Best Credit Card 2022

It’s no space science that you need good credits to apply for a credit card. That leaves people who are in urgent need of credit cards in a pickle. For such customers, secured credit cards with no credit checks offer the solution they require. From there on, users can start building their credit profiles. Thus, let’s get on with our list of the five best-secured credit cards that you can find out there!

 

OpenSky Secured Visa Credit Card

The card is for people with zero credit history. It specifically pertains to people with a poor credit history due to reasons like bankruptcy. Also, the service is ideal for those who want a credit card with simple credit approval and low fees. Besides, it is a credit card by OpenSkythat doesn’t require any credit check.

Secured cards were a lot different and a lot more costly ten years ago. In most cases, it will require a $500 security deposit. After that, you would have to pay a higher monthly rate, anywhere between $75 and $95. Besides, some of these cards have monthly maintenance fees. And those could be anywhere from $7.50 to $12 a month.

So, instead of providing a solution, it added to the problem. OpenSky, on the other hand, discusses how these cards work. And it also lets you know these specific details when you avail of the secured card services from OpenSky. As a result, a hard inquiry will not appear on your credit report. Plus, you can get a secured card without the requirement of a bank account.

Pros

One of the best-secured credit cards is from OpenSky Secured Visa Credit Card because:

• You can get easy credit approval at OpenSky with no bank account needed. Also, it offers resources to help people learn more about how to build their credit fast.
• It has a lower interest rate compared to many other secured cards. Compared to other cards that start their interest rates at 22% or higher, OpenSky’s interest rate is only 17.39%.
• With this type of credit card, no bank account is necessary. As a result, you have easy credit approval. Plus, your credit report won’t show any negative reports if you avail these best-secured credit cards to build credit.

Cons

There are two complaints people have when it comes to this credit card.

• The customer service isn’t exactly stellar. We advise that you be patient and walk through your problem. That way, you will eventually find a solution.
• The second thing that people complain about with OpenSky is that it runs very slow. And that is understandable with this category of credit cards. Most people expect a deposit before they issue the card.
• The process will be faster if the debit card is used to make direct payments. But, it might be slower, if a wire transfer or money order is used to transfer.

Consider a self-lender credit builder loan if you want to rebuild your credit faster. It can help rebuild your credit.

 

 

First Progress Platinum Elite Mastercard® Secured Credit Card

The card assists customers in building credit without requiring a need for high scores. Based on the size of your original deposit, it has credit limits of around $2,000. Also, the initial deposit is only $200. And it also reports account information to the major agencies each month. Thus, it helps raise the score of your card, listing you as a much less risky user for banks.

Pros

• The main perk is that it allows you to get credit. It makes that possible even though your credit rating or the score is not perfect. Besides, users can avail a fast application procedure, no background search, and flexible deposit size. Thus, it is among the best-secured cards for building up credits.
• You don’t require a huge deposit for credit rebuilding. The Elite card takes a very little risk when it comes to your credits. And this is because the deposit can cover bank interest if you cannot afford monthly payments.
• The firm’s secured card stresses on very fast processing pace. Also, users have to go through a rigorous application process. It includes income checks but no checks on the credit. Plus, as a customer, you can simply register online. Also, your application will be reviewed asap.
• Owing to the simple application process and fast processing, it is among the best-secured credit cards.
• Customers can use the cards nationally as a Mastercard. Also, this feature distinguishes it from a normal credit card. Thus, it can surely assist the customers in raising the scores of their credits.

Cons

• It does not have any offers, incentives, or reward prices.
• After a minimum number of on-time fees, you cannot revert to an unsecured card from a secured one.

 

First Progress Platinum Select MasterCard Secured Card.

To get any credit card, bad credit is sure not to help anyone out. But that is what this credit card does best. The secured card is another such credit card that Synovus Bank offers under the brand. If you want the best-secured credit cards to build credit fast, this is it for you.

Pros

• Similar to the rest of its credit services, it also helps you build and rebuild the score. Among its many perks, an affordable yearly charge and a great APR surely stand out.
• Besides, the interests charged on these cards are also very affordable. The interest can even go down to 13.99%.
• Another perk of using it is that customers do not necessarily become risky credit card users. And this is why it is among the best-secured credit cards. That is usually true for users who choose to avail themselves of the services of these cards.

Cons

• Annual fees are something customers will need to pay regardless of which credit card services they avail. The Mastercard charges a fee of $39 annually. It also charges 3% for foreign transactions.
• The card is not eligible for use in Arizona, Wisconsin, Iowa, and New York.

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First Progress Platinum Prestige MasterCard Secured Card

These cards offer a solution for customers who want the best-secured cards to help them build credit fast. Users do not require any type of score to make use of the card. And, as long as it is below 10%, you can build credit. It reports account information to the agencies each month, i.e., TransUnion, Equifax, and Experian. Plus, if your account information has no problems, it will raise the score of the card.

Pros

• You will be able to raise the limit on the credit card. At the same time, it’ll not require you to pay an extra security fee by demonstrating good monetary use. Besides, that is possible by paying back the money in full monthly. Plus, you can also get a limit on the credit that is a lot higher.
• It offers a safe and secure platform. What that means is the deposit for security is equivalent to the spending limit of the customers. And with this card, once the account closes, customers will get back their deposit. On top of that, no problems with negative credits exist, and the bank balance will reset to zero.
• It does not require any level of score. Thus, for users who have no credit score or low credit score, it is among the best-secured credit cards.
• People tend to have high-interest rates, especially those who have a low credit rating. Also, it is often 25% or more. But this secured card offers a rate of 9.99%. That is lower than what you will find for cards with good or excellent credit.

Cons

• None of the cards has rewards. It offers no cashback and rewards points. The reason is it is for those who choose to develop or boost their credit rather than gain incentives.
• The platform requires some kind of deposit. The deposit could be anywhere between $200-$2000. Besides, the amount is refundable. But if you want your deposit money, you will simply have to pay back the balance first. Also, it provides a cap of around $2,000.

Thus, keeping your credit usage around the prescribed amount would be easier. The trick is to maintain a 30% credit but with a $200 credit cap on it. So, what you need to do is to keep a $60 balance or below.

• The card has among the best APR to offer to its customers. They need only make a one-time charge of $49 per year. Even though that is true, these payments are non-refundable in nature.

Plus, if you pay your entire bill monthly on time, the APR won’t matter. Luckily, it possesses the lowest APR.

 

 

Applied Bank Secured Visa Gold Preferred Card

This is a credit card for people that have less than perfect credit on their cards. Also, people who are looking forward to rebuilding their credit can avail its services. Thus, if you want to use one of the best-secured credit cards, this might be it for you.

Pros

• The annual fee for the card is affordable. Although it charges a $200-$1000 deposit, the annual fee is $48 yearly if you decide to keep this account open. This fee is much lower than other secured cards with no credit checks that charge $75 or more.
• The card has no monthly maintenance fees. So, it is an affordable option for people with lower than perfect credit. And if you have damaged credit, this is a low-fee option. Thus, it is among the most efficient cards for rebuilding credits.
• Besides, it is a credit card that is not hard to get. And all you have to do is fill out the application form correctly. With a steady source of income, you will most likely get approved for such credit card offers. So, if you already have a low credit score, it will not drop any further with this credit card. Plus, you will not receive a hard credit inquiry.
• Also, it has a low-interest rate. And this is a unique feature for a secured card. It has only a 9.99% fixed rate of interest.
• Plus, the card provides online and mobile banking access. You can either monitor your account from a computer or your smartphone. And that way you can make sure that you are on time with all your payments.

Cons

• The interest rate is low, but it immediately starts charging you interest. There is no grace period. Even though there is a 9.99% fixed interest rate, they do charge you interest from day one.
• But you can make a payment in advance. But doing so, you will have an account credit on your account. As a result, your credit will immediately cover the balance that you charged.
• You will get back the security deposit. But to make that happen, you must cancel your account first. Also, this secured card does not graduate. Thus, it does not turn unsecured and then refund your security deposit.

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Conclusion

Customers must keep in mind a few pointers while choosing these categories of credit cards for themselves. Firstly, ensure that you choose a secured card that doesn’t make you pay any annual fees of sorts. That is because before you even start your credit journey, these fees will eat away your initial deposits. The next thing is to make sure it doesn’t require large initial deposits.

Thirdly, ensure the secure credit card company is reporting your credit performance to the bureaus. That and building credit are the reason behind opting for these types of cards. Lastly, pay detailed attention if there are any hidden fees. Thus, we hope that you’ll be able to avail yourself of the services of these best-secured credit cards.

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