Do you ever want to improve your credit score? If yes, then applying for a secured credit card could be the one perfect option for you to consider. It goes with the fact that different from the regular credit card or the unsecured credit card that you know. This particular secured credit card with no annual fee offers you more benefits.
First, just like the usual procedure of a secured credit card service, the service will required the soon-to-be users to make a down payment for the security deposit in order to secure the future credit line. However, there are two types of secured credit card. One is with annual fees to pay and the other is with no annual fees. As for the latter, this service of a credit card will never charge you for any annual fees.
The Top Rated Secured Credit Card with No Annual Fee
Now, if talking about choices, of course you should make choices based on the recommendation. That being said, how recommended is the real question. What are the exact advantages and disadvantages of a secured credit card with no annual fee? These things are for you to consider and think of carefully. Below are the top rated related services that available to apply.
The first option available is the Capital One’s secured credit card service. Aside from the no-annual-fee benefit, the security deposit that you can have is pretty much varied. It is either a total of forty-nine dollars, ninety-nine dollars, or even two hundred dollars. The limit of the credit that you will have later will be based on them. Additionally, once the user done well with their first five months of monthly payments, meaning that they pad them on-time, it is possible for them have upgrade their limit of credit.
What is great about this feature of a secured credit card with no annual fee is the fact that there is no additional security deposit for them to pay. The easy access of this credit card will also do magic for your daily transaction as it is available to access through online and mobile application. As the bank is collaborating with MasterCard for this service, this credit card is easily accepted at most of locations in worldwide.
The second option for the service of a secured credit card is provided by Discover. The features of this card are slightly different from the previous one as it offers cash back for any purchases that you make. Also, there is no exact number for the security deposit; it can go as high as the number that the bank can approve of, at the very least, it is a total of two hundred dollars.
What more relieving about Discover’s secured credit card with no annual fee service is, that the users will receive alerts for the social security number. This is for the bank or Discover in order to monitor any risky websites that you may or may not sign up in using the credit card. This way, it will certainly prevent the leak of your information when you access those malicious websites.