Category Archives: Best Secured Credit Cards



Public Savings Bank Open Sky Secured Visa Credit Card Review

November 17, 2011   KID

public savings bank open sky secured visa credit cardIf you want get a wonderful secured credit card,i recommended public savings bank open sky secured visa credit card.This card will help you building craedit ratings. if Iyou started using their card, your credit ratings have gone up because by opening an account with them and paying on time, Soon after you can obtain unsecured credit cards. I would recommend anyone to get this secured credit card if you use it correctly in the beginning you credit score can jump from below 500 to over 700…

The public savings bank open sky secured visa credit card is a secured card offer to people with bad or no credit who want to improve or build credit before they can apply for other credit cards with more benefits that require a higher credit score.

Public Savings Bank is a small bank.Public Savings Bank is founded in 1928,offerings business banking services includeing personal banking, business banking, lending, and premium financing. public savings bank open sky secured visa credit card is a popular secured visa card that has no credit check and reports to all three major credit bureaus, and six months 0% intro apr.

The feature of this card

Six months 0% intro apr.For a secured credit card,0% intro apr six month is unbelievable.The public savings bank open sky secured

visa credit card offers 0% intro apr on purchases for the first 6 months.

Credit line:
Same as other secured credit card,the credit line depending your deposit.The credit line can be minimum $200 and maximum $3,000.Unfortunately if you want increase your credit limit you need charges $25 every time.

Apr of this card
After 0% intro apr of six months.The already low 11.24 percent APR has been cut even lower, to 9.75 percent.
The Public Savings Open Sky Secured Visa Credit Card is one of the lowest rates of interest secured credit cards, compare with other unsecured cards) it also comes with a great deal.

Other benefits
No income and credit requirements

like other secured credit cards,Report to all 3 major credit bureaus.

$0 fraud liability

24-hour online account access

Other fees

High annual fee : $50(compare with other secured credit card with no annual fee )

Fee charged for credit limit increases : Credit limit increase fee: $25 (after first year).

No interest earned on security deposit.

No chance of getting an unsecured card

Balance transfer fee: Five percent, capped at $1,000.

Foreign Transaction: 1% of each transaction in U.S. dollars

Deposit APR Credit Line Annual Fee Pros
Minimum of $200 9.74%-11.24% $200–$3,000 $50 Low interest rate

overview 

if you can hold high annual fee and the $25 credit limit increase fee,If you are concerned about 0% intro apr six months and low apr after,this is the one of best secured credit card.Weigh the pros and cons and then decide to apply. Building credit is a serious matter that should be made a priority in your life

6 Tips Before You Apply a Secured Credit Card

November 09, 2011   KID

what is the secured credit cards?
Secured credit card is offer to people who have no or bad credit history to build credit.Different from regularly credit cards,secured credit cards required you make a deposit and you credit line depending your deposit.many banks will give you interest into your account.A year later you have the chance to apply for a regularly credit card.
if you have never get a credit card or have a bad credit history.the secured credit cards is the best alternatives to regular credit cards.

Tips1: Pay Attention The Fees
The biggest difference with regularly credit carson is the fees.Secured cards need charging many of fees.like annual fee ,application fees, processing fees, monthly fee.but at that place are a lot of that chargeing upwards of $300 fees just for just the first year that’s like paying almost a dollar per day just to have a credit card! So when you’re picking out a secured credit card make sure you pay close attention to the fees because they can vary greatly be card.

Tips2: How many you need make the deposit?
Secured credit cards need with a deposit put into a savings account. Be careful minimum and maximum deposit limits. if your deposit can earn interest find how much.like Citi Secured MasterCard.
The credit line of mainly secured credit cards

Tips3: How much the APR is?
The apr is important for a credit cards.if you later pay you balance you need pay interest.The higher the interest rate, the higher you need charge.
low apr credit cards
1.Orchard Bank Secured MasterCard – Low interest rate. only 7.9%
.Low interest rate. only 7.9%
2.The First Progress Secured Platinum MasterCard Credit Card – 14.99% APR
.Low apr 14.99% for all purchases
3.Navy Federal Credit Union nRewards Secured Card – Low interest rate 8.99% to 10.99%
.Low interest rate 8.99% to 10.99%
4.Wells Fargo secured credit card
.variable of 18.99%
Tips4: Will reporte three major credit bureaus.?
For people who want to build credit,report major credit bureaus is important.This bureaus collect and report consumer credit information,credit rate. the three major credit bureaus to make fast and fair decisions. Consumers use the same information to help manage and improve their personal financial profile. The three major credit bureaus provide the accurate, reliable credit reporting system that is an important cornerstone of a healthy marketplace.

Tips5: How to increase the credit limit?
Almost secured credit cards increase the limit by additional deposit.but It can be some percentage of your deposit, making your credit limit less than the deposit.
1.Wells Fargo secured credit card
credit line : $300-$10,000
2.Capital One Secured Mastercard
credit line : $200–$3,000
3.Navy Federal Credit Union nRewards Secured Card
credit line : depending your deposit.But you must first be eligible to be a member of Navy FCU to qualify.
4.Citi Secured MasterCard
credit line : $200–$5,000
5.Orchard Bank Secured MasterCard
credit line : depending your deposit.

Tip6: Are secured credit cards eligible for you?
Although secured credit cards is easy to application.before you apply a secured credit card .Please consider the following Please consider whether you can pay you balance on time.if you can’t you need pay a high charging.

Now You know what is secured credit and how to choose a secured credit card. Watch out for high costs and hidden fees and high apr.
You can apply one of the best secured credit cards for you.

Secured Credit Card With Low Apr

October 31, 2011   KID

APR stands for Annual Percentage Rate and can be divided into subcategories like APR for new purchases, APR for balance transfers and cash advance APR. If you make purchases with some credit cards and fail to pay your balances on time at full, you have to pay for the interest regulated as purchase APR. If you are that kind of card users who intend to take cash advances regularly and transfer your balances from another card with higher APRs to the one with lower APRs, there are also balance transfer APR and cash advance APR you should pay attention to.

Even if you can avoid paying any interest by paying off your balnces on time and restricting financial behaviors like balance tranfers and cash advances, getting a card with low APRs will do you no harm. It is a universal truth that all secured credit cards charge a higher annual fee and APRs than unsecured credit cards. However, we still pick out some of the better ones with lower APRs from the secured credit card family if secured cards are the only option for you.

1.Orchard Bank Secured MasterCard – Low interest rate. only 7.9%
.Low interest rate. only 7.9%
.No processing fee
.No annual fee for the first year then $35
.No Balance transfer fee
.Cons:High penalty fee.29.49%
.Cos:5% of balance transfer fee

Orchard Bank Secured MasterCard is the best choose for people who have no or bad credit to build his credit.Orchard Bank Secured MasterCard has a low 7.9% apr and no account processing fee.

The $35 annual fee is waived the first year, and $35 annual fee is also very reasonable.and have no other monthly fee.they will pay bills on time,Shortly after you might be able to qualify for an unsecured card with no annual fee.

2.The First Progress Secured Platinum MasterCard Credit Card – 14.99% APR
.Low apr 14.99% for all purchases
.Annual fee: $39
.Free online account
.Regular report to 3 major credit rating bureaus.

With a low level of annual fee, APR and interest rate, the First Progress Secured Platinum MasterCard is one you should consider if you are in desperate need of restricting your economic behavior and rebuilding your credit.
3.Navy Federal Credit Union nRewards Secured Card – Low interest rate 8.99% to 10.99%
.No annual fee
.Low interest rate 8.99% to 10.99%
.Up to 1% cash back per dollar
.No Balance transfer fee
.After 12 months, you can be switched to an unsecured card
.Get redemptions starting at $25, with the capability to set up automat

If you have choice apply Navy Federal Credit Union,Navy Federal CreditUnion nRewards Secured Card is the best secured credit card.with low apr and no annual fee,and you can get 1% cash back.this card is unbelieveable. The very thought of loosing it is the worst experience in life anybody could ever have. I mean it would be a nightmare through life without the power this card posses and the gift of a lifetime opprotunity.

Secured Credit Cards With No Annual Fees

October 24, 2011   KID

As long as you hold a credit card with annual fees, you’re going to be charged every year to use the card no matter how often you use it. If you know something about credit cards, you sure will understand that many cards, especially secured credit cards, have annual fees. However, many card issuers are trying to avoid the annual fee to encourage customers to apply for the card. Don’t be overthrilled if you find a secured card that requires no annual input. It is usually the case that you might pay for what you have saved in a different section.Double check and compare other stipulations attached to the card. Many cards offer to waive the annual fee but at the cost of a high APR and other processing and maintenance fees. You need to decide whether a secured credit card without annual fee is best for you or not.

1.Orchard Bank Secured MasterCard

Orchard Bank Secured MasterCard

  • Low interest rate. only 7.9%
  • No processing fee
  • No annual fee for the first year then $35
  • No Balance transfer fee
  • Cons:High penalty fee.29.49%
  • Cos:5% of balance transfer fee

Orchard Bank Secured MasterCard is good for people who want to rebuild his credit history.
The card carries a very low 7.9 % variable interest rate. and $35 annual fee is waived the first year, there’s no have account processing fee.

It will automatically sends monthly reports to all three major credit bureaus, which should help improve your credit score.you need  put up a minimum security deposit $200.and the credit limited depending your deposit.
2.Navy Federal Credit Union nRewards Secured Card

  • No annual fee
  • Low interest rate 8.99% to 10.99%
  • Up to 1% cash back per dollar
  • No Balance transfer fee
  • After 12 months, you can apply an unsecured card
  • Get redemptions starting at $25

The Navy Federal Credit Union nRewards Secured Card is probably one of the best secured credit cards you can find. It comes with generous rewards which can only be found on unsecured credit cards.

You can earn 0.5% to a full 1% cash back for purchases depending on how much you spend. You get one point for every dollar you spent with this card.

The Navy Federal Credit Union nRewards Secured Card is one of the best secured cards. Not only do you get a very low APR, you also get a generous rewards program. But you must first be eligible to be a member of Navy FCU to qualify.
3.Applied Bank Platinum Zero Secured Visa Credit Card 

Applied Bank Platinum Zero Secured Visa Credit Card

  • No annual fee
  • $9.99 monthly.High monthly maintenance fee.
  • Fixed 0% APR on purchases
  • Free Online Banking
  • 9.99% For Cash Advance

The Applied Bank Platinum Zero Secured Visa Credit Card, as is implied by the name, is a secured credit card issued by the Applied Bank for people with bad credit or no credit history. With no annual fee and a low fixed APR, it might be an ideal choice for people in need except that it charges a skyrocketing maintenance fee of $9.95 every month.

The First Progress Secured Platinum MasterCard® Credit Card review

October 14, 2011   KID

First Progress Secured Platinum MasterCard® Credit CardThe First Progress Secured Platinum MasterCard® Credit Card is one of the best secured credit cards issued by Synovous Bank with great incentives for people who are struggling with a bad credit. No good credit or little credit is required of the applicants. Provide a minimum security deposit and identity proof, you are instantly qualified for the applacation.

Fees
Annual fee: $39.
Cash advance fee: $10 or 3% of each advanced amount, whichever is greater.
Late payment fee: up to $35.

APR
14.99% for all purchases and 19.99% for cash advance. Free of APR during the introductory period, which lasts 25 days. You can avoid paying the interest by paying on time at full.

Credit limit
You can choose a credit limit between $300 and $2000 based on your security deposit. The initial maximum credit is $2,000, but you can extent it up to $5,000 over time if you present trustworthiness in your credit. Unlike a checking account, you won’t earn any interest for your deposit. There’s no need to worry about losing your security deposit, because it is insured by the FDIC in case the bank declares bankcruptcy.

Free online account.
Applications for the card are only available online and not by phone so as to avoid identity theft and fraud. You can enjoy the convenience of checking out your account on line any time you want.

Get instant approval once you have made online appilcation.

Regular report to 3 major credit rating bureaus. This is extremly helpful for those who are working on rebuilding their terrible credit.

With a low level of annual fee, APR and interest rate, the First Progress Secured Platinum MasterCard is one you should consider if you are in desperate need of restricting your economic behavior and rebuilding your credit.

 

Applied Bank Platinum Zero Secured Visa Credit Card Review

October 13, 2011   KID

Applied Bank Platinum Zero Secured Visa Credit CardApplied Bank has been in business since 1996 and they specialize in providing credit cards, either secured or unsecured
The Applied Bank Platinum Zero Secured Visa Credit Card, as is implied by the name, is a secured credit card issued by the Applied Bank for people with bad credit or no credit history. With no annual fee and a low fixed APR, it might be an ideal choice for people in need except that it charges a skyrocketing maintenance fee of $9.95 every month.

No annual fee.Credit cards with no annual fee imply no charge for annual servicing of your account.

High monthly maintenance fee. Although the bank claims that it does not charge any annual fee, it eats up your money by imposing a high monthly fee of $9.99, which equals to $119.4 per year. However, you must know that even if you do not have to pay such a high fee with other cards, they do charge you heavily on additional fees like transaction fees and deposit fees to compensate for that.

You will be charged a penalty fee of $32 if you fail to pay off your balance.

They will reporte to all (3) bureau’s even though they do not say they report to all three.

Online Banking. you can Pay your bill check your balance online.

Fees for cash advance: 9.99% of the amount. If you done’t repay the money you have withdrawed at full amount, you will have to pay an interest rate of 9.99%. This is not a popular feature since you have to pay interest for withdrawing your own money. However, comparatively speaking, the fee is reasonable among a large number of cards, secured or unsecured, that have a cash asvance fee.

Fixed 0% APR on purchases
This is one of the best features of this card. A fixed 0% APR on purchases any time you use the card to buy things, not just within the introductory period.The interest rate won’t change even if you can not make on-time payments. It is the most attractive feature for people who like to buy first stuff and then pay it off over time.

Credit limit: You can choose a credit line between $500 and $5,000. but first you need to open an account at the Applied Bank and put in a certain amount of money as security deposit which is equal to your limit. Don’t expect to get any interest for your deposit and you account can fall below $100. Since the Applied Bank is FDIC insured, even if it fails or declares bankruptcy, you can still get back the money that you put as a deposit as that is insured by the US government.

The Applied Bank Platinum Zero Secured Visa Credit Card bears other benefits like free theft protection(but the money in your account has to be over $500), 0 fraud liablity and regular report to credit rating agencies, which you will find extemely helpful if you are trying to restablish your credit.

Navy Federal Credit Union nRewards Secured Card review

October 04, 2011   KID

The Navy Federal Credit Union nRewards Secured Card is probably one of the best secured credit cards you can find. It comes with generous rewards which can only be found on unsecured credit cards.

There is no annual fee and the interest rate is relatively low. The only requirement is that you have to be a member of the Navy Federal Credit Union. It is not as difficult as you think to join the union. If you happen to have a family who works or worked for the armed forces, but you must first be eligible to join this large credit union. It might not be as hard as you think.

If you can join Navy Federal Credit Union,this is one of best secured credit card.
Navy Federal Credit Union membership is open to uniformed personnel in all branches of the armed forces – not just the Navy – plus the National Guard, retirees, civilians who work at Department of Defense installations, as well as their family members. So, if your grandfather was in the service, he can join if he’s not already a member, and you can too.

Who the card is for?
People who are members of the Navy Federal Credit Union and do not have a sound credit history.

Fees
No annual fee.

Balance transfer fee: None.
Late payment and returned payment fee: up to $20.

APRs
8.99% to 18% on purchases. You are sugguested to use this card to carry a balance considering that there’s no annual fee and balance transfer fee, and the APR is low.

Rewards
Earn 0.5% to a full 1% cash back for purchases depending on how much you spend. You get one point for every dollar you spent with this card. For example, if you spend $1000, you will get 5 points(0.5%) in return. When your spending reaches a high $7500, the cash back you can earn is as much as $75(1%). The cash back is redeemable for giftcards and certificates on your account. Points expire after 4 years and there is no limit on how many ponits you can earn.
Reward examples:

2,000 points for $10 gift card from Starbucks or Applebee’s
3,500 points for $25 gift card from Best Buy or iTunes Music Store
7,500 points for $75 Gap® or Navy Federal Visa Awards Card

Anyway, The Navy Federal Credit Union nRewards Secured Card is an excellent secured credit card that you will regret for missing it for there is no annual fee, balance transfer fee or whatever fee imposed on it which is quite common on other secured cards. And it offers a generous reward. With this card, you are actually enjoying privileges only reserved to people with excellent credit.

In my opinion

Unbelieveable this card is. The very thought of loosing it is the worst experience in life anybody could ever have. I mean it would be a nightmare through life without the power this card posses and the gift of a lifetime opprotunity.

 

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.

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.