If you want to start building your credit, then a secured credit card is the way to go. This card requires that you make a deposit and then pay the minimum monthly installment. Ideal situation is to pay off the balance completely each month. After closing the account, any deposits made are refundable. The card can be used for many years before you must start paying the balance.
Capital One Platinum Secured Kreditkarte
If you have had problems making your payments, the Capital One Platinum Secured credit card is a great way start your credit history. Start with a small deposit of $49 to $99, and even $200. Capital One allows you make monthly payments and will mail your card once you've made the deposit. This credit limit is $1,000 so it's well worth investigating.
Capital One Platinum Secured cards have a $200 credit limit at the beginning. With additional deposits of up $800, it's possible to increase the limit. After six months, you may be eligible to apply for a greater credit line by increasing the initial deposit. You can actually get a credit line increase of up $1,000 in just six months. This is an excellent way to build credit, and it can also help you improve your score. Be sure to make your payments on-time.
Find it Secure
If you are looking to build credit, the Discover it Secured card is a great choice. This card comes with no annual fee and no minimum balance. It will help you rebuild credit and earn rewards. Students will find it especially helpful as there is no annual charge and you can transfer your balance into an unsecured Discover Card after seven months. After you have been responsible with your card you can move to a safer card without having to make 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 will not be charged for 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. This fee makes it an affordable option to build credit.
Citi Secured Mastercard
The Citi Secured MasterCard is a great choice among secured credit cards. With a security deposit between $200 and $2,500, this credit cards allows you to build your credit score and learn responsible financial techniques. In return for a card with no annual fee, you can use it for up to a year and then upgrade to a higher limit if you're ready.
The Citi Secured Mastercard's annual fee is zero dollars. This is unheard of with most secured credit cards, which charge high annual fees while offering very 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. While this card may have a low annual fee, it will still increase your bill by a considerable amount after you have started using it.