A secured credit is the best way to build your credit. You will need to deposit a minimum monthly amount and make the minimum monthly payment. A perfect situation would be to repay the entire balance each month. Once the account is closed, deposits are refundable. You can keep your card open for several years before having to start paying back the balance.
Capital One Platinum Secured Credit Card
The Capital One Platinum Secured Credit Card is a great way to start a credit history if you've previously had trouble making payments. You can make a deposit as low as $49 or $99 and up to $200. Capital One allows you make monthly payments and will mail your card once you've made the deposit. It's possible to expect a credit limit of $1,000, so it's worth looking into.
Capital One Platinum Secured has a credit limit of $200 for its initial credit. This limit can be increased by adding $800 to your initial deposit. You can also apply to for a higher credit card line after six months by increasing your initial deposit. In fact, you can get a credit limit increase of up to $1,000 after just six months. This is a great way for you to improve your credit score and build credit. You should make sure you make your payments on time.
It's Secure!
Anyone who wants to improve their credit score will find the Discover it Secured credit cards a great option. This card has no annual fee or minimum balance and will help you build your credit history while also earning rewards. This card is ideal for students. There is no annual cost and you can transfer the balance to an unsecured discover card after seven years of good payment habits. Once you are responsible with your card, it is possible to upgrade to a more secure card that doesn't require a security deposit.
Discover it Secured credit card also has $0 annual fee, no foreign transaction fee, and no late fees. While the card may charge a fee for late payments, you can also avoid these fees by making all of your payments on time. Lastly, you won't be charged for purchases made internationally. Balance transfer fees do not exceed three percent of the balance transfer amount for the first six month, and rise to five per cent after that time. These fees are a reasonable option for building credit.
Citi Secured Mastercard
Citi Secured MasterCard is the best secured credit card. This credit card offers a low security deposit, ranging from $200 to $2,500. It allows you to build credit and teach responsible financial habits. The card comes with no annual fees and you can use it up to a year. If you feel ready, you can upgrade to a larger limit.
Citi Secured Mastercard has an annual fee of zero dollars. This is another notable aspect. This is not common with secured credit cards. These cards charge high annual charges and offer few benefits and perks. Additionally, many unsecured credit-building cards charge high annual fees that can easily exceed $1000 and then increase in price every year. Even though the annual fee for this card is very low, it will still significantly increase your bill once you begin using it.