Credit score tricks to obtain premium secured credit cards? The Credit Builder Secured Visa® Credit Card from Armed Forces Bank makes it easy to increase your credit line over time to give you greater flexibility and keep your credit utilization low. You can increase your limit in $50 increments simply by depositing more money at any time. The no-annual-fee Navy Federal Credit Union® nRewards® Secured Credit Card earns rewards, offers an upgrade path and even features some perks, which is a lot from a secured product — if you can swing the membership and security deposit requirements.
Get the most value from OpenSky Secured Visa Credit Card? OpenSky’s secured credit card offers a lot of flexibility for funding an account, which makes it a great option for those who have thin or less-than-optimal credit files. You can choose from using a debit card, writing a check, or for the unbanked, a Western Union transfer or mailing in a money order. Get the most value from it by using it responsibly. That means paying your balances in full each month so you don’t accrue interest, making payments on time and monitoring your credit score periodically to track your progress.
First Progress checks your credit when you apply for one of its secured cards, but it’s not a “hard” inquiry, meaning it doesn’t affect your credit score. The First Progress Platinum Elite Mastercard® Secured Credit Card gets the nod here as the lowest-cost First Progress card. Getting a secured card without a hard inquiry on your credit report can be a benefit to those with lower credit scores, when every point counts. The interest rate on this card is decent for a secured card, though it’s best to pay your balance in full every month, especially when building credit. The annual fee of $29 isn’t terrible — but there are good secured cards available with no annual fee at all.
The Wells Fargo Business Secured Credit Card is our pick for best business secured card, which is an obvious choice since it appears to be the only secured business card in the market. It offers the flexibility of earning cash back or points rewards and the ability to have a credit line up to $25,000. The Wells Fargo Business Secured Card is ideal for small business owners needing to build their business credit or have experienced business credit challenges in the past.
If you are unbanked (i.e. you don’t have a bank account, as is the case for 115 million US households), then the OpenSky card might be the best choice for you. You can make your deposit and clear your statement using one of the following options: Wire transfer, Check, Money order, Debit card (if you do have access to a bank account). What Is The APR? 18.39% variable. While this isn’t too bad for a secured credit card, it’s still rather high. Ideally, you want to ensure that you pay your balance off in full every month, or you could find yourself being swamped by interest– particularly if you have a low credit limit. Is There An Annual Fee? Yes, $35. This will be deducted from your balance, so it’s not an amount you have to pay directly, but you will then need to clear the balance to avoid accruing interest. Find extra details on no credit checks.