Top 5 Secured Credit Cards For Bad Credit 2013

Here are the results of the independent researcher that was hired to pick the top 5 Secured Credit Cards For Bad Credit.  If you have any questions regarding these just leave me a comment below or contact me through the “contact us” page.

 

1. Merrick Bank Secured Visa

Why you want this card:

This card has a low annual fee which will be billed to your account at $3 per month. Merrick Bank doesn’t require the amount for the annual fee at the time of application, which makes this card accessible to many people. At 17.5% APR for purchases and 22.45% for cash advances, the interest rates are average. If you struggle in the beginning and can’t pay the balance in full, the interest rate is not extremely bad. The Merrick Bank Visa offers complimentary identity theft protection, which is a very useful feature in an era when identity theft is on the rise. Merrick Bank Visa reports monthly to three major credit bureaus, which helps you build your credit. Overdraw fees are $35 for each transaction. The $200 security deposit becomes your $200 credit limit. *Other banks offer similar secured Visa cards. Check with your bank, as they may offer automatic bill payment of a secured credit card through your current account, which will make building your credit even easier, since you won’t have to remember to make the payment (make sure the money is in the account, of course).

2. Open Sky Secured Visa

Why you want this card:

Open Sky Secured Visa allows you to build credit quickly as they report to all three major credit bureaus. The card is accessible as they do not require a credit check for approval; nor do they require a savings or checking account. They provide four different ways to fund the security deposit. Choose your credit limit from $200 up to $3000.  Free fraud protection is included. Open Sky’s annual fee is higher than some of the other cards at $50, but there are no other fees. When you provide the $50 annual fee, this is deducted from the initial line of credit ($300 limit becomes $250) and adds to the security deposit, which is a minimum of $200. This card has a relatively low APR at 14.25%.

3. First Progress Platinum Prestige

Why you want this card:

No credit history or minimum credit score is required to obtain this card. The First Progress Platinum Prestige card reports to all three major credit bureaus, helping you to rebuild your credit. You have the ability to set your own credit limit ($300-$2000, depending on your deposit). The annual fee is $44, with no monthly fees. The First Progress Platinum Prestige card has an 11.99% APR for purchases and 18.99% APR for cash advances, which is better than most cards in this category. This is helpful if you ever carry a balance.

4. Capital One Master Card

Why you want this card:

Capital One has a low annual fee of $29. Most secured credit cards give you a limit equal to the security deposit, but Capital One allows a higher line of credit than the deposit. For example, one can deposit $49 and have a $200 line of credit. Therefore, this card is accessible if you do not have the amount other cards require for a security deposit.  If the deposit amount is increased, the line of credit increases as well. You must be disciplined to pay the balance in full each month, as this card has a high APR at 22.9%.  Capital One is one of the few companies to offer cards to people across the credit spectrum, so the card looks nice in your wallet.

5. Citi Master Card

Why you want this card:

Citi Master Card has a low annual fee of $29. After eighteen months, the bank will automatically consider you for an unsecured card if you have made faithful payments. Most cards absorb the deposit into the line of credit or deposits into an interest-free savings account, but this card invests your deposit in CDs, earning you a small amount of money with the interest it accrues (1%). The APR is 18.24%. Customers must apply at a Citi Bank branch in order to be approved.

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