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May 2022: 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 (see issuer website for full details). 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 May 2022
- Click "APPLY ONLINE" to apply now
- No annual or hidden fees. See if you're approved in seconds
- Building your credit? Using the Capital One Platinum Secured card responsibly could help
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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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Secured Sable ONE Credit Card
Cash Back Rewards for Limited/No credit IN May 2022
- NEW! Get a dollar-for-dollar match on all cash back at the end of your first year with Sable’s Double Cash Bonus.
- Earn 2% cash back on everyday purchases at Amazon, Uber, Uber Eats, Whole Foods, Netflix, Spotify, and more! Plus, earn 1% cash back on all other purchases.
- Auto-review to unsecured card in as FAST as 4 months, 3X faster than anywhere else with Sable’s graduation promise.
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CREDIT CARDS
What is a secured credit card?
A secured credit card requires a security deposit to act as collateral for the line of credit. They are designed for people with limited or damaged credit who want to rebuild their credit history. Benefits of secured...
Read moreWhy do Secured Credit Cards Require a Security Deposit?
First off let me say congratulations. The move towards a secure credit card means that you have had poor credit management in the past before, and you are attempting to reconcile your differences, and put your best foot...
Read moreWhy Go For A Secured Credit Card?
Many people have had problems with keeping up with their payments each month following the recession. So many lost their jobs and still others were not able to meet with their loan payments, mortgage and other expenses....
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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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