Secured Cards
A secured card is when you give a bank a sum of money and they give you a credit card up to the dollar amount you gave them as your credit limit. The below four cards that I would suggest you review. Each will have a brief description about them and the bank that finances them.
UNDERSTAND that if you owe money to the bank that is financing the card you most likely WILL NOT be approved for the card.
NOTE: Most secured credit cards will ask you to send them proof of your identity after you submit your application to them like your Driver’s License and Social Security card.
PUBLIC SAVINGS
They are a relatively new bank in the secured credit card world. So unless you have a delinquent account with them you will be approved when you apply.
- No annual Fees
- No Monthly Fees
- Reports to all 3 bureaus
- Is coded as an unsecured card at the credit bureau level!
- $300 minimum deposit required
Bank of Texas
- $35 annual fee
- No Monthly Fee
- Reports to all 3 credit bureaus
- $300 minimum deposit required
- HUGE advantage of this card is they will add a spouse for free as a joint account holder & report to the credit bureaus.
Orchard Bank (Funded by HSBC Bank)
Your Local Credit Union
Every Credit Union I have come across offers secured credit cards to their members and typically you just have to open a savings account with anywhere from $50-100 to then be able to apply for a secured credit card with them.
Note:
Many banks are now actually declining secured credit card applications. Having a credit expert who is aware of the ever changing guidelines and requirements to help you get approved is definitely a plus.
RED FLAG for SECURED CREDIT CARDS:
Tax Liens!
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