A secured credit union lets you borrow funds against a deposit. The minimum deposit required and the maximum allowed vary depending on the lender. Most lenders will place a hold upon the funds. The money may still be included within your total balance. A typical secured credit union has a credit limit of $3,500 and a minimum deposit of $300.
Capital One Platinum Secured Credit Card
Capital One Platinum Secured Credit Card gives consumers the option to deposit up $200 as a security deposit. As long as cardholders pay their monthly bills, this credit line can be increased. Applicants will be considered for a higher credit limit within six months after obtaining the card.
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. 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 are not subject to credit checks. The credit card can be used anywhere that the Mastercard logo is accepted. You can purchase in more than 212 countries. It is more widely accepted than Visa, American Express, 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. If you wish to transfer a $1,000 balance, this fee can be as high as $50. The minimum balance transfer fee you have to pay is $5. When you have completed 18 months of responsible and consistent use, your deposit will automatically be refunded.
DCU Visa(r.) Platinum Secured Credit Card
The DCU Visa(r), Platinum Secured credit card has a low introductory rate and is intended for those who want to improve their credit score. The card comes with a number of perks that will help you improve your credit score and financial literacy.
The DCU Visa(r), Platinum Secured card requires that you first join the credit cooperative and deposit a minimum of $500. This is more than most secured cards which start at $200. Nevertheless, the DCU Visa(r) Platinum Secured credit card offers low interest rates and no fees.
Platinum Advantage rewards
Secured credit Cards can offer many benefits. For example, you can exchange rewards for merchandise or travel vouchers. With the Platinum Rewards Secured Mastercard, you can get up to $25,000 in credit limits and pay no annual fee. Every time you use your card, you earn rewards. Redeem points for gift cards and merchandise or to support charity.
Earn one point for each dollar you spend. Plus, some credit cards offer bonuses through local partners, such as 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. 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 then be redeemed to buy merchandise or for charity.
The Platinum Rewards Secured Mastercard is backed by Share Savings. It offers reward points for every dollar spent, with rewards redeemable for merchandise, gift cards, and travel vouchers. This credit union card does not have an annual fee and is highly secure.