Who Should Get a Secured Credit Card

If you have recently filed for bankruptcy or have bad credit history or if you are looking to establish credit history you fall into the bracket of people who should consider getting a secured credit card. Maybe you just came to the country and you want to get credit and no banks will talk to you. This where you should consider a credit card like the Public Savings Bank Classic Visa Card there’s no income verification no employment income necessary plus there’s 0% APR for 6 month’s and unlike most other secured credit cards there’s no monthly or annual fees.

I have been in the boat of having bad credit in the past and if you are getting a secured credit card there’s some questions you should ask or if you are applying for a secured credit card online there are some serious answers you need to find. So question you want to ask include the following.

What are the charges of this Secured Credit Card.?

If you refer back to what i said regarding Public Savings Bank Classic Visa the biggest question i want to know is how much is the annual fee for the credit card i am applying for. This fee is not something to take lightly. Some secured credit cards carry annual fees of up to $200 and ontop of that they have monthly and other charges. Plus they will try to sell you everything under the moon. you want to avoid these secured credit cards because more times than not they make people credit worse.

Does this Secured Credit Card report to Major Credit Bureaus?

There are still allot of people that are under the impression the pre paid credit cards and secure credit cards are the same thing. The big difference is Pre paid Cards DO NOT report to major credit bureaus. in my view pre paid credit cards are a big waste of time and money. Secured credit cards report to the 3 major credit bureaus and also help you rebuild and establish credit. Unless you just filed for bankruptcy there’s no point in having a pre paid card and even if you filed for bankruptcy it’s still better to get a secured credit card.

What is the minimum deposit for the secured credit card?

This also ties into annual and monthly fees because many times if a credit card has an annual fee your deposit might get eaten up. The minimum deposit in my opinion should not be more than $300. commonly it’s between $100 and $200 The Public Savings Bank Classic Visa Card has a $200 minimum deposit but they also don’t have any monthly or annual fees. There are other secure credit cards that have $100 as a minimum deposit but before signing up with them i would read the fine print.

When getting a secured credit card there’s some advice i would like to give you from someone who knows and has been there. If you want to build your credit with a secure credit card take this advice from me.

Use your secured credit card like it was cash buy things you can afford and pay it back with your cash at the same time or the same day. Try to make it a ritual. This is how you build back credit fast and get the unsecured credit card with the high limits. It’s a simple strategy but if you can see a secured credit card this way you are well on your way to better credit history. The Best secured credit card by far is the Public Savings Bank Classic Visa visit their website today.