A secured credit card can help you build credit. With this type of card, you have to make a deposit and then make at least the minimum monthly payment. Ideal situation is to pay off the balance completely each month. The deposits that you make can be refunded once the account is closed. This means that you can continue to use your card for many years without having to pay the balance.
Capital One Platinum Secured credit card
If you have had problems making your payments, the Capital One Platinum Secured credit card is a great way start your credit history. Start with a small deposit of $49 to $99, and even $200. Capital One allows you make monthly payments and will mail your card once you've made the deposit. This credit limit is $1,000 so it's well worth investigating.
Capital One Platinum Secured Card has an initial credit limit $200. This limit can be increased by adding $800 to your initial deposit. You can apply for higher credit lines by increasing your deposit after six months. After just six months, you could get a credit limit extension of up to $1,000. This is a great opportunity to build your credit and improve your score. Be sure to make your payments on-time.
Get it Secured
For anyone who is looking to build a credit history, the Discover it secured credit card is a good option. This card is free of any annual fees and has a minimum balance. You can earn rewards while rebuilding your credit. It is especially useful for students as there is no annual fee, and you can transfer your balance to an unsecured Discover card after seven months of good payment behavior. Once you have been responsible for your card, you will be able to move up to a secure card without the need for a security deposit.
Discover it Secured credit card also has $0 annual fee, no foreign transaction fee, and no late fees. The card will charge you a late payment fee, but this can be avoided if you make all your payments on time. You will not be charged for international purchases. Balance transfer fees only 3 percent of the total balance transfer amount in the first 6 months and then they go up to 5 percent after that. This fee makes it an affordable option to build credit.
Citi Secured Mastercard
While there are many great secured credit cards, the Citi Secured MasterCard stands out as a top choice. With a low security deposit of $200 to $2,500, this credit card allows you to build your credit history and learn responsible financial practices. You can use the card for up to one year, then upgrade to a higher limit when you are ready.
Citi Secured Mastercard also has a zero dollar annual fee. This is unlike most secured credit card cards which have high annual fees, but very few benefits and perks. Unsecured credit building cards can also have eye-popping annual charges and increase in price after the first one year. This card will increase your monthly bill even though it has a low annual charge.