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Secured Credit Cards
for People with Bad Credit or No Credit

 

Secured credit cards are ideal for people with bad credit or no credit history. 

A secured credit card is a guaranteed VISA or MasterCard that has been secured by a deposit to the issuer's bank. Generally, you must deposit an amount, ranging from $300 to $5000, in a low-interest saving account or CD to secure the credit card, and you then receive a credit line for up to 100 percent of your account balance. Each bank has their own requirements for how much you can deposit for your credit line. The bank issues you a credit card using your deposit as security.

Secured credit cards are ideal for individuals establishing credit or with previous credit problems. In most cases, the card is almost guaranteed unless you just have tragic credit. A major credit card, paid on time over time is the strongest credit reference you'll ever have! For building good credit, it's even better than a mortgage or car loan.

List of Secured Credit Cards for People with Bad Credit or No Credit

Card
APR
(for purchases)
Annual Fee
Setup Fee
Grace Period
Balance Computing Method
Fees
Note

Orchard Bank Secured MasterCard
(secured and unsecured credit card)

Prime + 0.65% or 6.65%
$0 - $48
($35 MasterCard Secured)
$100-200 minimum deposit (Application Processing Fee)
25 days
Average daily balance (including new purchases) Cash advance fee: 5% of amount of the cash advance (Minimum: $5.00).
Late payment fee: $30 or $35.
Over-the-credit-limit fee: $30.
 
19.5%
$59.00
$69.95 Application Processing Fee
n/a
Average daily balance (including new purchases) Cash advance fee: 2% of amount of the cash advance (Min: $1.00;
Max. $20).
Late payment fee: $20.
Over-the-credit-limit fee: $20.
 

 

A secured credit card is a guaranteed VISA or MasterCard credit card that has been secured by a deposit to the issuer's bank. Generally, you must deposit an amount, ranging from $300 to $5000, in a low-interest saving account or CD to secure the credit card, and you then receive a credit line for up to 100 percent of your account balance. Each bank has their own requirements for how much you can deposit for your credit line. The bank issues you a credit card using your deposit as security.

Secured credit cards are ideal for individuals establishing credit or with previous credit problems. In most cases, the card is almost guaranteed unless you just have tragic credit. A major credit card, paid on time over time is the strongest credit reference you'll ever have! For building good credit, it's even better than a mortgage or car loan.

 

 


 

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