Thursday, 29 July 2021

BEST Secured Credit Card

BEST Secured Credit Card
01 Aug

Researching best secured credit card? Duane here with how to build credit TV and in this video I'm going to be talking about 3 of what I believe to be the best secured credit card available right now But before we get started I have a quick message! Once again my name is Duane with how to build credit TV

This channel offers 100% free information about how to build credit, how to get cash back actual cash money from using credit cards, as well as credit card reviews so this sounds like something in which you're interested Be sure to subscribe and click the notification bell so you don't miss a thing Alright let's get started When it comes to secured credit cards there are a lot of options out there But not all secured credit cards are created equally

That is why I decided to do this video but instead of doing a lot of secured credit cards I've narrowed it down to 3 of what I believe to be the best secured credit card available right at this moment In regards to these 3 credit cards we're gonna be looking at three different categories number one's gonna be annual fee, number two will be how long does it take to graduate to an unsecured card and number three will be does this card offer any kind of reward program? Alright so for this portion of the video I'm gonna go ahead and jump over to my laptop so we can visit each website and see the information right in front of you give me one sec Alright so as you can see here I pulled up the Capital One website and we're looking at the Capital One secured MasterCard This card I actually have this card, I had it because I actually transferred this card from the Capital One platinum card to the Capital One Savor card

But this is a card that I started out with about three and a half four years ago This was the very first credit card that I got when I was trying to rebuild my credit because it was easy to get and there was a lot of marketing done where they kept mailing me stuff so I said you know what let me check out this capital one card and see what it's all about So here we are at the website as you can see one of the main reasons why I chose these 3 cards is that none of them have annual fees So right off the bat they don't have an annual fee in my mind that's a huge advantage So there's no annual fee of course the interest rate the purchase rate is ridiculous I mean they're all high at this point so that for me that's not a problem because I'm not going to have money sitting on my credit card anyway so I won't be paying anybody's interest

So as you can see here the website is pretty clean is pretty straightforward but what I like about cap one is it does require deposit But it's a little different than other secured credit cards As you can see here on the left for the mouse iss and says require security deposit it can be anywhere from $49 to $99 or $200 and of course this is refundable based on your creditworthiness Of course that just means you know you're handling your business you're paying your bills on time In other words you you're not gonna go in default on your credit card with these with these guys so that's pretty straightforward moving on to the next one

Another thing I really like about Capital One is the fact that you you get your credit line which will be a minimum of two hundred dollars so with the regular secured card you have to actually pay or deposit what you want your credit line to be So like for me personally I I have this Citibank card which initially I opened with $200 and I have the Discover secured card which I initially opened with $1,200 So this one here just says make the minimum required security deposit and you'll get an initial and an initial credit line of $200 plus deposit more money before your account opens to get a higher limit now That part's pretty interesting I mean I'm not sure how you're gonna deposit more money before the account opens but I guess you might have you know a week or two so that's pretty straightforward This is what really sold me the next thing here on the website is what really sold me personally to get this card is it says access a higher credit line so get access to a higher credit line after making your first 5 monthly payments on time So automatically that's a huge bonus right off the bat because when you have your credit line increase that's to your benefit in regards to your credit score that benefits your credit score

So the more available credit you have that's always a good thing as a matter of fact you're rewarded by having a high credit line across all your credit cards Like the more money you have for your credit line the higher your credit score will be More specifically there are different categories like I think it's like $2,000 to to $15,000 considered like average and then I'm sorry maybe not average maybe good and then like between $15,000 up to 50 is another bump in that category and then $50,000 and above is considered excellent So that's actually important having a higher credit line is important and you're rewarded in your credit score for having that so that's pretty straightforward This next section just talks about personalized payments so that's pretty cool you can pick your own monthly due date and payment method whether it be a check, online or at a local branch

So that that's pretty straightforward, I've had a good experience with this card because I had this card personally I still have it but what happened was I just transferred the card from this secured card to the savor card that Capital One has and the reason why I did that is because that offers me some cash back benefits In other words it gives me some incentive to actually use the card because it's just kind of sitting there and I use it you know every now and then Maybe get a meal or two on the card but but the Savor card makes a lot of sense for me because I use that quite a bit All right the next card we're gonna be looking at is a Citibank card so I'll go ahead and go to their website

Alright so Citibank secured credit card this one's pretty straightforward here once again no annual fees the interest rates a little lower this one is 2399 as opposed to 24 and this one requires a secured secured security deposit and that is going to be anywhere from $200 up to $2,500 So this one is more traditional as far as a secured card Citibank is a good bank What I like about having Citibank as a secured card is the fact that after I've reached I guess it's 18 months because they hold your deposit for 18 months which of course there's not going to be earning any interest but after that time is up I actually have the option to transfer from this card to one of their other credit cards

Like maybe the double cash double cash back credit card where you get 1% when you charge something and you get another percent when you pay your bill So it's 2% basically on all your purchases granted you pay your bill on time So that's pretty sweet the fact that I can kind of graduate to another card and a card that actually gives me cash back This particular card that Citibank has does not offer any kind of cash back so it's just pretty much a regular credit card Kind of like the capital one card which you know is pretty straightforward I mean it's just a regular secured card that you have and the purpose of having it is building your credit okay, for me I personally would not close any of these accounts

If you open a secured card with any of these banks that I'm talking about be sure not to close your account keep it as long as you need to because there are no annual fees and after a while like a year or two if you're you know you don't like your the fact that you're not getting any kind of cash back or rewards Give them a call and ask hey can you be transferred to another card or upgraded to another card And in my experiences that's been the case Capital One has allowed me to upgrade that card I'm not quite upgraded yet on the Citibank card but I'm sure that will be no problem that's one of the main reasons why I got the card because I actually really wanted the citI double cash back card as well as this Citibank Platinum select card I'm sorry dividend card, but anyway so that's why I got a secured card with Citibank because I wanted to start a relationship with them Alright, so the last card we're going to look at is going to be the Discover card, the discover secured credit card

And this one, you know is my favorite I mean I'm super biased to this one because I've just had such a super experience with it in in my eyes this is hands down the best secured credit card that you can get There's no annual fee and it works just like the Citibank card, actually whatever you deposit will be your credit limit so for me I just deposited $1,200 to open it right from the start because I knew that I wanted a higher credit limit and then after a month or two I went ahead and maxed it out at $2,500 so that's what I did with this discover secured credit card Discover has a lot of good things going on right here off the bat there's a bunch of stuff listed here But one of the things that caught my eye was earn cash back on every purchase and so it says 2% cash back on restaurants or gas stations up to $1,000 in combined purchases each quarter So that's not too bad that's a pretty good deal and then it says plus 1% cash back on all credit card purchases

That alone makes Discover Card better than the citI bank and the Capital One In addition to that citibank actually citibank I'm sorry Discover card will actually match however amount of cash back that you've earned your first year So for me that's another incentive for me to get this card because they're gonna match however much money I get back in regards to a cash back Once again there's no annual fee and their their interest is 24

24% you get your FICO credit score for free That's pretty sweet, the Discover card also provides this nice comparison for you at the bottom which i think is pretty cool I do know that after 7 months or I think it's 8 months that you are able to graduate to the unsecured credit card with Discover card and that's pretty sweet and that's actually really fast unlike the 18 months that you're gonna have to have your citibank credit card With Capital One it doesn't really tell us about when you can graduate to another credit card but or I'm sorry to the unsecured credit card But Capital One is also very good like I said hands-down my favorite is the Discover card and I think right now I'm up to about $350 in cash back so if you want to check out that video be sure to click on the link

I'll put a link on the screen so you can check that video out When it comes to the best secured credit cards just like anything else take your time do your research gather all the information you can before you get involved Thank you very much for watching this video Please be sure to comment, like and subscribe Until next time take care and be blessed Peace!

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