Credit card comes in handy for many financial transactions. You can pay the bill, insurance, subscription and daily purchase without carrying much cash on wallet. Some people are eligible for traditional credit card and the rest receives many rejections from card issuers. To overcome this situation, there is secured credit card as alternative. List of the best secured credit card to rebuild credit will guide which one to choose.
List of the Best Secured Credit Cards
- Capital One Secured MasterCard
Many companies and credit unions have interesting offers related to secured credit card. One of them is Capital One Secured MasterCard. You just open account then put money as deposit. After that, the card will be at your hand for purchase and pay many things. It does not have annual fee and interest rate is quite competitive.
- Discover it
One of top lists for the best secured credit card to rebuild credit is Secured Card from Discover it. You do not have to pay annual fee. Moreover, the card owner receives cashback when spending at gas station or restaurant. Moreover, there is reward that can be transferred into cash to increase credit limit. As secured credit card, it has deposit at least $200 and it can be increased monthly. After eight months, card issuer will review your activity as consideration to take unsecured one.
- Navy Federal Union Secured Credit Card
Credit union has its own way to offer credit card, unsecured and secured one. You can rely on Navy Federal to obtain secured credit card. The benefits are not annual fee, lowest APR, reward, and car insurance. This service is available only for member and you have to be a part of Navy Federal.
- USAA Secured Visa Platinum
You may have bad credit and want to get it better. Another choice of the best secured credit card to rebuild credit comes from USAA. You receive save features and benefits as other Visa Platinum. Initial deposit starts from $200 and card owners may increase to expand their credit limit. Moreover, it has competitive APR between 11% and 21%.
- Wells Fargo Business
You can establish and rebuild credit with secured credit card. For such purpose, Wells Fargo Business is more than enough. Primary service is secured credit card, but its credit limit is the highest at all. Card owner may get limit up to $25,000 from initial deposit. Such credit limit is suitable for business or small company to support financial transaction.
Secured credit card is different from prepaid debit. The credit limit depends on security deposit and only for covering payment. You use your money when using debit card. On the other side, credit card is loan and you have obligation to fulfill minimum payment on time. This is also what you should do when utilizing secured credit card.
List of the best secured credit card to rebuild credit above is only for your reference. Most of card issuers are very popular on this filed. You don’t have to worry about legal aspect and their capability to support this kind of service.