Each bank will have its own criteria and expectations, but generally speaking, a secured card requires a savings of $300 and up. Your savings may or may not draw interest depending on banking policy. You should also check how often the bank reports to the credit bureau, as this is the most common purpose for getting a secured card--rebuilding credit. The most important thing to remember is to never be late with a payment; it completely defeats that purpose.
To compare secured credit card offers online, check out our bad credit credit cards section.
- Does a credit union secured credit card make as positive an impact on credit scores as one held by a major commercial bank?
- Does an unsecured card build credit faster than a secured card? Does FICO rate them differently?
- Can I have a family member co-sign a credit card, so I can get an unsecured credit card?
- Are Discover Card credit cards any good?
- Which bank offers the best debit card?
- Is a credit score of 725 considered good?
- Why do you rate American Express credit requirements as "good credit" to secure a card? I thought to qualify for an American Express card you have to have excellent credit.
- Supposing you have a perfect credit score of 800 or better; which credit card offers the highest credit limits?