit. Just make sure you make all of your payments on time.
Find it Secure
If you are looking to build credit, the Discover it Secured card is a great choice. This card is free of any annual fees and has a minimum balance. You can earn rewards while rebuilding your credit. This card is particularly useful for students because there is no annual fee and you can transfer your balance after seven months of paying on time. Once you have been responsible for your card, you will be able to move up to a secure card without the need for a security deposit.
Other features of the Discover it Secured credit card include $0 annual fees, no foreign transaction fees, and no late payment fees. While the card may charge a fee for late payments, you can also avoid these fees by making all of your payments on time. You will not be charged for international purchases. Balance transfer fees are only three percent of the total balance transfer amount for the first six months, and they increase to five percent after this period. However, these fees make it a relatively affordable option for building credit.
Citi Secured Mastercard
The Citi Secured MasterCard is a great choice among secured credit cards. The Citi Secured MasterCard has a low security fee of $200-$2,500. This credit card will help you build your credit history, and help you learn responsible financial practices. 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.
Another notable feature of the Citi Secured Mastercard is its annual fee of zero dollars. This is a rare feature among secured credit cards that charge high annual fees and offer very 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. Although this card has a low annual cost, you will still be charged a significant amount once you start using it.