Many people wanting to build credit quickly realize they need credit to build credit. But it’s difficult to get credit if you don’t already have it. What’s the solution? Many banks and credit unions offer secured credit cards or what many call prepaid credit cards. The account holder deposits a sum of money into an account with the credit card company and thus establishes a limit on their secured card. We have found the very best secured credit card to build credit. And it’s the best for many reasons. We’ll share all of that right here.
Challenges with Traditional Secured Credit Cards
The secured credit card products on the market do build credit over time. But it’s a slow process. These companies offer no additional credit builder features other than reporting to the credit bureaus each month. There are no rewards offered that are found with unsecured cards. And they come with no clear guidelines to the consumer on the best way to use the card to build credit.
What if There Were a Better Unsecured or Prepaid Credit That...
- Provided graduation to a secured credit card (traditional credit card) in as little as 4 months by reporting more data points, more information about your account to the credit bureaus. Doing so impacts your credit score faster.
- Gave you clear milestones through an easy-to-use phone app that you could follow to ensure you were impacting your credit score as much as possible. You will also receive personalized recommendations on how to build your credit scores.
- Paid you 2% cashback on purchases from select merchants and 1% cashback on all purchases. In addition, they matched your cashback dollar for dollar in the 1st year!
- Did not check your credit or do a credit pull. In fact, you can obtain this unsecured card even if you have no existing credit, and/or are not a U.S citizen. There is a 99% approval rate for this card.
That’s right! To obtain the best secured credit card to build your credit all you need is a Social Security number or an ITIN. Even if you do not have either an SSN or ITIN, you can simply supply a copy of a passport and U.S. Visa. For international students, provide a passport and I-20.
What Does This Secured Card Cost?
There are no annual fees! In addition, there is no minimum balance, and no late fees or fees for insufficient funds.
What are the Minimum and Maximum Limits on this Card?
You can deposit as little as $0 onto the card and as much as $10,000. This becomes your limit. And you can change this limit at any time by depositing funds onto the card.
What are the Additional Benefits that Come with this Card?
- Cash Back as mentioned above. 2% of select merchants, 1% on all purchases, and matching cashback in the first year.
- Cell Phone Damage Protection
- Rental Car Insurance
- Zero Liability on Unauthorized Purchases
- Price Protection on Your Purchases
- Additional Features of the Best Secured Credit Card
- You can load funds onto the card with PayPal, Venmo, CashApp, Zelle, Hurdlr, and many more.
- If you misplace your card, you can block or unblock the use of the card in seconds from your app.
- You receive notifications of all purchases.
- FDIC approved up to $250,000