Best Secured Credit Card

Hey WalletHubbers! Today we'll go over how to find the best secured credit card These types of cards are great if you're trying to rebuild credit or if you're new to credit

They have the highest approval odds because they require a refundable security deposit that doubles as your spending limit But they're certainly not all the same, so check out WalletHub's top pick by clicking the button here There are four things to keep in mind when you're looking for one, though Number one is to look for the lowest annual fee Right now, rebuilding your credit or building your credit at the lowest possible cost to you is most important, so finding a low or no fee card is going to be key

Number two here you want to make sure that you can actually afford the security deposit Secured cards usually have a minimum security deposit of about two hundred dollars that then doubles as your spending limit, and you actually get that deposit back as long as you close your account in good standing You also want to make sure that you're looking for rewards cards It's rare, but there are definitely some deals out there to be had that you might be eligible for, so just keep your eye out for them And lastly, make sure that you're only applying for one card at a time here before moving on to the next one because when you're applying for too many credit cards in a short period of time, that's bad for your credit

That's what we want to avoid here But if you don't get approved for your number one choice, then try to look for a card next that does not do a credit check You can start comparing secured cards today and find the best one for you