A secured credit union allows you to borrow funds against a deposit. The minimum deposit and the maximum amount are dependent on the lender. Most lenders will place a hold upon the funds. However, the money may still be included in your total balance. A typical secured credit Union has a credit limit at $3,500 and a deposit minimum of $300.
Capital One Platinum Secured Credit Card
Capital One Platinum Secured Credit Card allows customers to make a deposit of up to $200 to secure their credit card. Cardholders who pay their monthly bills in full can increase this credit limit. Within six months of obtaining the card, applicants will be eligible for a greater credit limit.
Platinum Secured Credit Cards have no annual fees and zero foreign transaction fees. This card is also a great choice for travelers, as it will allow you to use your card anywhere in the world without incurring any foreign transaction fees. The payment due date can be set by you, and you have the option of paying with your check or online.
Citi Secured Mastercard
A Citi Secured Mastercard is not subject to credit checks, unlike unsecured credit cards. The Mastercard logo can be accepted anywhere the credit card is used. This allows you to make purchases in more than 212 countries. It is widely accepted than Visa, American Express and Discover. There are many benefits to the card including free credit reports monitoring and 24-hour assistance.
When you get a Citi Secured Mastercard, you will be charged no annual fee and will only be charged balance transfer fees of 5% of the balance you transfer. For a balance greater than $1,000, the fee could be up to $50. The minimum balance transfer fee for transfers is $5. Your deposit will be refunded after 18 months of responsible use.
DCU Visa(r.) Platinum Secured Credit Card
The DCU Visa(r), Platinum Secured card is designed for people who want to improve credit scores and offers a low initial APR. This card offers many perks, including a creditwise (r) simulator.
You must first join the credit union to apply for the DCU Visa(r), Platinum Secured creditcard. This is more than most secured cards which start at $200. However, the DCU Visa(r), Platinum Secured card offers low interest rates with no fees.
Rewards for Platinum Advantage
Secured credit cards can offer a number of benefits, including rewards programs that can be exchanged for merchandise or travel vouchers. Platinum Rewards Secured Mastercard allows you to have credit limits of up to $25,000, and there is no annual fee. Additionally, your card earns you rewards for every transaction. Points can be redeemed for merchandise, gift cards or charitable donations.
One point can be earned for every dollar spent. You can also get bonuses from local partners such as Cici's Italian restaurants. Advantage Rewards also offers gift cards and merchandise. This card also offers no annual fee and no fees for balance transfers, foreign transactions, or over-limit fees.
Platinum Cash rewards
American Heritage Credit Union is a great option if you want to earn rewards for spending on your secured card. The credit union offers many reward programs for members, such as the Platinum Secured Mastercard. This card does not have an annual fee. You can also earn points every time that you use it. These points can be redeemed for merchandise or charity.
Share Savings supports the Platinum Rewards Secured Mastercard. You will earn reward points for every dollar you spend. These points can be used to redeem for merchandise, gift vouchers, or travel vouchers. This card from a credit union is secured and does not require an annual fee.