Whether you’re brand new to credit cards or have had some rough credit experiences, having a good credit score is helpful for future purchases down the road. If you need to improve your credit, doing so is easy and convenient with credit cards specifically designed to help you develop financial responsibility.
Cards like these are called secured cards and often require a deposit or some other requirement to encourage you to begin building those credit-smart skills. As you start out with a secured card, you often will have the opportunity to move to a more established card for which you need a good credit score. And just because your card helps you to build your credit doesn’t mean it comes with no rewards. Get the benefits of a credit card as you establish your financial responsibility.
But how are you to know which card can best get you to where you want to be with your finances? To help, here we share five of the best credit cards you can use to help build your credit.
DiscoverIt Secured
With this card, it’s easy to discover your path to building up your credit. Engage in responsible use with the features offered to help you take that next step.
Perks
Just because you need to build your credit doesn’t mean you can’t earn cash back rewards. This Discover card gets you 2% cash back on what you spend at gas stations and restaurants, up to a quarterly maximum of $1,000. For all other purchases, you’ll earn a 1% cash back benefit, automatically.
Fees
Annual fee: $0 fee
Intro Purchase APR: 25.24% variable APR
Regular APR – 25.24% variable APR
Intro Balance Transfers – 10.99%
Highlights
Build your credit easier with the benefits offered through this secured card. In addition to the cash back that you earn, Discover will also match that amount of cash back you earn at the end of your first year of having an account, automatically. That cash back never expires and can be redeemed at any time and in any amount you choose. Use your cash back for a variety of rewards, including instantly as you shop on Amazon.com. With a refundable security deposit, you get to establish your status by providing the deposit up to the credit line for which you are approved. Get access to your FICO Credit Score for free through monthly statements, online or on your phone. Have a delayed payment? Discover won’t charge you a late fee on your first late payment. And that late payment also won’t raise your APR. Stay secured as you build up your score with free alerts on your account and $0 fraud liability.
Capital One Secured Mastercard
If you’re in the process of rebuilding your credit, this card helps you make good choices when it comes to responsible use of a credit card.
Perks
Get your finances under control with features offered through this card. You’ll be able to set a security deposit and get access to a higher credit line as you open your account. After you make responsible and on-time monthly payments, you’ll have the opportunity to increase your credit line.
Fees
Annual fee: $0 fee
Intro Purchase APR: 24.99% variable APR
Regular APR – 24.99% variable APR
Highlights
As you get started on rebuilding your credit, you get to choose the amount you deposit. Choose from a security deposit of $49, $99 or $200 based on your creditworthiness. Get access to a $200 credit line by that first deposit and get on your way to using the card responsibly. Beginning your account is an easy process with Capital One that walks you through using a secured card. You’ll be able to stay on top of all your spending with helpful account management tools like account alerts, a personalized payment plan and autopay services so you never miss a payment. Through the Capital One mobile app, you can also have access to your account notifications from right in your hand. Spend and build credit with confidence with security features like a unique sign in to your mobile app, the opportunity to freeze your card in case you lose it and be protected on fraud charges.
Citi Secured Mastercard
When you’re looking to get your credit in better shape, the process offered through the Citi Secured Mastercard helps you out in responsible use.
Perks
As you make your everyday purchases with your card and make on-time payments, you can improve your credit just like that. With just a simple security deposited submitted as you open your account, you’ll be able to have a credit limit that allows you to spend and build credit responsibly.
Fees
Annual fee: $0 fee
Intro Purchase APR: 24.74% variable APR
Regular APR – 24.74% variable APR
Intro Balance Transfers – 24.74%, fee; either $5 or 3% of each transfer
Highlights
Accepted at millions of locations, this Citi credit card can help get your finances to where you want them to be. As a cardmember, you’ll be covered through their Identity Theft Solutions program that can help you out when navigating the mess of identity theft. You’ll also stay protected as you make purchases with zero responsibility for unauthorized charges. If you didn’t make or authorize a charge, you won’t be liable for it. To encourage you to keep track of your account, Citi offers helpful resources to manage your account at any time. With their account resources, you can view recent transactions, get account alerts and learn more about your payments right online or on your mobile phone. Practice responsible use and get your credit back on track with the Citi Secured card.
BankAmericard Secured
Get your financial future back on track with this secured card from Bank of America.
Perks
If you’re looking to use a credit card to get your credit back in good standing, this card can help you get there. As you use your card and make monthly payments on time, you’ll be on your way to establishing good credit.
Fees
Annual fee: $39 fee
Regular APR – 22.49% variable APR
Intro Balance Transfers – 22.49%, fee of either $10 or 3% of each transfer
Highlights
Experience responsible financial use with this card that works like a regular credit card, but requires a security deposit to help you build your credit. With a minimum deposit of $300, in addition to income and ability to pay, sets your credit limit for your card. You can also have access to your FICO Score each month for free so you know where you stand. Based on account reviews and activity, you may even be able to have your security deposit returned at a certain time. Experience the security and assurance offered with credit cards including fraud protection, online shopping security and cards with unique chip technology to make sure you stay safe as you spend. Stay on top of where you stand with your finances with online and mobile access to your account, digital wallet technology and account alerts. If there’s an unauthorized purchase made on your account, you won’t be liable for the fraudulent charge.
OpenSky Secured Visa
Think you can’t enjoy the benefits of a credit card just because of bad credit history? With this secured Visa card, you can be on your way to rebuilding your status.
Perks
Getting approved for a card is easy with the process set up by OpenSky on this secured card. You won’t need to submit your credit information and you get to set the limit of your credit based on your refundable deposit you submit. Use your card for all your everyday purchases so you can keep your budget in check. When you make your monthly payments on time, you’ll get closer to establishing better credit.
Fees
Annual fee: $35 fee
Intro Purchase APR: 19.39% variable APR
Regular APR – 19.39% variable APR
Intro Balance Transfers – N/A
Highlights
As you rebuild your credit and earn good reports, OpenSky will report your activity to the top three major credit bureaus. This makes it clear and easy on your path to better financial standing. As this OpenSky is a Visa card, you’ll enjoy all the benefits that come along with that, such as worldwide acceptance. You’ll also be protected from fraud as you use your card. Stay up to date on your account activity with alerts and notifications sent right to you so you know exactly when you need to make your next payment. You’ll also gain information and helpful strategies for maintaining good credit so you can be on your way to financial health.
Get on Your Journey Toward Better Credit
Bad credit experiences don’t have to prevent you from using a credit card. With these secured card options, you can practice responsible use and rebuild that credit you’ve lost. With the easy process offered through these cards, establishing good credit is an easy step to getting to where you want to be with your finances.
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