New Secured Credit Cards: Helping You in Building your Credit
If you are having difficulty in getting approved for a conventional credit card, you must think about applying for a secured credit card. Secured credit cards provide access to a line of credit for individuals who are aiming in establishing or rebuilding their credit history. For you to get hold of a secured credit card, it is necessary to create a deposit account that can secure the credit line existing on the card. If the line of credit is already secured, the card will be simply like a traditional card.
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You must pay off monthly minimum payments on your balance and nearly all secured cards involves application fees, monthly fees, and annual fees that differ depending on the bank or financial institution. Several secured credit cards possibly will increase your credit line not needing any additional deposit provided that your account continues to have a good standing for a certain period. Thus, do not waste your time being upset that your credit status will not improve. You can look into these secured credits cards and find out what each has to offer.
Applied Bank has the Platinum Zero Secured Visa Credit Card. The Platinum Zero Secured Visa Credit Card has a lot to offer with regards to the benefits, services, and the low fixed interest rate it has. Despite the fact that majority of the secured cards likely have high interest rates, the Platinum Zero Secured Visa provides a 0% annual percentage rate on purchases and a low 9.99% APR on cash advances. These rates will not be adjusted even though you will have late payments. It also has very low interest rates. The card is also offering different services such as online account access and personal ID theft protection. Having the Platinum Zero card, it can send timely reports to the credit bureaus the assists you getting creditworthiness and can boost your credit rating. When you apply for the card, there is no application fee but would require a minimum deposit of $500 to secure the credit line.
The Citi Secured MasterCard will let rebuild and restore your credit history. To get a Citi Secured MasterCard, you must make a deposit of $200 to $5000 into a certificate of deposit (CD). The amount of money you have put in your CD would correspond to the line of credit you can use. You will get a 4% interest rate on your CD. There is an 18.24% APR on purchases and a 25.24% APR on cash advances. There are loads of benefits and services that the Citi Secured MasterCard has. It has the identity theft solutions, $0 liability on unauthorized charges, online account access, and you are right away covered when you will reserve and rent a vehicle using your Citi card. In addition, you can reject the car rental company’s collision loss/damage waiver insurance. The card issuer will provide reports to the 3 major credit bureaus. After 18 months of having good credit standing, you will be eligible for an unsecured Citi Platinum Select MasterCard. No application fee will be paid if you opt for this Citi Secured MasterCard.
With an Orchard Bank Secured MasterCard which is being issued by HSBC Bank, it is intended particularly to those individuals who do not have a credit or own a poor credit. A minimum $200 and a maximum $15,000 deposit will be needed to secure the credit line for this card. You will be getting an interest for that deposit. The APR would vary from 8.90% to 19.90% that would consider your credit score. The Orchard Bank Secured MasterCard provide a lot of benefits which comprises a free standard online bill pay, fraud liability protection and you can set your personal customized spending alerts. Aside from that, you have online access to your account, and your account will be reported to the 3 major credit bureaus. Orchard Bank Secured MasterCard will not charge you any fee when you apply for this card.
See Also
Best Credit Cards Canada
Best Balance Transfer Credit Cards Canada
Best Cash Back Credit Cards Canada
Best Capital One Credit Cards Canada
Best MasterCard Credit Cards Canada
Best MBNA Credit Cards Canada
Best Visa Credit Cards Canada
Best Secured Credit Cards Canada
Travel Credit Cards Canada
External Links
Bankrate.com
Indexcreditcards.com
Credit.about.com
