Secured Credit Card

One of the first things you should be trying to do when searching for a good Secured Credit Card is to stick with a reputable bank. Also, you will need to try to avoid high interest rates and unreasonable fees. Look for Secured Credit Card with low annual fees as well as banks that may allow for interest to be collected on your deposit. Unfortunately even with all of that, some banks that are offering a Secured Credit Card may not actually accept you if they feel that your credit situation is too bad for them. We have put together a list here for you to checkout a few names of some bank Secured Credit Card products that may be of great help to you.

1. Capital One Secured MasterCard

We have this product at the top of the list because we think this one happens to be the better of them all in the area of the Secured Credit Card. This card just might actually extend you a limit that is beyond the amount of your deposit to get started. This is not the way the Secured Credit Card feature normally works for most banks. Their interest rates start at 22.9% and the annual fee is $29.

2. Wells Fargo Secured Visa Card

This bank product has a reputation for being provided to people of any type of credit history. Their rules seem to be that as long as you didn't have a bankruptcy case in the past year or unsettled liens, you will likely get approved for this card. Once they accept you, you will need to make a deposit of at least $300 to get your account started. The amount that you deposit will become your credit limit as well. The interest rate for this product is 15.74% and the annual fee is $25.

 

3. U.S. Bank Secured Visa Card

This product will help you by allowing interest to be earned on your deposit. Even though this account gives you interest on your deposit, you will do better to not carry a balance. The interest rate on this account is 17.74% and the annual fee is $35.


4. BankAmericard Secured Visa

This product is one that the bank really pushes towards those who are wanting to rebuild their credit. This account also allows you to choose your credit limit by the amount you make as your security deposit. The minimum deposit is also $300. the interest rate for this card is around 19% and the annual fee is $39 What's great with this product is that they have a yearly review. After the year they will evaluate your account and payment history then decide if they feel you are ready for a standard credit card account. If so, they will give you that option which would include returning your deposit back to you.

With these cards you should be able to learn the lesson of not carrying a balance because that will result in additional fees being tacked on. There are definitely many who have such a hard time trying to rebuild or even establish credit and want to give up. We want to encourage you not to give up because unfortunately in this world you will need to have credit at some point. Finding the best secured credit card for you will be the ultimate way to rebuild or establish your credit. This is how some people are ending up with secured cards with interest rates close to 30%. If the reputable banks won't accept you, then you will need to go somewhere, right? Just be careful and make sure to read everything before you sign off on anything.