Best Secured Credit Cards of 2018

Best Secured Credit Cards of 2018

A secured credit differs from a regular one in the way that the client initially deposits money on a specially opened account, and then is allowed to use the credit card. I. e. after spending a certain amount, he or she mandatory replenishes it to the initial level.

For example, a migrant client got this card even without a social security number yet. He puts $300 on this card, and keeps up using means from the credit line. The bank, on the other hand, does not lose anything, because paying the loan back is secured by the sum put on the deposit account. In fact, a secured credit card is the best option when you want to build a good credit history in the USA.

A Brief Review of the Best Secured Credit Cards:

  • First Progress Platinum Prestige MasterCard® Secured Credit Card

Information about this card is being reported on monthly basis to all main bureaus of the bank eminent. A client may get an approval only under the terms of a fully-refundable security deposit. The issuer typically accepts any credit score of the client, even a zero level. There is no fee for application and processing. A great number of venues worldwide, such as hotels, supermarkets, car rentals, and others, accept this banking product from MasterCard. The diapason of credit line is from $200 to $2,000.

  • OpenSky® Secured Visa® Credit Card

The refundable deposit for this card starts only from $200. Three main credit bureaus are responsible for controlling operations on the account. The time of getting a good credit score for 99% of  the clientele usually takes up only a half a year. A brand lead its own Facebook group and the Capital One’s secure B-chat is a right place to ask all questions and learn details.

  • Capital One Secured MasterCard

The main perks of this card are total absence of annual fee and possibility to enjoy a lot of benefits under the terms of wise card usage, and following all the credit requirements.  A security deposit envisages three possible sums: $49, then  $99 and the maximus is $200. The bank determines it exactly after considering a client’s creditworthiness. Only 5 months of regular and due payments on credit line, and you will get a higher credit limit. User-friendly 24/7 mobile banking will be very instrumental in control of you card account from any gadget. The card is really accepted worldwide.

  • Discover it® Secured Card – No Annual Fee

The major benefit of such a card is cashback on every purchase. This secured plastic will for sure help you to build a decent credit history and earn a good score. Period after which the bank starts assessment of your account is eight months. If your record is positive, you will be updated to unsecured credit terms. With this very card a client gets even more: 2% cash back in the venues as follows: restaurants and gas stations where you totally spent $1,000. And all your purchases in other places will contribute 1% from spent amount to you income.  

No doubt, all described options are really great and helpful for a client in both financial and security sense.

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