Secured Credit Cards
The secured credit cards listed below are for those with a troubled credit history. While other companies may decline you cards on the basis of prior repayments, Secured Credit Cards are generally more laid back and accepting. Compare the following credit cards, then apply online for your choice of card by clicking on the “Apply” button and completing a secure application.
| Credit Card Company | Balance Transfers | New Purchases | Typical APR | Full Review | Apply Now |
|---|---|---|---|---|---|
Capital One Classic  |
n/a | n/a | Typical 34.9% APR | Capital One Classic Credit Card Review | Apply |
Vanquis Card |
n/a | n/a | Typical 39.9% APR | Vanquis Credit Card Review | Apply |
Secured Credit Cards Information
If you are just starting out in the World today and want to increase your creditworthiness but no one will offer you a credit card (because you don’t have any credit) then finding a great secured credit card is something that can help you achieve your goals. This method is a great resource for those needing to rebuild their credit. Unfortunately, there are many banks that do not issue secured credit cards, but with some diligence on your part, you will be able to find the perfect secure credit cards to meet your needs.
Secured credit cards will typically either come in a partially secured variety or a fully secured variety. With the partially secured credit card, you probably have an almost decent credit score but it is hovering just below the threshold so the bank offers a partially secured credit card. What you will do is place a small amount on deposit with the bank and they will in turn issue you a credit card that usually has a higher credit limit than monies they are holding for you; as you make purchases and pay your balance on time every month, you will begin to slowly increase your credit rating and can probably step up to a traditional credit card in a few short months.
With fully secured credit cards, the consumer places an amount equal to what they want their credit limit to be; for example, if you want a credit limit of $1000, then you would need to place $1000 on deposit in the bank issuing the credit card so that in the event of a default (yours) the bank does not lose out on any funds it may have a rightful claim to. This type of secured credit card is often harder for people to procure because for any meaningful credit limit, they will have to save for an extended period of time before applying. However, once they do have the funds available to receive a fully secured credit card, then the, too, will begin to increase their credit rating in earnest.
As for the time limit required before using secured credit cards really pays off, you will typically have your secured credit cards for a period of 12 months — if during that time you have made all your payments on time and have not gone over the limit you have set for yourself (fully secured cards) or by the bank (partially secured cards) you will typically receive a refund on your deposit and the card will go from being a secured model to a standard, regular and basic credit card. This is definitely the ideal way for people with less than perfect credit to make a comeback.
