High Limit Secured Credit Card For Bad Credit
The secured credit card functions like a traditional unsecured credit card except that it requires you to make a cash deposit at the issuing bank as colleteral so that the bank can take the money you owe from your account in case you fail to pay off your balance. The cash deposit you make generally equals 50%~100% of your credit line. Most secured cards have a $200~$5000 limit, but for some you can extend your limit to as high as $10000. A high credit limit means that you can enjoy more freedom in your spending without worrying about crossing the line. There are some good secured credit cards out there in the market that are not so stingy about credit limits and credit limit increase.
But the Secured credit cards have higher interest rates than unsecured credit cards, annual fee , monthly fees.but if have no or bad credit,you only choose secured card. make a few purchases each month and pay the entire balance each time the bill comes. In many programs, good behavior with a secured card will earn you an unsecured card in the next year.
1.Best secured credit card with high credit line-Wells Fargo $300-$10000 credit line
The highest secured credit card limit was the Wells Fargo, you can get up to $10,000 credit line– provided you have the security deposit to equal it. Wells Fargo also offered one of the lowest annual fees and APR rates.
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.
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.
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.
Several cards offer limits between $3,000 and $5,000.
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.