What Bank Offers a
Secured Credit Card Application
What Bank Offers a Secured Credit Card Application? This is where you need to do a little digging.
The bank we used to rebuild our credit with their secured card was bought out and maintains past clients but does not offer a secure credit card. This being the case, I did find a resource that is very helpful in selecting a card that is right for you. In many ways secured cards are more reasonable than an unsecured credit card.
The original bank card we used for our credit repair has an annual fee. This was not the best decision at the time but is one of the only choice we could find at the time. I would not do a card with an annual fee again as now that we have had the card a number of years, we have really paid quite a bit for it.
One of the smart decisions we made with this card was to use a small security deposit which the bank still holds.
Usually with a secured credit card application your credit score is not considered. That’s another great benefit of applying to this type of program.
So here is a how a this secured card works, you make a deposit into an FDIC-insured account that acts as a security deposit.
You can then make purchases anywhere Visa is accepted or take cash advances up to the deposited credit line amount, usually with between $300-$2000. Payments are reported to all three major credit bureaus (TransUnion, Experian and Equifax) so you can begin to establish credit immediately.
Some of the companies with this offering do not require a credit check or even a checking account to apply.
Others do check. I guess since the financial institution has your deposit, why bother with the credit check. This actually makes a lot of sense.
There are a number of available options at:
Be sure to read the terms of each one. I know at first the terms don’t sound great but they tend to be much better than some of the unsecured cards I have.
I just checked the terms on one of my unsecured cards and this secured card beats their rates hands down. Its a great deal!
Here are a sample details of the secured credit card application that you want to check into before deciding which one to apply for. (Please always be sure to check the details when you apply - yes you have to read the fine print.)
- Introductory APR & Duration
- Customary APR on Purchases and Balance Transfers
- APR for Cash Advances
- Set-up and Maintenance Fees
- Annual Fee
- Penalty APR
- Cash Advance
- Foreign Transaction Fee
- Late Payment
- Returned Payment/NSF
So review the resources at
as it is a great tool to compare your choices. If you have low credit or no credit the opportunity to re-establish your credit history and work towards improving your credit score without charging significant fees.
See how you can fund your account. Some of the options are Western Union, ACH, wire transfer, check or money order. If you need the card quick, rush shipping may be available for a fee so you can begin using your card just days after funding (sending in your deposit) your account.
Anyway, just be sure to do your homework and don't only think of the short term help it will provide but also the long term.
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