If you have bad credit or limited credit history that keeps you from getting approved for a credit card, a secured credit card is a good option, especially if it's one that reports to the three credit bureaus. Here are three of the best secured credit cards for helping you rebuild your credit.
Unfortunately, not all secured credit cards are good for you. Some have unnecessarily high fees and interest rates. Here are three of the worst secured credit cards. Stay away from these unless you have absolutely no other choice.
It will also help to know how to choose a secured credit card. Of course annual fee and interest should be considered, but also how much of your security deposit goes toward your credit limit.
Secured Credit Card Articles
Another factor to consider when choosing a secured card is what other cards are offered by the bank and can you convert the account to one of those after a period of good history with the secured card – eg. eliminate the annual fee, add a rewards program, etc.
Debt is a part of life.
The sooner you realize that, the less time and money you can waste trying to eliminate it. The debt really isn’t the problem: the worry about debt is. As soon as you become ambivalent to your debt, the better quality of life you can live.
Besides, being debt-free is not going to make you rich. Many rich people are in debt and they even manage to get richer while being in debt. The fantasies about wealth were written decades ago. You NEED debt in order to get rich!
Bad advice on #3. Yes, wells’ secured card is decent, however, they have frozen their graduation program for over a year. So in other words, you’ll never have your account converted to a regular credit card account until Wells decides to reinstate their graduation program.