Can you get a secured credit card with no annual... - Other Questions


ADVERTISING DISCLOSURE: is an independent, advertising-supported web site. receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Questions » User Questions » Other » Can you get a secured credit card with no annual fees?

Can you get a secured credit card with no annual fees?

Answered on | Updated on November 21st, 2010
The content is accurate at the time of publication and is subject to change.

Getting a secured card is no big deal if you know what you are looking for and what exactly you can settle for. It is important to do some basic research before taking the plunge; this will give you a lot of help later on in life. You will slowly find out that secured credit cards need a fee which can be annual, quarterly or some times even monthly. And the fees will vary depending on the bank from which you want to get a card and also the facilities that you are looking for.

We then arrive at the question of what sort of fees you will have to deal with. There are a number of fees that can be laden upon you if you do not read the fine print while signing on the dotted line.

The application fee is the most common fee that you will encounter. This is a fee that you have to pay to all the banks with which you apply for a credit card. in order to process your application, the bank will charge a small fee. The fee will be used to conduct a credit check and also a basic background check in some cases.

Monthly fees are an other oft encountered fee. Irrespective of whether or not you use the card, you will have to pay a fee every month or as mentioned before, a different time period such as an annual fee. It can also be bi-annual or quarterly. It’s always better to go for a shorter time period if you are not paying more because it will give you the flexibility of destroying the card with no waste in terms of fees already paid.

And then there will be the miscellaneous fees. This can include anything and everything that you can dream about! The over the limit fee is the most common in this lot. If you use your credit card over the limit that you eligible for, you will be charged a hefty fee. But just like debit card overdraft fees, you can get a refund on this fee if you return the money in a short period of time.

You can also find cards with no annual fees if you pay a one time fee. This is how most banks operate these days as they are getting more customers friendly. The banks have realized that people do not appreciate paying for something that they do not use regularly and hence the one time fee concept was devised.

If you are just getting a credit card in order to rebuild your credit record, you can go for a no annual fee card. This will allow you to just keep a card or a number of cards which will add up to your credit history.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Introducing the New Citi Rewards+ Card - the only credit card that automatically rounds up to the nearest 10 points on every purchase - with no cap
Excellent, Good Credit
Enjoy 70,000 bonus miles after spending $5,000 on purchases in the first 90 days
Good/Excellent Credit
See Rates & Fees
Perfect credit not required for approval; we may approve you when others won’t
Fair/Bad Credit

Other Questions in

You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!