If you want to follow the path of secured credit cards to rebuild credit, you have arrived at a right page. This post will help you to come up with the right card of your choice.

Credit-Cards-To-Rebuild-Credit-2

No 1 :  USAA Secured Credit Card

This credit card has one of the rarest combination for a secured credit card. Extremely Low annual fee and low variable APR. You can’t expect this with most of the secured credit cards out there.

The deposit amount you pay initially will be held with USAA for the next 2 continuous hours. Your security will earn interest too. Those who want the increased credit limit can get it by making the additional CD deposits on their secured card. Option we have with USAA Secured Credit Card deposit seems simple and attractive when compare it to all other noninterest bearing credit cards to rebuild credit.

Notable card features

  • 9.9% variable APR
  • $35 annual fee
  • $250 to $5,000 Credit limit
  • Interest rate provided on Collateral deposit

No 2 : Capital One Secured MasterCard Credit Card

Next to USSA secured credit card, Capital One Secured master card is considered as the decent secured card. Although it has a low $25 annual fee, its APR makes it unsuitable for those who have the chance of carrying the balances to the next months.

More over the security deposit you are going make with the capital one will not bear you any interest. If you are confident in paying full in every month, this card will bets suit to you and will serve you as one of the secured credit cards to rebuild credit.

Notable card features

  • $29 annual fee
  • Variable 22.9% on all purchases
  • Option to upgrade the credit limit up to $3,000 by lining up the deposit

No 3 : First Progress Platinum Prestige MasterCard

 Although First progress offers 3 different credit cards to rebuild credit, First Progress Platinum Prestige MasterCard is selected to be reviewed here because of the low variable APR of 11.99%.

On the downside this card comes with an annual fee of $44. Choosing this card will help you save significant amount of money that suppose to be spent on the balances you carry on your secured card. Your deposit amount will be held in a deposit account at Synovus Bank.

Notable card features

  • 11.99% of variable APR
  • $44 annual fee
  • Variable APR of 11.99%
  • Credit limit in the range of $300 to $5,000

No 4 : Wells Fargo Secured Visa Card

 If you are looking to get some large credit limit on secured credit cards then Wells Fargo Secured Visa Card will serve as a best option. With the extreme low annual fee of $25, secured credit card member can have the credit limit as high as $10,000.

On the flip side it have an alarming 18.88% variable APR. As with all the secured credit cards to rebuild credit, security deposit made on the card will simply remain as a deposit. It will  not bear you any interest rates.

Easy promotion is one of the important benefit by acquiring this card. Wells Fargo reviews their customer report periodically so if you show your loyalty through an aligned financial behavior they will promote you for the unsecured credit card. To apply for this secured card, you should walk into your nearest Wells Fargo branch.

Notable card features

  • Easy promotion to unsecured card
  • 18.99% variable APR
  • $25 annual fee
  • Credit card limit of $300 to $10,000

No 5 : First Progress Platinum Elite MasterCard Secured Credit Card

“First Progress Platinum Elite MasterCard Secured Credit Card” is an another secured credit card which is offered by the First Progress. Although it offers the moderately low annual fee of $29, it has an alarming variable APR of 19.99%.

Anyway, if you won’t carry the balances to the  next months, the high APR rate will not affect your credit rebuilding in any way.

Security deposit you have done on the card will stay in the deposit account for the fixed amount of time without bearing any interests. Collateral will be held at Synovus Bank

Notable card features

  • 19.99% variable APR
  • $29 annual fee
  • $300 to $5,000 credit limit

 

Leave a Reply

Be the First to Comment!

Notify of
wpDiscuz