I thought secured cards where a scam. Are there any good companys out there that handle secured cards?

Answer 1

Yes there are good companys that offer secured cards.

You might check with your bank or credit union and see what they have to offer.

You might also check Bank of America, Orchard Bank and HSBC online and see what they will offer you. They have a card selector that will give you a recommendation for a card with no hard inquiry.

If you apply for a card that is recommended, then they will pull a hard inq. and keep in mind that even though a card is recommended, there is no guarantee of approval.

A lot depends on what your reports are like, but I would recommend BofA before Orchard or HSBC.
BofA will grow with you, the other two won't.

There are "many" good companys to get a secured card with.

If you want to do more research on other companys, click on the link I've provided, click on forums and then go to the credit forum. Do a search for secured and do some reading.

Answer 2

There are good cards out there you have to look. I have an Imagine Card, had it since January and I love it. You have to have a checking account and give them permission to take the monthly fee from your account. (never had a problem with this) You can also pay on-line, or by mail and as long as they get it 2 days prior to your due date they won't debit your account. There is no way they'll turn you down. This was most important to me because I didn't want a bunch of inquiries and then get turned down. That would have been more harm than good. I love this card. Aslo I hear Rewards 660 is good but if you pay them by check they won't post it to your account til it clears.

Answer 3

Secured cards are where you deposit money into the credit account. It's like using a debit card since it's your money.