Which Secured Card is Right For You
How to Pick a Secured Card
If you have really bad credit, a secured card may be your only credit card option. If you’re tempted not to go for a secured card and to go for a high-interest, high-fee credit card, you should think again. These unsecured credit cards, targeted at those with poor credit and little income are devised to take advantage of the people they are targeting. A secured card from a major credit card issuer is a much better choice than a high-fee, high-interest credit card. But which secured card is right for you?
Low Annual Fees
When you get a secured card from one of the major credit card issuers, you’ll have to pay an annual fee, but it will be nowhere near the fee you would have to pay one of the so called bad credit credit card companies. The typical annual fee will be about $40 to $50 and may even be less.
Low Interest Rates
In addition to looking for a secured card with a low annual fee, you’re going to want that secured card to carry a lower interest rate. Since the credit card is being secured by a deposit, there’s really no reason to pay astronomical interest rates. A good credit card company will offer a secured card with both low annual fees and low interest rates.