Aug 9, 2011

Top Secured Credit Cards for Bad credit

Finding the right credit card can be a tough task with bad credit score. Secured credit card not only allows you to use all the benefits that credit card gives, but also improves your credit ranking. You score is getting higher if you make all payments on time and credit card issuer reports that to major credit bureaus. Though most of them do their offers are not equal. Before applying for the credit card with bad credit score, read review of best secured credit card offers at

Secured credit cards are not costumers’ favorite product due to security deposit and high annual fee. Though secured deposit is refundable, not everyone wants to put down some money. But if your score is far from excellent secured card can be the answer. Such cards offer your lower APR than unsecured card for bad credit.

Capital One Secured Master Card – the best credit limit for the least security deposit

This card is a mix of secured and non secured one because you don’t have deposit the amount of money that equal to your credit limit. When you deposit $49 you get $200 credit line, for $200 you get a credit limit up to $3000. This card goes with reasonable annual fee $29. But high APR of 22,9% will not inspire you to carry high balance. There is no international transaction fee that is good for travelers.

Our resume: Capital One Secured Master Card is good choice if you can control your finances and pay all the bills on time. You don’t have to keep high security deposit and pay unfair annual fee. It’s good choice to rebuild credit history.


Wells Fargo Secured Credit Card – the lowest annual fee

Wells Fargo offers one the lowest annual fee for secured credit card which is 18 dollars a year. For your money you get 16.49 APR which is reasonable and credit line up to $10 000. Your credit limit is equal to the deposit and starts from $300.

Our resume: If you have enough money for security deposit, but don’t want to be overcharged for an annual fee, Wells Fargo card is good choice.


Orchard Secured Credit Card – the lowest APR

HSBC offer a wide range of cards for poor credit score, one of them is Orchard Secured Master Card. It offer APR as low as 7.90% and waive the annual fee for the first year (then you pay $39). It requires minimum security deposit of $200. By the way during the application process you can be qualified for an unsecured card, but with higher APR.

Our resume: Orchard Secured Master Card is the best choice for those who always carry credit card balance, because it offers the lowest APR. Waived annual fee for the first year is also a plus.


Citi Secured MasterCard – deposit that brings you profit

Citi bank offer is different from the others because the bank invests all the secure deposits on CDs, while other banks put them into no-interest accounts. So your security deposit at least brings you small profit. The annual fee is $29, but 18.24 APR is rather high. After 18 month bank offers an upgrade to unsecured card.

Our resume: APR is rather high to carry balance on such a credit card, but this card is excellent way to rebuild you credit score and even earn interest on your security deposit.


The Open Sky Secured Visa Card – great credit limit with low deposit

Reasonable 14.25 APR with and credit line up to $3000 with $200 deposit is rather attractive offer. The drawback is $50 annual fee and the list of other fees: $50 expedited fee for fast shipment (otherwise you get your card in 2-3 weeks), $25 fee for credit limit increase, $9.95 access fee, etc.

Our resume: Open Sky Secured Visa Card is best balance between reasonable APR and high credit limit, but it is just too many fees.


Applied Bank Secured Visa Gold – low fixed APR

There is no annual fee for this credit card and fixed APR as low as 9.99%. Applied bank does not run a credit check, so you don’t have to worry about being declined. Credit limit is equal to your security deposit and starts from $200. The drawback is that there is no grace period and there are number of miscellaneous fees.

Our resume: This card could be ideal if there was a grace period.


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