If you have poor credit, or no significant credit history at all, that doesn’t mean you don’t want a credit card. But finding the best secured credit card can be challenging when left to do it on your own.
At Bonsai Finance, we offer you the tools that can make finding your next secured credit card quick and simple. Search based on your desired card features, quickly compare the top search finds, and get help from our expert staff if you need it.
Done. You’re ready to apply, get approved instantaneously, and be using your new card as soon as it arrives in the mail!
Top 10 Features of “The Best Secured Credit Card”
Bonsai can help you find the best secured credit card, but first you have to know what you’re looking for so you can search efficiently and be pleased with the results.
Here are the top 10 features you should consider basing your search on when looking for a new secured credit card:
- Fast, simple application process. We can connect you to card companies that let you apply and get approved in literally only minutes’ time!
- No credit check. Many secured card offers not only approve virtually all credit scores, but in fact, they don’t even run a credit check on you. Remember that running multiple credit checks while searching for a credit card could actually hurt your credit.
- No annual fee. It’s possible to find some secured cards that, while of course they require a security deposit, will not require an annual fee.
- High relative credit line. Some secured cards make the credit line equal to the security deposit; others make it 2 or 3 times the deposit. Make sure you have enough “spending room” to make use of the card convenient.
- Reasonable rates. Bad credit might mean higher rates, but it doesn’t have to mean unreasonable rates. By comparison shopping, you can find a decent APR and fees.
- Quick graduation. Every secured card should have a path to an unsecured card. There should be a well defined way to increase the credit limit, lower the fees, and get your security deposit back after so many months of on-time payments.
- Flexibility in getting your deposit back. Some card issuers will give you the choice of receiving your security deposit back as a mailed check or account credit.
- Good customer service. In case you have to contact the company about your deposit or your card, you want a 24/7 customer service line that offers more than just an answering machine.
- Regular reporting to the credit bureaus. Make sure the company reports your on-time payments to at least one major credit bureau – far better if they report to all three!
- Perks. Even a secured card can sometimes offer special perks, like cash back, discounts at certain stores, or a points system of some kind.
Using Your Secured Card Wisely
The best secured card is the one you use wisely so as to improve your credit history and quickly graduate to an unsecured card. But how do you do that?
First of all, never miss a payment or make a late payment. Try to pay the balance off in full every month, but never make less than the minimum payment.
Second, use the card a lot. Make as many payments as possible because they will all be reported to the credit bureau(s).
Third, try not to live near the top of your credit line. The more unused available credit you have, the better it is for your credit score.
At Bonsai Finance, we have the tools and expertise to help you find your best secured credit card. And we can also give you helpful advice on how to manage your account.