Credit score tips to obtain the best secured credit cards? No, you don’t have to be a hardcore biker (or even a casual one) to benefit from the Harley-Davidson® Visa® Secured Card. It’s a decent, no-annual-fee secured card for people looking to build or rebuild their credit. And if you are a biker, well, you can earn Harley-Davidson rewards, too. Our pick for: Low fees and interest: The DCU Visa® Platinum Secured Credit Card is a secured card for bad credit, but it offers a lower interest rate than many unsecured cards for people with good credit. You must be a member of Digital Federal Credit Union to get this card, although you can join by becoming a member of a partner organization for as little as $10.
Who should get this card? If you don’t have a bank account and/or your credit check would make a traditional credit card issuer avoid your calls, an OpenSky secured credit card may be just what you’re looking for. But there’s no reason for most people to pay the $35 annual fee. We caution most consumers to avoid paying such fees on secured cards, as there are plenty of annual-fee-free options for consumers with limited credit.
Although it’s always best to pay your credit card in full each month, especially when you’re trying to build credit, the low interest rate on the First Progress Platinum Prestige Mastercard® Secured Credit Card takes a much smaller bite when you do carry a balance. Credit cards for people with bad credit tend to have very high interest rates — often 25% or more. The First Progress Platinum Prestige Mastercard® Secured Credit Card, however, offers a rate lower than what you’ll find on many products for people with good or excellent credit. You can apply with no hard credit inquiry, a benefit to people with lower scores, where every point counts. The annual fee of $49 is on the high side for secured cards. (For a lower fee but a higher APR, consider the First Progress Platinum Elite Mastercard® Secured Credit Card.)
Provided you make on-time payments with a secured card, your security deposit remains untouched and is remitted back to you should you ever close the account. Some issuers even pay you interest on the deposited funds. In time, given a positive record of making payments, issuers may grant you a credit limit that exceeds the security deposit. Eventually, the issuer may also offer you the option to upgrade to a regular—that is, unsecured—credit card. In many cases, that allows the account to remain open, and its increasing age to be an asset to your credit record, which generally rewards having older accounts. If that option isn’t available, though, one can simply close the secured account and apply for an unsecured card once you’ve attained a solid credit score. The free score-monitoring feature offered by most secured cards allows you to track your progress.
The APR on this card is one of its standout benefits; it’s astonishingly low for a secured credit card and competitive with standard credit cards. While it’s usually best not to carry a balance on a secured credit, if you do need to do so, then the Primor card is one of the best options. Is There An Annual Fee? Yes, $39 per annum. Read more: ‘Unbiased Primor Secured Credit Card Review’ » Do They Perform A Credit Check? No, so you don’t have to be concerned about a record of a search on your credit file, and you can definitely obtain a card. Find additional info on More @ www.eastwoodbank.com.