Secured Credit Cards
When considering secured credit cards, you first need to understand how they work. To get this type of card, you must be at least 18 years old (or 19 if you live in Nebraska). If you meet the age requirement, you will be required to deposit money to guarantee that any charges made on your card will be repaid. Some cards will use the deposit to establish your credit limit and then operate like a regular credit card, charging you interest on any balance that exists on your account. Other cards deduct purchases and withdrawals from your initial deposit, and charge a monthly fee instead of charging interest.
A major consideration when choosing a card is whether your information will be reported to the credit bureaus. This is vital if you are trying to establish your credit. With this in mind, you can use the following chart to compare the best credit cards in this category which offer not only reasonable fees, but also report to the major credit bureaus.
Since there are variations in how these cards work, it's best to read the
individual terms and conditions for any card you are considering applying for. If you think that you would qualify for something
other than secured credit cards, check
out the following sections for other offers:
Bad Credit Credit Cards
Unsecured Credit Cards
Visa Credit Cards
