A secured credit is the best way to build your credit. This card requires that you make a deposit and then pay the minimum monthly installment. It would be ideal to pay the entire balance each month. After you close your account, all deposits are refundable. The card can be used for many years before you must start paying the balance.
Capital One Platinum Secured credit card
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 has a credit limit of $200 for its initial credit. With additional deposits of up $800, it's possible to increase the 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 method to build credit and increase your score. You should make sure you 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. 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. 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.
The Discover it Secured credit cards also include no annual fees, no foreign transaction fees and no late payments 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. Balance transfer fees are only three percent of the total balance transfer amount for the first six months, and they increase to five percent after this period. This fee makes it an affordable option to build credit.
Citi Secured Mastercard
Citi Secured MasterCard, despite the fact that there are many outstanding secured credit card options available, is our top choice. The Citi Secured MasterCard has a low security fee of $200-$2,500. This credit card will help you build your credit history, and help you learn responsible financial practices. 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 unlike most secured credit card cards which have high annual fees, but very few benefits and perks. Many unsecured credit cards have high annual fees and tend to increase in cost after the first year. This card will increase your monthly bill even though it has a low annual charge.