Secured credit unions allow you to borrow money against a deposit. The minimum deposit required and the maximum allowed vary depending on the lender. A lot of lenders put a hold on your funds. The money may still be included within 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. The credit limit can be increased if the cardholder pays their monthly bills on time. Within six months of applying for the card, applicants may be granted a higher credit limit.
Platinum Secured Credit Cards have no annual fees and zero foreign transaction fees. This card is great for travelers because it allows you to use your card wherever you are in the world, without any foreign transaction fees. You have the ability to select the payment due date, and you can either pay by check or online.
Citi Secured Mastercard
Citi Secured Mastercards do not require credit checks. You can use the credit card anywhere Mastercard logos are accepted. This means that the credit card can be used in more than 221 countries. It is accepted more than American Express, Visa, and Discover. This card has many benefits including free credit reporting monitoring and 24 hour emergency assistance.
Citi Secured Mastercards come with no annual fees and only 5% balance transfer fees. For a balance greater than $1,000, the fee could be up to $50. The minimum balance transfer fee you have to pay 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) credit card offers a low APR and is ideal for consumers looking to improve their credit scores. This card offers many perks, including a creditwise (r) simulator.
To apply for the DCU Visa(r) Platinum Secured credit card, you must first join the credit union and make a minimum deposit of $500. This amount is significantly higher than secured cards that start from around $200. However, the DCU Visa(r), Platinum Secured Credit Card offers low interest rate and no fees.
Rewards from 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 Masterscard offers credit limits upto $25,000 with no annual fees. Every time you use your card, you earn rewards. Redeem points for gift cards and merchandise or to support charity.
Each dollar you spend can earn you one point. You can also get bonuses from local partners such as Cici's Italian restaurants. Advantage Rewards allows you to purchase merchandise and gift cards. The card does not have an annual fee, and there are no fees for balance transfers, foreign transaction fees, or over-limit fees.
Platinum Cash rewards
American Heritage Credit Union could be right for your needs if rewards are earned from purchases made on your secured bank card. This credit union offers numerous rewards programs for members, including a Platinum Secured Mastercard. This card doesn't have an annual cost and you can get points for each use. These points can be used to purchase merchandise or donate to charity.
The Platinum Rewards Secured Mastercard is backed by Share Savings. It gives you reward points for every dollar, which can be used for merchandise, gift cards and travel vouchers. This card from a credit union is secured and does not require an annual fee.