Category Archives: All Secured Credit Cards



Wells Fargo secured credit card

October 02, 2011   KID

Wells Fargo Secured CardAs a pioneer in the secured credit card arena, the Wells Fargo secured credit card is among the first secured cards to be introduced to people who havn’t yet got a chance to start their own credit and who demonstrate rather deplorable credit worthiness. It stands out among various secured credit cards for it low-priced annual fee and interest rates.

Who this credit card is for?
People whose credit history is blank or who have been turned down for an unsecured credit card. The credit rate required is below 660( bad or poor).

Low Annual fees
Annual fee: $18. It requires $18 per year as annual fee, which is quite modest and acceptable compared to others which can charge as high as $50.
Late payment fee: $20 to $39.
Returned payment fee: $39.
Balance transfer fee: 3% of balance transferred.

Pretty Average APR
A variable of 18.99% on purchases and balance transfers based on your credit worthiness you have shown while using this card.The APR is pretty average compare with other secured credit cards.

Penalty interest rate: 27.24% of the balance.

Avoid Paying Interest on Purchases
Due date is at least 25 days after the close of each billing period. We will not charge you any interest on purchases if you pay your entire balance by the due date each month.

Credit Limit
The size of credit limit can range from a minimum of $300 to a maximum of $10,000 depending likewise on your security deposit. Generally speaking, the credit limit for other secured credit cards is uaually between $200 and $5,000. Therefore, with the Wells Fargo secured credit card, you can spend even more if you have enough cash. But on the other hand, the minimum depost seems a little bit out of reach for some people. But do bear in mind thay you still have to pay extra money, at least your monthly payment, for your purchases since the deposit does not cover any purchase.

With $18.00 annual fee, plus an pretty average for this card, the Wells Fargo Secured Visa credit card is one of the lower cost secured credit card. If you pay your balance in time, In my opinion this card is great.if not the Orchard Bank Secured credit card is probably the better card to get as it has a low APR at 7.90% .

The Wells Fargo Secured Credit Card offers more generous terms to those whose financial ability is limited. Even if you’ve been out of bankrupcy for at least a year, you might still have acess to this secured card. Supposed you exhibit good credit behavior as a cardholder, you can reassures that you will be promoted for an unsecured credit card soon.

First Premier Bank Secured Credit Card

September 30, 2011   KID

First-PREMIER-Bank-Secured-Credit-Card Like any other secured credit cards, the First Premier Bank Secured Credit Card is issued to meet the needs of people with bad credit or no credit at all. Therefore, it shares the features belong to a secured credit card.

No credit history required to apply for this credit card,you can use it as you first credit cards.

Annual fee: $50, which will be charged in the first month. The annual fee for this card is much higher than other secured cards like the Orchard Bank MasterCard, which only charges $35 from the second year after opening the account.And Citi secured credit card only need $29.

APR: 19.9% for all purchases and cash advance.

Account maintenance fee: $36 per year on closed credit accounts with a balance of $20 or more. The fee will not be included in your credit account for the first year.

Foreign transaction fees: 3% of the transaction amount.
Late payment fee: $29 for balances not exceeding $500(including $500). $35 for balances exceeding $500.

Fees for returning items you return: $29

Credit Limit: You can have a credit limit from $200 to $5000 depending on the secure deposit you put in as colleteral. But you can build your credit limit overtime. if the bank increases your credit limit, it requires that you only post 50% of that amount as a deposit. So, if your credit limit increase is $100, you only have to put up an additional $50 as a security deposit. However, it won’t consider increasing your credit limit until you’ve been a customer for more than a year, and even then the increase won’t be more than $100.

Regular reporting to major credit bureaus: The credit company is responsible for reporting your credit to the 3 major credit agents, which will help you build up a good record.

Considering its high interest and penalty fees, you are advised to pay your balnce at due amount on time. Compared with other secured credit cards like the Orchard Bank MasterCard which offers an annual fee of $35 with the first $35 waived and a low APR of 7.9%, the benefits the First Premier Bank Secured Card can give are too limited.

Tthere are many fees involved that you must be aware of. There is an Account Set-up Fee of $29.00, a Program Fee of $95.00, and Annual Fee of $48.00, a Monthly Servicing Fee of $84.00, and an Additional Card Fee of $20.00. This means that you will have a total monthly fee of $276 per month in order to have this card.

On that point actually not a whole lot to recommend this card, unless you just can’t get accepted by any other bank .

Citi Secured MasterCard Review

September 30, 2011   KID

Like any other secured credit cards specially designed for people who have been turned down for credit card application and who are in hope of building or rebuilding their credits, the Citi Secured MasterCard offers a relatively low annual fee but charges a higher interest rate than most secured cards.

Fees
Annual fee:$29. Compared to other secured credit cards like the Orchard Bank Secured MasterCard which requires $35, the annual fee for this card is reasonable.
Balance transfer fee: 3% of transferred balance.
Late payment fee: from $15 to $39
Penalty fee for overpending: $39

APR
18.24% APR on all purchases and 25.24% on all cash advances. If you want to use this card for purchases, you’d better get another card to carry the balance for the high interest plus the annual fee will cost you dearly.

Pros

No minimum income or a co-signer is require to apply for this card.

Automatic reporting to 3 major credit bureaus. So if you demonstrate good credit behaviors and pay your bills on time at required amount for 18 months in a row, you have the option to convert to a regular Citi MasterCard with lower fees and more benefits.

Other benefits include 8-month purchase protection, car rental insurance and theft protection. etc.

Cons

High interest rate,Security deposti required, which is the most commonplace feature of all secured credit cards. You have to pay at least $200 as security deposit in a certificate of deposit(CD). The money you put in can increase to $5000 at most, so does your credit line. What’s good about this card is that you can earn a 4% worth of APR as interest, which is quite rare in the secured credit card family. Even though the money earnd is not too much , but it’s better than none.

The credit line equals the amount you deposit into an 18 month from $200 – $5,000. Yet, once you put money into a CD, it is stuck unless you are willing to pay penalties for early withdrawal. This is attractive because most other banks do not let you earn interest on your upfront collateral deposit for secured credit cards.

Not everyone qualifies
It depends on the individual’s situation.if you have a recent bankruptcy on your record,you can’t get Citi Secured MasterCard.

It’s actual simple and easy to qualify for this  card. When you start to build or rebuild your credit what you are growing is account performance that will serve you well for all of the borrowing purposes you may have in the future months and years that lie ahead of you.

You can not enjoy a low annual fee and interest rate at the same time if you can only qualify for a secured credit card. The Citi Secured Master Card manages to tip a balance between high fees and high interest rates, making it a good option for people in need.

Deposit APR Credit Line Annual Fee Pros
Minimum of $200 18.24% (V) Depend on your deposit$200-$5000 First year waived.After $35 After 18 months,become eligible for an unsecured Citi cards

Orchard Bank Secured MasterCard Review

September 30, 2011   KID

Orchard Bank Secured MasterCardIf  your credit is terrible or no ,the Orchard Bank Secured MasterCard is the one of the best secured credit cards you can get.Not only the low internet rate noly 7.9%, but also unlimited credit line.it’s equal to whatever amount you deposit .

Like other secured credit cards, The Orchard Bank Secured MasterCard has brought good news to people who can not get themselves an unsecured credit card due to poor credit history and have to work for good credits.

Pros

Low interest rate. A 7.9% APR for all purchases and balance transfers. Since almost all secured credit cards charge a certain amount for purchases and other things done with the card, the rate this card offers is comparatively low.

No processing fee. It doesn’t take you anything to apply for this card and enjoy its benefits.

No annual fee for the first year, then $35 is required for each year. The $35 annual fee is very reasonable considering the fact that other Orchard cards charge you from $35 to $74(a bottom line) per year while the major previlege they offer is pretty much the same.

Cons

High penalty fee. You will lose 29.49% worth of your bill if you fail to pay for it before due date and at full amount.

A minimum of $200 of security deposit is required, which is the norm for almost all secured credit cards. Your credit line is equal to the money you put in. It seems discouraging since it is like opening a bank account and shopping with the money you put in beforehand. But remember your purpose is to build up your credit so that you can enjoy more benefits in the future. It is crucial that you make payments on time for you may lose all youe security deposit plus a minus in your credit.

5% of balance transfer fee. This card is ideal for people who are new to the country and thus have no credit history, and it is easier for them to advance to an unsecured card. But if you have a bad credit and decide to apply for this card, bear in mind that you make your payment on time. It is unadvisable to increase your credit line for the APR increases as well and it is going to cost you a fortune.

Deposit APR Credit Line Annual Fee Pros
Minimum of $200 7.9% (V) Depend on your deposit First year waived.After $35 Low interest rate.
No processing fee.
Reports three major credit bureaus.

Orchard Bank Classic Card Credit Review

September 26, 2011   KID

The Orchard Bank Classic Cards are a series of secured credit cards issued by the renowned international bank HSBC for people who don’t have a sound credit score and wish to re-establish their credit to enjoy the benefits of an unsecured card. this is an excellent credit card for help rebuilding credit scores and reports to 3 major credit bureaus monthly!

There are altogether 4 cards under the Orchard Bank Classic series: Platinum, Gold, Standard or Secured. All are good options for people with poor or zero credit.

Annual fee
The annual fee for the first year is between $0 and $75 depending on which card you apply for. After the first year, you will have to pay an annual fee floating from $35 to $79 in accordance to your credit worthiness. The annual fee for these cards is relatively low compared to other secured credit cards, which generally charge more than $100.

Processing fee
In order to apply for these cards and enjoy the benefits, you have to pay a processing fee, which is between $0 and $39 depending on which card you apply for.

Automatic reporting to 3 major bureaus
The cards automaticlly report to 3 of the U.S major credit bureaus on a regular basis. If you present trustable credit behaviors, you may hope that your credit image in the 3 major credit bureaus will improve and you will have access to an unsecured credit card that comes with considerable benefits like a low interest rate and cash back rewards.

Free payment due date alert.
If you make online enrollment, you will receive warnings of your impending due payment day by e-mail or text message so that you won’t forget to pay for your bills on time, which is cuicial in the restoration of your credit.

Individualized spending alert
You can set up your own spending limit to remind you that you are close to the limit so that you can make control of your consumption. This is another useful function of these secured cards.

Perfect liability protection
Once you sign up for the card, you are under the protection against any fraud and unauthorised protection made on this card.

If you have rather poor credit or have just gone through bankcruptcy, you probably won’t be able to get the approval of mainstream card issuers. The Orchard Bank Classic Master Cards come in good replacement with opputunities for improved credit and an unsecured card.

US Bank Secured Card

September 26, 2011   KID

The U.S Bank Secured Visa CardThe U.S Bank Secured Visa Card is a credit card issued by the U.S Bank specially designed for people with a poor credit history who are trying to rebuild their credit worthiness. If you manage to present a good credit behavior, the U.S Bank promises to promote you to an unsecured credit card in a year.

Who this card are suitable for?
People with a poor credit below 620.

Pros

It provides the quickest advancing time for secured cardholders for unsecured cards. (whithin a year), which is a good advantage that you can take full use of if you are bothers with your low credit scores.

Low annual fee. $35 a year is pretty low end compared to other secured credit card.

The bank also promises an interest earned for the deposit you have to put in.

Well online service
you can view current statements, download account history, check your balance, make a payment from your U.S. Bank Checking or Savings account, get a cash advance and much more.

Cons

High interest rate. You can avoid the high interest rates by paying due amount on time.

Full secured deposti required. You can set your credit limit between $300 and $5000, but you need to put in $5000 as your secured deposit at first.Your credit line will be the same amount as your deposit. It looks and works just like any other credit card when you use it at a restaurant or store.

It is not available in all states. The card is only available in states west of Missisippi and a few states east of it.

Car Rental Discounts – you can get discount with top Car Rental companies like Avis, Alamo, Hertz and National.

APR
20.99 percent on purchases and balance transfers; 23.99 percent on cash advances.

Fees
Annual fee: $35.
Late payment fee: $19-$39.
Returned payment fee: $39.

Transaction Fees
Balance Transfer Either $5 or 4% of the amount of each transfer, whichever is greater.
Convenience Check Cash Advance Cash Advance Either $5 or 3% of the advance amount, whichever is greater.
Cash Advance ATM Either $10 or 4% of the advance amount, whichever is greater.
Cash Advance Either $10 or 4% of the advance amount, whichever is greater.
Cash Equivalent Advance Either $20 or 4% of the advance amount, whichever is greater.
Foreign Transaction 2% of each foreign purchase transaction or foreign ATM advance transaction in U.S. Dollars
3% of each foreign purchase transaction or foreign ATM advance transaction in a Foreign Currency

How to avoid interest

when you pay your bill before 24 – 30 days after the close of each billing cycle, you will don’t need charge you interest on purchases

cash Rewards:None

 

Capital One Secured Mastercard Credit Card Reviews

September 25, 2011   KID

The Capital One Secured MasterCard

Capital One secured credit card The Capital Secured Master Card is specially designed for people who have poor credits and look for opportunities to improve and rebuild their credit. The APR rate and other fees are higher and the reward it provides is limited compared to other cashback credit cards. But it absolutely is better than prepaid cards which require you to pay a full amount for the same credit limit.

Who the Capital One Secured MasterCard is for
It is mainly for people who have a low credit but still want to enjoy the convenience of carrying a plastic credit card instead of cash.

Credit rate requires: Poor or Bad (Below 660)

How does this card work?
if you made a minimum deposit,you will get a minimum credit line of $200.if you want to increase your credit line, every dollar you deposit above that, you get an additional dollar toward a larger credit line—up to your maximum approved credit line.

Pros
No balance transfer fee. CapitalOne is among the few banks who do not charge any money for balance transfer, which can cost a lot. However, it is unneccesary to transfer the balance from other cards since you do not want so many balances on a card from which you get barely nothing in return.

Security deposit required, but not the entire amount. For example, you do not have to deposit a full $200 for the minimum credit line of $200. The deposit for the minimum $200 credit limit ranges from $49 to $99. But if your credit is rather bad, you’ll have to pay a full $200. By depositing more money, you can add your credit line to the maximum $3,000. if your keep a good credit behavior, your can increase your credit line without paying extra deposits.

Enrollment in CreditInform monitoring program with a monthly fee of $8.99.

Automatic reporting to 3 major credit bureaus, which is helpful in restoring a bad credit worthiness.
APR

Minimum Security Deposit
$49, $99 or $200 refundable deposit based on your credit

Credit Line
$200–$3,000. Minimum security deposit gets you a $200 line. Deposit more to increase your line.

Fees
Annual fee: $29.
Late payment fee: $19.
Returned payment fee: Up to $35.

22.9% variable on all purchases.

This is a good card for people whose credit is poor and who want to rebuild it by adopting a smart money management. If you continue to present good credit behaviors, chances are that you may refresh your poor credit records and relieve the limitation on your credit line.

Newer posts »