Banks Which Offer Secured Credit Cards

Finding banks which offer secured credit cards can be a difficult but necessary task for those looking to rebuild their credit. Secured credit cards are credit cards that allow an individual with a bad credit history -or without any credit history- to obtain a credit card. Banks which offer secured credit cards give people the means to rebuild their credit or to get credit for the first time.

Improve your credit score.

A secured card requires a cash collateral deposit that correspondingly becomes the card account’s credit line. In this way, the card functions a bit like a standard ATM or debit card because you are spending money that you have already provided. This differs from most credit cards, which are unsecured, or post-paid cards. The collateral deposit is what allows banks which offer secured credit cards to ensure that those with bad credit will not default on the loan.

Although you are spending money that you have guaranteed, secured credit cards still help you rebuild your credit score because they give you the opportunity to charge items and pay the monthly bills for the card on time. This can help you improve the payment history component of your credit score since the secured credit card reports data on your credit report, just as any other credit card does.

• The U.S. Bank Secured Visa® Credit Card assists its cardholders in re-establishing or building their credit histories while simultaneously offering perks to consumers. The card has flexible terms and allows its cardholders to make purchases with comfort because they are protected against unauthorized transactions. It is safe and practical, plus it offers car rental discounts, worldwide acceptance/cash access, 24 hour toll-free card member services, and free online account access.
• You receive 3,000 bonus miles after your first purchase with SKYPASS Secured Visa Credit Card. SKYPASS Secured Visa Credit Card benefits include a credit limit based on your deposit from $300 to $5,000, 1,000 Bonus miles upon renewal, 1 mile for every $1 net on your purchase, plus $250,000 in Travel Accident Insurance. Free travel and upgrades can be redeemed through Korean Air or SkyTeam associates and partners. Enjoy worldwide services and a 24-hour account access.
• Wells Fargo Secured Card gives you free online account access which allows you to transfer funds, view your charges, and most importantly, track your expenses. You also have the option of choosing your monthly payment due date.
• With a Citi® Secured MasterCard, you can build your credit history with no minimum income required. Purchases are protected against accidental damage/theft for up to 90 days after you’ve made the purchase. Enjoy benefits and perks such as car insurance and promos from their PayPass feature.
• Rush Card offers you many benefits including online money management tools, rush bill pay, SMS alerts, referral fees, and free 24/7 customer service. With its online tools, you can keep track of your spending, create a budget, and print out or download all of your monthly statements. Rush bill pay is a useful service that will allow you to pay bills or send cash to anyone online. You can also schedule all your payments for the future. Rush Card SMS alerts will send you text messages to inform you of pertinent account details, such as a low balance or an impending payment due date.
• The UltraVX® Visa® Card features credit on demand, which makes financial management easier. It allows for automatic minimum payments, it reports account performance to major credit card bureaus, and it has no income or bank account requirements. Customers also enjoy the convenience of instant online approval. Earn rewards for American Airlines, Southwest Airlines, iTunes, JetBlue, Marriott Hotels, USAir, Hilton Hotels, and many other partner companies.
• Get a Secured Visa or Secured Master Card with Applied Bank and enjoy worldwide services and benefits.
• Public Savings Bank Secured Card has no annual fees, reports to 3 major credit bureaus, has lifetime credit lines up to $10,000, and has a Visa/Mastercard logo for international use.
• Credit Karma's Applied Bank Card promises that you will enjoy zero-turn downs, no credit and income requirements, no application fees, no hassles, and no delays.
• The New Millennium Bank Secured Credit Card guarantees credit approval for up to $10,000 in secured credit with no credit check. Once a cardholder, you will be automatically enrolled in TheWorld'sBestTravelClub.com and receive discounts and affordable rates on all your travels. Your credit line is equivalent to your savings account with a minimum deposit of $300, and a maximum deposit of $5,000 per card.
• With First Option Visa Card, you can get approved for up to $5,000 in secured credit with no credit check. First Option is FDIC insured and reports to 3 major credit bureaus, plus you can earn interest on your deposits. Each deposit you make is applied to your card’s credit limit and that limit can go up to $5,000.

When evaluating secured credit cards, make sure to understand all of the terms and conditions. Check for fees, over-the-limit or late-payment charges, and other relevant information. Choose wisely, and most importantly, make sure you comply with the terms and conditions. The purpose of this card is to help you build or rebuild your credit, so you'll want to make sure you follow all the rules in order to begin to make a positive impact on your FICO score.

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