Credit Cards»Secured Credit Cards

Secured Credit Cards

What is a secured card?

A secured card is a credit card you put a deposit down on, similar to a prepaid card. That deposit is used as collateral. Unlike a prepaid card, when you spend on your secured credit card, it's not deducted from the deposit.

By using a secured card responsibly, it may help you establish or build your credit history if you make your payments on time each month, and keep your balance low relative to the credit limit. Secured credit cards offer limited credit lines and report your activity to the three major credit bureaus, giving you tools necessary to establish a history.

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Is my credit good enough?

Do you have bad credit history or a limited credit history? Secured cards from our partners can help you build or establish your credit, extending to you a limited credit line and reporting your payment behavior. Secured cards from one of our partners may be one tool you can use to show you can responsibly manage credit. Pay your minimum payment on-time each month and stay within our credit limit for positive reports to the consumer reporting agencies. If you keep a low balance relative to your credit limit and pay on time each month, a secured credit card can put you on the track to obtain better credit card offers.

These cards are typically designed for and offered to those with no credit or bad credit. Keep in mind that if you have good credit, you may qualify and benefit from a more rewarding card.

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What are some pros and cons?

Secured cards offer a stepping stone to building better credit, even after a financial hardship. Some even offer credit line increases based on creditworthiness and good payment history. But they typically come with higher APRs, making them unsuitable for carrying a balance. Many also have annual fees.

A credit card is one tool that can help you build your credit history. Ultimately, only you can turn your credit problems around, and each person's credit situation is different. But always making on-time payments on all of your obligations and keeping your balances low relative to your credit limits are two of the most important things you can do to positively affect your credit profile.

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Tips on Secured Cards

Don't make the mistake of thinking secured cards will automatically improve your credit history. Only you can build a good credit history. It's important to make payments each month, establish diverse credit and remain in good standing with your credit card company in order to effectively build credit.

Understand that a secured card requires a deposit that will reflect your credit limit.

Take a look at our list of cards and get on the path to better credit.

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* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.