A secured bank card is a specialty bank card designed for these with below-average credit — sometimes a credit score rating of 580 or much less — or no credit score. The trade-off is the price of a safety deposit. These playing cards require you to place money down upfront to open and keep your credit score line. The setup permits cardholders to construct their credit score with minimal threat to the bank card issuers. After about six months or so, many of those card issuers will evaluation your exercise to give you an elevated credit score line or offer you again your safety deposit. 

When you construct your credit score up sufficient, you’ll be able to transfer to a extra profitable bank card that provides rewards, welcome bonuses and different perks, which generally require at the least good credit score — a rating of 670 or increased.

FAQs

Our methodology

CNET evaluations bank cards by exhaustively evaluating them throughout set standards developed for every main class, together with cash-back, welcome bonus, journey rewards and steadiness switch. We take into accounts the everyday spending conduct of a spread of shopper profiles — with the understanding that everybody’s monetary scenario is completely different — and the designated perform of a card. 

For cash-back bank cards, for instance, key components embrace the annual charge, the “welcome bonus” and the cash-back fee (or charges, in the event that they differ by spending class). For rewards and miles playing cards, we calculate and weigh the web financial worth of a card’s respective perks. And with steadiness switch bank cards, we analyze specs such because the period of the introductory 0% APR interval and the steadiness switch charge, whereas acknowledging secondary components resembling the usual APR and the size of time you need to make a steadiness switch after you open the account.

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*All details about the BankAmericard Secured Credit score Card, and the Uncover it Secured Credit score Card has been collected independently by CNET and has not been reviewed by the issuer.

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