Secured Credit Cards

One of the best ways to re-establish a poor or bad credit history is by using bank secured credit cards which help you rebuild credit over time by reporting to the three major credit bureaus.

  • Get the credit you need with no processing fees or application fees
  • Automatic reporting to the 3 major credit bureaus
  • Track credit with access to your credit score and other tools
  • Your refundable security deposit can get you a line up to $3000
  • You may qualify for credit line increases with no further security deposit required
  • Use it like any MasterCard credit card, accepted at millions of locations worldwide
Intro Purchases Intro Transfers Regular APR Annual Fee Credit Required
N/A N/A 22.9% Variable* $29* Poor / Bad / No Credit
  • ZERO - 0% FIXED APR on purchases - No Intro Rates!
  • ZERO - 0% Rate Won't Change - Even If You're Late!
  • ZERO Application Fees
  • ZERO Worries - FREE Personal ID Theft Protection
  • ZERO Fraud Liability
Intro Purchases Intro Transfers Regular APR Annual Fee Credit Required
N/A N/A 0% Fixed* $9.95 per month* Poor / Bad / No Credit
  • Full-feature Platinum MasterCard secured credit card
  • No credit history or minimum credit score required for approval
  • Monthly reporting to all 3 major credit bureaus to establish more credit history
  • Secured by your deposit of $300 - $2,000
  • Quick & complete online application
Intro Purchases Intro Transfers Regular APR Annual Fee Credit Required
N/A N/A 14.99% (V)* $39* Poor / Bad / No Credit
  • You establish your credit limit - From $200 minimum up to $5000
  • Build your credit card limit over time
  • Reports monthly to the major Consumer Reporting Agencies
  • This credit card may be able to help rebuild your credit history if you make on-time minimum payments and maintain your balances under the credit limits with all your creditors.
Intro Purchases Intro Transfers Regular APR Annual Fee Credit Required
N/A N/A 19.9%* $50* Bad Credit
  • No credit history required
  • This is a real credit card - not a prepaid or debit card
  • Your account activity reports monthly to the major Consumer Reporting Agencies
  • This credit card may be able to help rebuild your credit history if you make on-time minimum payments and maintain your balances under the credit limits with all your creditors.
Intro Purchases Intro Transfers Regular APR Annual Fee Credit Required
N/A N/A 19.9%* $50* Bad Credit

* Read Terms & Conditions on any credit card offer before you apply.


Rebuild Credit With A Secured Credit Card

Although they require a deposit to secure your credit limit and charge an annual fee, no credit check is ever required to apply and you are guaranteed to be approved regardless of credit history. By using your secured credit cards responsibly, you can be on your way to a much improved credit score.

The reason you can get a secured credit card with no credit check, no credit history, and no employment is because you will have to create a savings account of equal value at the issuing bank. The bank is using that savings balance as collateral to secure the total limit of your credit card. When the time comes to cancel your secured credit card, you can close your savings account and get back your deposit plus whatever interest you earned.

If you have enough cash to create a savings account and you "seriously" need to improve or build your credit history, then setting up a secured credit card is probably in your best interest. Your cash will be in the bank earning interest and you will get a credit card that will be accepted everywhere that Visa or MasterCard are accepted. There will still be some fees to deal with, such as annual fees and initial processing fees, but these are the price to be paid in order re-establish credit.

Although they are designed for people with bad credit, secured credit cards will not automatically help your credit history if you do not use them correctly. You still need to do the same things you would do to remain in good standing with a standard non-secured credit card, such as:

Also, make sure you pick a secured credit card that reports to all three major credit bureaus. This is the main benefit of secured credit credits for people who are trying to improve their credit score. If you are taking all the steps to remain in good standing, and the issuer of your secured credit card is reporting that good standing to the major credit bureaus (Experian, Equifax, and Trans Union) then you can expect to see your credit score begin to improve in the months to come.

Besides secured credit cards, you can also use Prepaid Debit Cards to rebuild a bad credit history. Prepaid cards do not require you to setup a savings account.

Updated - Tueday, December 4th, 2012
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