Secured credit cards are an excellent way to establish a positive credit history and are designed especially for people with no credit history, or who have current and past credit problems. Secured cards look and work like any other credit card. The only difference is that you open an FDIC insured security deposit for the credit card. Your payment history is reported to the three major consumer reporting agencies so you can begin to establish your credit. Some of the credit cards listed on this page require no credit check, and may offer guaranteed approval. Compare the secured card offers below and apply online today!
|Intro Purchase APR N/A||Intro Balance Transfer APR N/A||Ongoing APR 9.99%|
|Annual Fee $48||Balance Transfer Yes||Credit Needed Poor|
|Intro Purchase APR||N/A|
|Intro Balance Transfer APR||N/A|
Unlike unsecured cards, secured credit cards require that you deposit money into a bank account to secure a credit line. Statements are sent to you each month for charges that you've made to the card. Your payment history is reported to the major consumer reporting agencies so you can begin to establish your credit. Once you get upgraded to an unsecured card or otherwise cancel the account, the amount you deposited up front gets refunded back to you, less any money you might owe on the unpaid balance.
Secured credit cards are a terrific option for establishing or rebuilding your credit history. Secured credit cards are generally accepted wherever major credit cards are accepted. Making your payments on time will help to build a positive credit reference.