Best Secured Credit Card?

[THXdts 10+ year member]

I was trying to start off building my credit, and was looking for some feedback from those who have used secured cards? What banks did you find the best? I know most say to look for the banks with the lowest annual fee and good APR. Thanks.

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[blazeplacid 10+ year member]

no annual fee and low rate

your gonna get ***** either way, credit card companies dont stay in businesses cuz people pay thier bills every month

 

[jrr323 10+ year member]

pay your balance every month and dont buy what you can't afford. my first credit card was the student visa offered by bank of america never had a problem with it.

 

[bigbluthng 10+ year member]

try a credit union.

 

[bw_audio 10+ year member]

..

 

[Stephen_c 10+ year member]

got mine at a local bank. $500 secured card. had 0% interest for the first year and no fee. after the first year is up i get my $500 back and the rate is 10.9% still no annual fee

 

[fasfocus00 5,000+ posts]

http://www.orchardbank.com

don't do a secured credit card, waste of time and doesn't help that much.

 

[Stephen_c 10+ year member]

http://www.orchardbank.com
don't do a secured credit card, waste of time and doesn't help that much.

your confused //content.invisioncic.com/y282845/emoticons/rolleyes.gif.c1fef805e9d1464d377451cd5bc18bfb.gif

 

[fasfocus00 5,000+ posts]

your confused //content.invisioncic.com/y282845/emoticons/rolleyes.gif.c1fef805e9d1464d377451cd5bc18bfb.gif

i'm confused??? that is the card I started with over 6 years ago to build my credit from my then 500 credit score to my current 750 score.

 

[duece212 5,000+ posts]

Secured cards do help, and are not a waste of time. Try your local credit union. Drop 500 in a savings account to secure a $500 loan. Take the money from the loan and use it for a secured $500 credit card.

The loan won't build your credit as fast as the secured credit card will, but if you are just starting out with little to no credit, having two accounts reporting and a mix of credit types will help. In a year when your loan is paid off and hopefully your bank/CU unsecures your credit card you will have some good credit history and $1000 saved up.

 

[THXdts 10+ year member]

Anyone else have any card specific recommendations?

 

[newusername 10+ year member]

What is a 'secured' credit card?

You put down your money to get a credit card. Say you put down $500 as a deposit; they'll give you a credit card with a limit of $500.

Now I don't know how things work in the US, but secured credit cards do not build credit up here in Canada, because you aren't actually being extended any credit: you're using your own hypothecated funds.

 

[THXdts 10+ year member]

Yeah in the USA they do. A lot of people use them for just that reason, to build credit. I just don't know which card to go with.