A secured credit card is for those who want to create, re-establish credit, or fix a low credit score. Most lending companies offer guaranteed credit cards, but not all offers are created equal. Here are some tips for finding the best online deals for this low risk money management method.
Advice # 1: Don’t give in to fear. Some credit card companies will scare you into agreeing to a card that’s not right for you. It may tell you that if you do not fix your balance or prove it quickly, you may not be able to get anything you need like home or auto insurance. This is not the case. Although your credit score is important, you don’t have to make a hasty decision. You can spend some time to compare offers.
Tip # 2: Don’t forget to read the find find. All secured cards have a required deposit, and only you are entitled to the deposit. However, many secured cards also have monthly maintenance fees, startup fees, and one-time startup fees. These fees can add up to your total deposit amount, leaving no room for purchase unless you deposit more. This information is usually found in fine print.
Tip # 3: Don’t accept the first offer you find. Shop and compare to get the best deal. There are so many offers so you can be picky. Find an unbiased tool online that will review your requirements, and give you a list of options to choose from.
