Bank Secured Credit Cards – Best of 2012
We’ve compiled a list of our top 3 secured credit cards for those with less than ideal credit. In some cases they may simply be a standard secured credit card, however they may also be a hybrid of sorts between a regular credit card and a secured one depending on your individual credit standing. You’ll have to apply with the bank before seeing if you’re eligible for a traditional credit card, a secured credit card, or a combination of the two.
Secured credit cards should be tools to get your finances back on track. They should not be used simply as a substitute for a checking account or a regular credit card. They should report to the 3 major credit bureaus so that you can either rebuild your credit or establish it for the first time. While prepaid cards are extremely popular right now, they won’t help you build credit and you’ll rarely be rewarded with cash back or points.
Top 3 Secured Credit Cards of 2012:
(These products are available through 2012. Check with the individual institution for exact terms and conditions as they have changed from the time this was posted.)
1) Orchard Bank Visa Cards – The Orchard Bank Visa Credit Card can help you get your credit back on track. They report monthly to all three major credit bureaus giving you the opportunity to rebuild your credit with good payment behavior. You`ll also enjoy acceptance at millions of locations including website purchases and reservations; account information updated and at your fingertips 24/7; email and text messages to remind you of your upcoming payment due date with online enrollment. Get pre-qualified in less than 1 minute.
2) Household Bank Rewards MasterCards – The Household Bank Rewards Mastercards have received a lot of attention in 2012 and have also recently restructured their rewards and features. Here’s how it works: You’ll apply for a Household Bank Rewards Mastercard and you’ll then be issued either a secured credit card or a regular credit card that will require an upfront deposit. This deposit will then be used to determine your credit limit. We think this is somewhat of a hybrid card (both secured and unsecured) as it requires a deposit but still allows you to spend above that amount. It’s been one of the best options available in 2012 for it’s 0% intro APR, its cash back and its ability to rebuild or establish credit. The rewards associated with this card are as follows:
A) 2% cash back on EVERY dollar spent.
B) 0% intro APR for 9 months. Be careful with this, while tempting you’ll want to note that you’ll receive a variable APR of 19.90% after the promotional period is over.
C) 24/7 online access. Manage your account online and set-up alerts of payment due dates.
3) Horizon Gold Merchandise Card – While there are no real frills or perks with this card, it still helps you rebuild credit by reporting to the 3 major credit bureaus each month. It also comes with guaranteed approval and a $500 credit limit regardless of employment or credit history.
Explore other Secured Cards mentioned on BankVibe.com from our archives – CitiBank’s secured credit card and Chase Bank’s secured credit card.
