Low Cost Secured Credit Cards
Which One is Right for You?
There are a lot of low cost secured credit cards out there to help you rebuild your financial history. However, I have two favorites-- one that I did the research for you and the other that you will have to do the research yourself.
I have checked a number of financial institutions that offer online secured credit card applications.
Although Orchard Bank is most well known, I will say that I don’t like their fees...so I kept looking....I did find a number of institutions that took advantage of people in need of credit repair. The fees were astronomical as well as the interest rates.
I finally found one of the best secured credit cards for the price. There are still some fees involved but it is one of the most economical secured cards.... read more...
The one that you will have to do the research yourself is with your local credit unions.
First, you have to check on which ones you can belong to. Then check on the details of their secured credit cards...
I have found that some credit unions don’t even offer secured cards, others do without checking your credit report, then there are others that will check your credit and then give you a secured card.
It is a secured card after all so you can usually get approved. Here are a few details on what else you need to find out when you do your research.
Many credit unions are kind in that they keep the credit card secured for a year or two of good payment history. After that, some credit unions will release the funds and then your card is no longer secured and you have built a good credit history.
Things to Ask:
Research your possible choices, get all the information up front and evaluate your options. Then you can decide which one of the low cost secured credit cards is for you.
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