Also do you have to be with the bank to get their secured card?
2006-08-13 08:19:00 · 5 answers · asked by John 2 in Business & Finance ➔ Credit
It would depend on how iffy your credit report is.
Probably one of the better ones, if your credit isn't great but isn't absolutely horrible, would be Bank of America.
BofA will generally unsecure around 9 to 12 months if you keep the account in good standing. They will also grow with you.
No, you don't have to be a member of BofA to get their credit cards.
Then, there is Orchard Bank and HSBC. They are ok, but they will not grow with you. They are good 'starter' cards.
All three of them have a card selector on their web sites. They will not pull a hard inquiry when doing the card selector. But they will pull a hard inq. if you apply for a recommended card.
Credit unions usually have good options, but you do have to join.
Stay away from Cap One. They do not report credit limits, only your credit balance. By reporting that way, they damage your credit scores.
2006-08-13 09:03:26 · answer #1 · answered by echo 7 · 1⤊ 2⤋
While searching for a secured credit card, please keep in mind:
Look for one with a low or no yearly fee ($29.00 or less)
Look for one that does not charge you more than $35.00 set up fee.
Look for one that does not charge a monthly fee for having the credit card whether you use it or not.
Look for one with an interest rate of 14% or less
Look for one that pays you interest on the money you deposit in savings to secure the card.
Don't use the cards for cash advances, as the interest rate and fee that apply are much higher.
There are several search pages to find secured and unsecured credit cards over the internet.
Good Luck!
2006-08-16 08:27:11 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Be careful of credit card offers that charge high fees. Example annual fee $150. Account opening fee $29 one time. Monthly Maintenance fee $6.50 ($78 per year). This offer was from Tribute for an unsecured credit card.
2006-08-13 11:48:38 · answer #3 · answered by Bigboi47 3 · 1⤊ 0⤋
Not sure if they still offer them and sometimes only by an offer by mail but Capital One is excellent. I had one ten years ago and paid it on time every time. After a few years they sent back my deposit with interest and made it a not secured credit card. go to
http://www.capitalone.ca/faqs/secured_card_offer.shtml#howdoIrequest
1. How do I apply for a Capital One MasterCard®?
There are two easy ways to apply for a Capital One credit card:
You can apply online using our easy online application.
If you received an offer from us in the mail, complete the application that was included in your letter and mail it back to us.
2006-08-13 14:29:13 · answer #4 · answered by kamtheanswerman 1 · 0⤊ 1⤋
Go through a credit union. They have better rates, and will handle your business with proffessional care.
2006-08-13 09:59:43 · answer #5 · answered by Garnet 3 · 0⤊ 1⤋