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Secured Credit Cards
The secured credit card is perfect for those who wish to begin building a good credit history, as well as for those who are new to the world of credit. It can help you rebuild your credit history in case if you had credit problems in the past. The card is perfect for establishing and reestablishing credit, except you have filed for bankruptcy. Minimum risk is involved.
In many ways, a secured card provides its customers with the same flexibility, features and conveniences as any credit card. Despite of you being turned down before, you can use MasterCard or Visa credit card for Car Rentals, Airline Tickets, Shopping, Identification, Cash Advances, Emergencies, Lodging Reservations, and much more. They can be used for paying in situations where checks or cash are not accepted, like making reservations, renting a car or purchasing plane tickets over the phone.
Unlike unsecured cards, secured cards carry a higher interest rate and an annual fee. Other costs include processing fee, application fee, which you should find out before applying. The deposit required for secured card depends on the card, but commonly it ranges from $250 to $500, which is considered your security. If held in a saving account, it will even earn a little interest. The amount you deposit into the savings account determines your credit limit. The limit is either for the full deposit amount or for a percentage of the total.
The most popular secured credit cards are:
Orchard Bank MasterCard® Secured
- Low Annual Fees;
- Initial Credit Limit Up To $1,000;
- Competitive APRs;
- Complimentary Online Services for Payment and Account Management;
- Periodic Review of Credit Limit Increase
- Intro APR - 0%; Intro Period - 6 months;
- Annual fee - 35$; Setup fee - 0$
Eufora Associate Prepaid MasterCard®
- Cash Reward Program;
- No Credit Check; New Car Sweepstakes;
- Zero Liability
- No introductory rate;
- Annual fee - 3-$; Setup fee - 0$;
- No APR.
Eufora Elite Credit Builder Prepaid MasterCard®
- 100% Guaranteed Approval;
- FREE Direct Deposit;
- Live Support; 24 hour Online Access;
- Reload with max. 5000$ Value at thousands of retail locations.
- Safer than Cash
- No introductory rate;
- Annual fee - $100;
- Setup fee - 0$;
- No APR.
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