Secured Credit Cards.
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Benefits of Secured Credit Cards
To some people getting secured credit may not sound like a practical choice. In fact, some people may think that it doesn’t make sense. The general idea of putting money in so you can borrow the same amount of money doesn’t sound like a win/win deal.
However, you have to look beyond the amount of money you can borrow. Focus on the goal. Remember that the goal is not to get a credit card. The goal is not to obtain a line of credit. The goal is to create good credit history and repair or rebuild your credit.
Stick to that goal and you will reap the benefits of getting a secured line of credit. Here are some of the benefits of this unconventional kind of credit card:
There are banks that offer secured credit. They will have different terms. Credit unions also offer this type of credit card, which may offer lower interest rates. Some credit card issuers may even be willing to waive the annual fees – look into this each time you inquire.
The charges include an application fee, annual fee, processing fees, late fees, and others. Always check the fine print to find out all the possible fees a bank or credit institution may charge. Note that fees vary from one bank to the next.
The amount you need to pay as security deposit will vary from one bank to the next. The usual amounts include $200, $300, $500, and higher. Your credit limit will usually be within these amounts (sometimes higher). Note that if you have improved your credit scores since the last time you used a credit card, you may be given as much as a $2,000 credit limit.
The answer is no. You have to inquire whether a bank offers them or not. There are banks that used to offer them but no longer provide the service.
Unfortunately, the answer is no. Make sure to inquire whether they report to the 3 major credit bureaus before you sign up for a secured credit card.