Business & Finance Credit

Say No to These Secured Credit Cards

When you're trying to repair your credit, knowing which credit cards can help you achieve your goal can make all the difference in the world. Normally, this is where we'd tell you that one of the best options available to you is to open a secured credit card with your bank.

I'm are among the quickest and easiest ways to build some positive credit history), however €" much like regular credit cards €" there are some secured cards you'll want to steer clear of, as they can do more harm for your report than good.

To help you separate the good from the bad and get your credit back on track, here are three secured credit cards you'll want to AVOID when rebuilding your credit history.

€ Public Savings Bank Visa Secured Card. This card does not sound too bad, with its incredibly low interest rate (just over 11%) and 0% APR for the first six months. That is, if you don't mind paying the (still kinda high) $50 annual fee, or that the bank charges you $25 every time it raises or lowers your credit limit. That's right, the bank charges you a fee to lower your credit limit. Why even bother?

€ First Premier Bank Secured MasterCard. This second part comes with a high APR (20%), a pretty high annual fee ($50), and generally isn't a fan of raising your credit limit. Not only that, they generally don't even consider raising your credit limit until you've been a customer for well over a year.

And even when they do increase it, it's usually by no more than $100. When you factor in the time it takes to maintain or rebuild your credit score, having to wait that long for such little payoff makes this card easy to avoid.

€ Applied Bank Secured Visa Card. This is probably the worst secured card on the market, with some of the highest fees and lowest credit limits. This card doesn't come with a set up fee, but does include a $50 annual fee for the first year. Afterwards the fee is dropped, but is replaced with something much worse: a $9.95 monthly fee, meaning you're paying them almost $120 each year in fees.

If the bank ever decides to increase your credit limit, they charge you $100 for the €privilege€ each time. Considering the credit limits on secured credit cards depends on the amount that you deposit, this means your credit limits are always ridiculously small; almost not even worth it at all.

Unsecured credit cards may seem like the best way to go when looking to repair your current score, and many of them are, but just like regular unsecured credit cards, you'll need to read the fine print on their interest rates and fees before choosing the right one for your credit history.
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