USAA secured credit card
USAA actually offers two different secured credit cards. You can get a Visa card or an American Express. Consumers can determine their own credit limit based on their deposit, which ranges between $ 200 and $ 5,000.
USAA offers a grace period of 25 days to pay your bill. That can help you avoid late payments and further damage to your credit history. There is an annual fee of $ 35 with this card. The annual percentage rate is variable depending on the preferential interest rate at 11.65% to 21.65%, depending on your credit history.
One of the best things about this card is that people on active duty can get a special APR discount. That can reduce your APR to just 4%.
Another benefit of this card is that, unlike most other guaranteed cards in the market, your deposit generates interest. The rate is only 0.54%. However, that is still extra money. However, the CD takes 2 years to mature, so you cannot recover your deposit without a fee before that.
First Premier secured credit card
First Premier offers a secured Mastercard. Like the Open Sky card, First Premier does not require any type of credit check for this card. It is also incredibly fast to request. Applicants can get an answer in just 30 seconds.
Your security deposit determines your credit limit. It can reach up to $ 5,000. They also allow you to increase your credit limit over time by increasing your security deposit. They require a minimum of $ 200 to start.
A disadvantage of this card is that if you get an increase in the unsecured credit limit, a 25% charge of the increase will be applied to your account. That means that it is not a card on which you want to accept many unsecured increases, since the cost of doing so can quickly accumulate. In addition, at the point where you are approved for unsecured increases, you may consider getting a new credit card account.
US Bank secured credit card
US Bank offers a secured Visa card. The limit is based on your deposit, which can vary from $ 300 to $ 5,000. An advantage you get with US Bank is that your deposit is deposited in a secured savings account. Earn interest while the bank has it. When you recover your deposit, you will also receive the interest you earned.
Another advantage of this card is that you get car rental insurance at no additional cost. To qualify, you must charge your entire rental car to the card. You must also reject the collision damage exemption option of the rental company.
The guaranteed US Bank visa has a variable APR of 25.99% against the preferential rate. There is a cash advance fee of 4% and a foreign transaction fee of 3%.
Green Dot secured credit card
Green Dot actually offers two secured credit cards, the first Visa Classic and the first Visa Gold. The gold card has a lower APR, but also has a higher annual rate. That means you want to tend towards the classic. The reason is that you do not want to charge any balance on a secured credit card, because you are charging for using your own money.
Green Dot has a minimum deposit of $ 200. You can deposit up to $ 600. That means you have a much lower credit limit available than many of the other secured credit cards we have seen.
The interest rate for the Green Dot primor Visa Classic is 13.99% APR. There is also an annual fee of $ 39. Unlike many other secured credit cards, the interest rate on the Green Dot card is fixed. That means it stays the same no matter what happens in the market.
TD Bank secured credit card
TD Bank has a secured Visa card, the TD Cash Secured credit card. It has more features than many of the other secured credit cards we’ve seen. First, you have 15 days to deposit funds into the savings account that secures the card. That gives you some time to put extra money in the account to increase your credit limit anywhere between $ 500 and $ 5,000.
In addition, unlike most secured credit cards, TD Bank offers cash back on purchases. You will get a 3% cash refund on meals, a 2% refund on groceries and a 1% refund on other purchases.
The card has an annual percentage rate of 24.99% for purchases and balance transfers. There is a balance transfer fee of 3% or $ 5, whichever is greater. It will also incur a minimum interest charge of $ 1. The APR for cash advances is 27.24%. Cash advances also have a $ 10 or 5% rate, whichever is greater.
Any credit product can be difficult to understand. And secured credit cards are no different. They are a great way to increase your credit score and get approval for a card if you have bad credit. We collect this handy guide to help you answer all the questions you have about secured credit cards. Use this information to better understand secured credit cards and find the right card for you!
Understand secured credit cards
This section has all the answers you are looking for when it comes to secured credit cards. We will cover the basics here and deal with more specific and detailed questions in the other sections. Use this section to obtain a good basis for understanding secured credit cards.