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If you lack a credit history or have poor credit, opening a credit card can be a smart way to build or rebuild credit as long as you practice responsible financial behavior. While there are thousands of credit cards, most of them necessitate some form of credit history to be approved. This can make it hard for those with bad credit (typically below 580) or no credit at all to get approved for a credit card.
One of your best chances of obtaining credit is through secured credit cards. They’re similar to traditional credit cards (they extend credit, charge interest and may offer rewards) but require you to make a deposit (typically $200) to access a credit limit. Your credit limit is determined by the amount of money you deposit. If you want a higher credit limit, you’ll have to deposit more money. If you fail to make payments, your security deposit serves as collateral. If you pay your balance in full and close your account, your deposit is refunded, so don’t worry about losing that money.
CreditMonarch, gathered for you a few, well known credit cards that can help you rebuild or establish your credit score. The general idea of a secured credit card is to allow a person to use a credit card that reports to the major credit bureaus, without putting the lender at risk. There are quite a few secured credit cards out there, all offering the same basic service, but with slight changes to accommodate different financial situation. Once your credit card is activated, you can start making purchases and if you are using your secured credit card responsibly your credit score is sure to start rising.
Our goal is to help you find the best credit cards for your needs. So, we wanted to share with you a list of the best and most popular secured credit cards out there, check them out below.
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