Getting a secured credit card is one of the best ways for people with bad credit to begin to rebuild credit, and is also a great way for students or young adults with no credit to build credit.
Secured credit cards require a savings account deposit generally equal to the credit limit of the card. Otherwise, they work exactly the same way, and are accepted in all the same places, as an unsecured credit card.
To build your credit, you must establish positive trade lines on your credit report. If your credit score is too low for you to qualify for a traditional credit card, a secured credit card is the best way to rebuild your credit.
If you want a secured credit card for building or rebuilding your credit, there are three essential things the card must offer:
We've researched many secured credit cards for people who want to build or rebuild their credit. The Capital Bank Open Sky Secured Visa credit card not only meets the above requirements, but provides several additional features that other cards don't.
Secured, Unsecured, or Prepaid Credit Cards for Building
Be wary of unsecured credit cards targeted to the sub-primemarket. There's a reason they call those cards "fee harvesters."
Capital Bank Secured Credit Card Review
A complete review, and features overview, of the secured Visa offered by Capital Bank.