A secured credit card is a great way to build your credit. You will need to deposit a minimum monthly amount and make the minimum monthly payment. The best situation is to pay the full balance each month. After closing the account, any deposits made are refundable. You can keep your card open for several years before having to start paying back the balance.
Capital One Platinum Secured Kreditkarte
The Capital One Platinum Secured Card Credit Card is a great option to establish credit history, especially if you have struggled with payments in the past. A low deposit of $49, $99 or $200 can be used to start your credit history. Capital One will let you pay the deposit in installments and send your card to you once the payment is made. You can expect a $1,000 credit limit, so it's worth checking out.
Capital One Platinum Secured card comes with a $200 initial credit limit. With additional deposits upto $800, you can increase this limit. You can apply for higher credit lines by increasing your deposit after six months. In fact, after six months you can increase your credit limit up to $1,000. This is a great way to build credit and start improving your score. Be sure to make your payments on-time.
You can find it secured
If you are looking to build credit, the Discover it Secured card is a great choice. This card has no annual fee or minimum balance and will help you build your credit history while also earning rewards. It's especially beneficial for students, as there is an annual fee and the ability to transfer your balance to an unsecure Discover card after seven consecutive months of good payments. Once you have been responsible for your card, you will be able to move up to a secure card without the need for a security deposit.
Other features of the Discover it Secured credit card include $0 annual fees, no foreign transaction fees, and no late payment fees. Late payments may incur a fee. However, you can avoid these fees by paying your monthly payments on time. You won't be charged any international purchases. For the first six months, balance transfer fees are three percent of the total amount transferred. After that period, they rise to five percent. These fees are a reasonable option for building credit.
Citi Secured Mastercard
While there are many great secured credit cards, the Citi Secured MasterCard stands out as a top choice. This credit card has a low minimum security deposit of $200 to $2,500. It will allow you to build credit history and practice responsible financial management. You can use the card for up to one year, then upgrade to a higher limit when you are ready.
Citi Secured Mastercard has an annual fee of zero dollars. This is another notable aspect. This is unheard of with most secured credit cards, which charge high annual fees while offering very few benefits and perks. Many unsecured credit cards have high annual fees and tend to increase in cost after the first year. Although this card has a low annual cost, you will still be charged a significant amount once you start using it.