Secured credit cards are by far the best way to build credit. If you are facing difficulty for availing an unsecured credit card, then a secured credit card is the option you should go for. These cards also come in varieties based on the types of benefits they offer and the fees and charges that they entail. So, if you are looking for a secured credit card, you must pay attention to all these details and choose the card that works the best for you. Here we have listed the best-secured credit cards you can get your hands on in 2019.
1. Capital One Secured Mastercard
Annual Fee – Nil
Key Feature- Access to the increased credit limit on making five timely payments.
This secured credit card by Capital One works out the best for those who have severe or limited credit. They can get access to $200 credit limit with a security deposit of $49, $99 or $200 depending on the basis of your creditworthiness. When you make the first five monthly payments on time, you can get a higher credit line without the need to provide an additional deposit for the same. Being a Mastercard, it is widely accepted and offers benefits like extended warranty, travel accident insurance and round the clock road assistance to name a few.
2. Discover it Secured Credit Card
Annual Fee- Nil
Key Feature- Get up to $1,000 in cash back per quarter on combined purchases
It is the most rewarding secured credit cards. The security deposit may range from $200 to $2,500, and if you use the card responsibly, you may even qualify for a deposit refund after eight months. The card offers 1% cash back on all purchases and 2% on restaurant bills and gas stations. You also get free FICO Score per month with the card. It is excellent for those who would like to move on to an unsecured card soon after.
3. Wells Fargo Secured Credit Card
Annual Fee- $25
Key Feature- Get credit line equal to security deposit; no penalty APR
You can establish your credit history with this card by making responsible use. The credit limit is equal to your deposit so if you deposit $200, the same will be your limit on the card. Your credit activity is shared with all three major bureaus keeping your scores on an improving track when you make timely payments. Additional benefits on the card include emergency travel assistance and free access to credit education tools.
4. Citi Secured Mastercard
Annual Fee- Nil
Key Feature- Free access to FICO Score and purchase protection
For those who are new to credit, this secured credit card is a gem. It charges no annual fee and the minimum deposit required on it is $200, and it can go up to $2,500. It shares monthly reports with all major bureaus and help you build a good credit history for yourself. Other facilities like identity theft support, purchase protection and free access to FICO score add to the benefits of this credit card. Citi charges a variable APR of 24.74% on purchases and balance transfers.
5. Open Sky Secured Credit Card
Annual Fee- $35
Key Feature- No credit check is required to get this secured credit card
Since the card does not need any credit check, it can be great for those who have new defaults and cannot get approved for even secured credit cards, let alone the unsecured ones. You deposit $200 to $3,000 and you would get a credit limit same as your deposit. Though your credit activity is reported to all major credit bureaus, you cannot get upgraded to an unsecured card on this one. Once you have rebuilt your credit, you can apply for an unsecured card from a different issuer. The APR on this credit card is 19.39%.
So, these are the top 5 secured credit cards for 2019. If you wish to apply for one, you should weigh the pros and cons as per your own credit needs and then make a choice. Make sure that the card you choose reports to all major bureaus so that you can build or rebuild credit. Give us your contact details via this blog form, we will help you out.
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