How to Choose the Best Secured Credit Card
Apr 6, 2021
If you're looking to open a secured credit card to either boost your credit score or start building credit, it's important to pick the right secured card.
The best secured card will report activity to the three major credit reporting bureaus (Experian, Equifax, and TransUnion), come from a reputable lender, and give you the option to upgrade to an unsecured card, among other features.
This article will give you the tools you need to help pick the best secured credit card. Keep reading to find out more.
What's a secured credit card?
A secured credit card requires you to put down a cash deposit that's usually equal to the amount of credit you'll have available.
Secured credit cards are typically available to borrowers with bad credit or no credit history since the issuer is protected from losing money. If you can't pay your balance, they can simply keep the collateral. You'll receive your cash deposit back when you either close the account (assuming you're in good standing with the lender) or upgrade to an unsecured card.
4 ways to pick the best secured credit card
Here are 4 factors to consider when picking the best secured card:
How to use a secured credit card
Here are a few ways to best use your secured card:
- Try to pay your balance in full each statement to avoid having to pay interest. This will also help you look like a responsible spender to your lender.
- Pay your bill on time. On-time payments are the biggest factor of your credit score (35%).
- Keep your credit utilization ratio below 30%. To maintain a low ratio, you can limit your spending, raise your credit limit, or both.
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Original Source: How to Choose the Best Secured Credit Card
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