Do you still think that people with low FICO score are restricted in their borrowing opportunities? The market for this type of financial product can gainsay that. Even if borrowers are students with minor income and poor borrowing history, they can find the one giving them cash backs and bonuses. Although their lending capabilities are much lower than for ones with dreamy rewards, each of them stays a modest way to borrow with low rates. Here are the 5 most attractive of them.
Secured Credit Cards Rating:
Discover it Secured Credit Card: If you are not a zealous borrower, this should be your preferable variant. With no annual fees and the starting deposit requirement of $200 paid from checking account, you receive 1-2 percent cash back on any type of purchases and a lending limit of $2500. Even if you have a score below 500, you can apply for it;
Capital One Secured MasterCard: With this type of plastic your borrowing limit is determined by the amount you’ve deposited initially. MasterCard by Capital One is one of the best of all cards on effectify.com. After 5 months bank can even increase their limit if they pay their balances in time;
Opensky Secured Visa: Although, it requires $35 annual fee it can become a safe ship for a person with damaged borrowing history. One makes a deposit of at least $200 and uses at most $3000, which is dramatically higher than this amount. You don’t even need to have a traditional banking account but it will not bring you generous cash backs and rewards;
Digital Federal Credit Union Visa Platinum: In contrast to all other ones having APR higher than 24%, its APR is only 12,5%. That is why you will not drown in percentage expenditures when you miss your payment deadline;
Citi Secured MasterCard: This is the most effective solution for students who have no borrowing history at all. Although it has high APR, it doesn’t require annual fees. If you have a more or less decent financial situation, you can receive it by sending an application form and paying an initial deposit of $200.
How to Use My Secured Plastic?
Although, with the effective solution, you’ve gained an opportunity to owe, don’t lower your borrowing score even more. With the help of this plastic, you can either improve it paying your balances in time or drown in debts and lower it so that you cannot apply for a credit plastic any more. This credit card gives you a chance to ameliorate your borrowing reputation.
As always you should carefully review all information provided by the issuer to determine their respective policies and charges.
