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December 2021: Best Secured Credit Cards from Our Partners
Banks have become cautious during the pandemic, and if you have limited or poor credit history, they may require a refundable security deposit to act as collateral on your credit card account. Think of it like a security deposit you'd put down on an apartment. The bank protects itself, while still letting you build up your credit history. It's a win-win situation. Let the Credit-Land.com experts steer you toward the secured credit card with the lowest fees and best terms for your needs.
Top Secured Credit Card
BEST CHOICE of December 2021
- Upon credit approval, the collateral deposit you provide becomes the credit limit on your Visa® card. Choose between $200 and $1,000.
- After the first year, you can request to increase the credit limit up to a maximum of $5,000 (subject to credit approval and additional collateral deposits).
- This card is perfect for people new to credit as well as people looking to rebuild their credit
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Build Your Credit with a Secured Credit Card
Secured credit cards are designed for people with limited or bad credit who want to build or rebuild their credit history. The cards are reported to major consumer reporting agencies (credit bureaus) - Experian, Equifax, and TransUnion. Use your secured credit card as a tool: put only small charges on it, which you will surely pay off, and use the card each month, so you don't lose it due to inactivity. Thus, if you manage your secured card responsibly and keep any other active credit accounts in good standing (always pay on time and keep your balances low), you will be able to improve your credit.
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Assent Platinum 0% Intro Rate Mastercard Secured Credit Card
0% INTRO APR ON PURCHASES
December 2021
- Enjoy 0% APR on Purchases for Six Months!
- Full-Feature Platinum Mastercard® Secured Credit Card
- Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
HAVE DIFFERENT CREDIT HISTORY?
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CREDIT CARDS
What is a secured credit card?
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secured CREDIT CARDS
IN BRIEF
Secured credit cards require a small deposit of collateral and are subject to interest rates. Your security deposit may be refunded eventually if you pay off your entire balance each month. This also helps avoid high interest and improves your credit score.
The advantage of such cards is that they may be able to help build, rebuild, or reestablish your credit history if you make on-time minimum payments with all your creditors and maintain your account balances below the credit limits.
The Skinny on Secured Credit Cards
If you can't get approved for an unsecured credit card, you can still apply for a secured credit card. Secured cards require a deposit and give you a better chance of being approved.
Unlike prepaid cards, secured cards do report payments to the three major consumer reporting agencies (credit bureaus: Equifax, Experian, and TransUnion), so using one can help rebuild a damaged credit history by making on-time payments with all your creditors and keeping balances below the credit limits. If you make payments successfully for a period of time, some issuers will convert your secured credit card account to a conventional, unsecured one.
Secured cards are recommended for people with past financial challenges and bad credit history. Banks are wary to approve people with bad credit and might deny their applications, even with a security deposit.
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SECURED CREDIT CARDS
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