Finding a good secured credit card has become easier and less costly as competition among the big banks and credit card issuers has expanded the number of credit card products in this category.  Secured credit cards are credit cards for people with bad credit or no credit.  These cards would often have high annual fees and interest rates but the best secured credit cards to build credit can be obtained with low fees, no fees and low rates.  Card holders can use these credit cards to build or rebuild their credit history by making or using the card, making the monthly payments on time and by maintaining a manageable balance on the card.

U.S. Bank Harley-Davidson® Visa® Secured Card

U.S. Bank offers several secured credit cards.  The U.S. Bank Harley-Davidson® Visa® Secured Card gets the best review since it has no annual fee, a competitive interest rate, and a rewards program based on purchases made with the credit card.

The current rate for purchases with the card is 22.99%, the APR will vary with the market based on the Prime Rate.  Card holders can earn one H-D™ Genuine Rewards point for every $1.00 in net purchases made with the card.  2,500 points can be redeemed later for a $25 H-DTM Gift Card.

The credit card is secured by a U.S. Bank savings account that is FDIC-insured, earns interest and won’t be touched as long as the card holder’s account remains open and in good standing.  The card holder is responsible for making the minimum payments due based on card usage and the card’s balance; payments are not automatically deducted from the savings account.

First National Bank Secured Visa® Card

The First National Bank Secured Visa® Card is a top choice based on the low credit card rate and annual fee.  The First National Bank secured credit card has a $19.00 annual fee and a current interest rate of 17.99% for purchase transactions.  This APR will vary with the market based on the Prime Rate.

The credit card credit limit is based on the deposit made with the bank between $300.00 and $5,000.00, in $50 increments.  Account activity is automatically reported to the 3 major credit bureaus, to help account holders build a positive credit history.

The bank, First Bankcard a division of First National Bank of Omaha gives card holders the opportunity to move to a deposit free card in as little as 15 months when they maintain a good payment history with the secured credit card.

Wells Fargo Secured Credit Card

The Wells Fargo secured card operates just like the bank’s Platinum Visa card except the secured card credit limit is based on the card holder’s collateral deposit amount.  Credit card applicant’s can deposit an amount, from $300.00 to $10,000.00 into the collateral account to secure the card.  The credit card limit equals the amount of money in the collateral account.

The card has a low annual fee of $25.00 and a current interest rate for purchases of 18.99%.  The APR will vary with the market based on the U.S. Prime Rate.  The payment information regarding the card holders transactions are provided to the major credit bureaus, helping to build a credit history and a positive credit score.

Capital One® Secured MasterCard®

The Capital One secured credit card is a close runner up among the list of the top secured credit cards.  The rate charged on purchase transactions is just so-so with a current 22.9% variable APR.  The annual fee is not atrocious at $29.00.  One key benefit is that Capital One has a very high acceptance rate and good customer service.

The Capital One® Secured MasterCard® also reports to all 3 major credit bureaus to help card holders re build a solid credit history.  The minimum security deposit amount needed to obtain the card will be either $49.00, $99.00 or $200.00, based on a review of the credit card applicants credit history and application information.  Card holders may qualify for a credit line increase based on their payment history and creditworthiness with no additional deposit required.

Card holders get all of the usual card services offered by Cap One including the ability to manage the credit account 24/7 with online access, by phone or using the bank’s mobile app.

Avoid selecting a secured credit card using the more popular credit card sites that recommend credit cards with less favorable terms and compensate the web site for their reviews and applications.

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