The best secured credit cards odesk test answers 2013

Secured credit cards have a bad reputation, and most of these products deserve it. Too often, the companies that offer secured cards do so to prey on those with poor or little credit history by charging exorbitant interest rates and outrageous fees. But using the right product from a reputable institution, holders of secured cards can repair or build their credit while enjoying many of the benefits of standard credit cards that they might not qualify for. (see also: how to pick the best secured credit card to repair your credit) how a secured card works

Standard credit cards are not secured by any property or deposits that can be repossessed in case of default. Therefore, applicants for these unsecured loans must first be able to show banks a strong credit history.

On the other hand, almost any applicant will qualify for a secured credit card. With a secured card, the cardholder must first pay a security deposit that protects the bank against the risk of default. Shopbot desktop in all other ways, a secured card operates just like a standard credit card. Cardholders receive monthly bills that they must pay on time or incur interest and penalties. At the same time, banks will report payment information to the credit bureaus, allowing cardholders to build their credit history. What to look for in a secured card

Your first priority in shopping for a secured card will be to stick with a reputable bank and avoid the numerous products with high interest rates and unreasonable fees. Desk com faq shoppers should look for a card with a low annual fee and perhaps one that might earn interest on their deposit. Finally, applicants should be aware that not all banks guarantee acceptance, so those with outstanding liens or a recent bankruptcy will not qualify for some of these cards. Top secured credit cards

The capital one® secured mastercard® is the best secured credit card available — sign up now! This is one of the few cards that may extend you a credit line in excess of your deposit. If you make a security deposit of $49, $99, or $200, you will be able to get an initial $200 credit line, determined based on your creditworthiness. This card’s standard interest rate is 24.99% variable APR. Like all capital one cards, there are no foreign transaction fees. This card also comes benefits like auto rental insurance, travel accident insurance, and price protection. The best part — there is no annual fee.

The citi ® secured mastercard ® from our partner citi is another good option to help you build your credit history if you have limited or no credit. Your credit line is equal to your security deposit; the minimum is $200. Hp deskjet 2132 scan in addition to monthly notifications to the credit bureaus, this card can help you stay on track with auto pay, online bill pay, and alerts. The variable APR is 24.49%* and there is no annual fee.

With an 19.39% variable APR and $35 annual fee, the opensky® secured visa® credit card is a strong contender on this list. Additionally, you may even get approved for a credit line increase up to $5,000 at any time. There’s no credit check so you don’t need to worry about an inquiry affecting your score, or even getting declined because of it. Choose your credit line as low as $200 up to $3000, secured by a full-refundable security deposit.

With the green dot primor® visa® gold secured credit card, your credit limit is equal to the amount of your savings (which accrues interest, but does not compound) — anywhere from $200 to $5,000. The annual fee is $49 and the APR is 9.99% fixed. This is the lowest APR you’ll find on a secured card, so it’s great for those who need to keep a balance on their card. Hp deskjet 2540 reset password however, this card also has a lot of fees for various activity on your account. (they also have a classic version with a $39 annual fee and 13.99% fixed APR.)

The capital one® platinum credit card isn’t a secured credit card — you don’t have to deposit money in order to get credit. It’s a standard unsecured credit card that’s offered to those with less than stellar credit. You may also get access to a higher credit line if you make your first 5 monthly payments on time. The variable APR is 24.99% with no annual fee, no balance transfer fee, and no foreign transaction fee.

Those who have poor credit or no credit history may be tempted to just wash their hands of the entire credit card business. Unfortunately, that would be a mistake. Obtaining a secured card and making on-time payments is a critical way to repair or build one’s credit. Whether it is right or wrong, companies today use credit scores for any loan application, background checks when hiring, and for setting rates for services such as car insurance. Furthermore, travelers will find it difficult or impossible to reserve a hotel room or rent a car without holding a credit card. (see also: how to rebuild your credit) like this article? Pin it!

I would avoid the U.S. Bank card at all costs, unless you have money laying about you wouldn’t mind them holding onto. I initially applied about 3 weeks ago. I was sent to a sorry we cannot approve you at this time screen. Never received an email, snail mail or even a phone call. After about a week I decided to just up my line of credit with my capitalone card. Which, I absolutely love by the way. Just a few days ago I went to check my bank account, and guess what? USBank took out $300 for a deposit leaving me with overdraft fees. Link desk after speaking with tons of representatives who all made me feel like crap, one in particular who told me I shouldn’t have blown my money and should have left it for their disposal at any time. It was my personal account I use for household items, not my joint account, so keeping an extra $300 for a card I was told I wasn’t approved for seemed a tad silly. After speaking with several usbank employees I have been told it isn’t their policy to communicate with you unless they approve you. And now, for the REAL kicker of the whole thing. They haven’t even approved my application. Even with my $300. They are currently still reviewing my application to determine whether they will give me a card. And, it gets better. I was told on february 1, 2013 that I will have an answer in about 3 days. On february 6, I was told the same thing. Once they decide they will either a. Send my money back to my bank if they deny me, which will take 10-14 days or b. Assign me a card number and issue a card within 7-14 days, then once I have a card number, THEN I will be mailed, finally, a card to use with my money. Desk com live chat so, in 14-28 days I will finally have access to, if I am lucky.