Secured credit card has been widely known to be the solution to open credit card account without too many requirements. Having credit card is such a lifestyle today, allowing everyone to have credit card from any issuers. This becomes a favorite for a reason. Compared to regular credit card, secured ones are considered to be safe and convenient both for consumer and lender. Actually there are several choices of secured credit card with low deposit out there.
Many issuers provide different term and condition that may vary. If you have bad credit history in the past and want to repair but do not have much money, the best choice will be secured credit card with low minimum deposit. You are allowed to add the deposit which also allows you to increase the credit limit. So, which credit card options are recommended? There you go.
Recommended Secured Credit Card with Low Deposit
- Secured Mastercard from Capital One
This secured card allows you to open an account with low minimum deposit which starts from $49 up to $200 depending on creditworthiness. If the lender approves your application, you are eligible for 80 day-deposit completion. During this term, you can complete the deposit up to $200 to receive the card. Capital One has been known as the popular secured card issuer, especially for low deposit.
Secured credit card with low deposit from Capital One has some pros. Aside from being popular as secured card with low deposit; this is also known as rare secured card available on market. It offers beneficial features including no annual fee and balance transfer fee.
- Primor Secured Credit Card Classic
Among other issuers, Primor chooses to provide secured credit card from the consumers. To join this secured credit card with low deposit is quite easy as it requires only $200 of minimum deposit for collateral. Once opening an account, you will receive credit card. Inside the card, you will have deposit amount as you submit during the application. You are allowed to increase the limit by adding the deposit—$50 increment is available. However, this issuer charges you annual fee as much as $39 per month.
- Open Sky Secured Credit Card Visa
Secured credit card with minimum deposit from Open Sky is suitable for people with bad credit history. The lender does not require any credit check. Rather similar with Primor, Open Sky requires the consumer to submit $200 for the minimum deposit. If you intend to increase the credit limit, you need to pay more. Open Sky will charge you $25 each time you increase the credit limit. In addition, $35 will be charged for the annual fee.
There are similarities as well differences between secured credit cards above. The similarities include minimum application requirement, allowing people with credit card problem to open one. The differences are in the annual fees and other additional charges. Secured credit card with low deposit issued by Capital One is considered as the best one as it does not require annual fee as well as balance transfer.