A secured credit is the best way to build your credit. You must make a deposit before you can make any monthly payments. The best situation is to pay the full balance 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 Card 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. You can make a deposit as low as $49 or $99 and up to $200. If you're not sure whether you can afford the full amount, Capital One will allow you to make payments over time and mail your card when you've paid the deposit. It's possible to expect a credit limit of $1,000, so it's worth looking into.
Capital One Platinum Secured card comes with a $200 initial credit limit. This limit can be increased by adding $800 to your initial deposit. You can also apply to for a higher credit card line after six months by increasing your 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. Just make sure you make all of your payments on time.
Discover it Secured
For anyone who is looking to build a credit history, the Discover it secured credit card is a good option. This card has no annual fee or minimum balance and will help you build your credit history while also earning rewards. This card is ideal for students. There is no annual cost and you can transfer the balance to an unsecured discover card after seven years of good payment habits. After being responsible with your card for at least seven months, you can transfer to a more secured card without a security deposits.
Discover it Secured credit-card features include $0 annual fee, foreign transaction fees free of charge, and late payment fees. You can avoid late fees by paying all of your bills on time. International purchases are exempt from fees. Balance transfer fees do not exceed three percent of the balance transfer amount for the first six month, and rise to five per cent after that time. 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. This credit card has a low minimum security deposit of $200 to $2,500. It will allow you to build credit history and practice responsible financial management. 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 a rare feature among secured credit cards that charge high annual fees and offer very few benefits or perks. In addition, many unsecured credit building cards charge eye-popping annual fees, and they tend to increase the cost after the first year. Even though this card is low in annual fees, it can still add significant amounts to your monthly bills once you use it.