Sovereign Bank secured credit card in 2013 or not?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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Sovereign Bank secured credit card in 2013 or not?

Postby thejunior » Mon Jul 01, 2013 11:02 pm

I was holding off on getting a secured card until deciding who to go with. what I would like to to ideally would be to get one from Sovereign Bank to make things easier but this page on their website says they don't have one. Do you think they will come out with a secured Visa or Mastercard this year and if so should I wait for it?

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Postby takeshi » Tue Jul 02, 2013 3:18 pm

You really haven't given us enough to go on. What would make Sovereign Bank "easier"? If you're looking to rebuild credit now I wouldn't recommend sitting around for something that may never come up. Contact them and see if they plan to offer a secured card.

What does this have to do with interest rates and fees?

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Postby s.jessica » Sun Jul 07, 2013 2:02 am

If you wait for something that might happen, you'll be in for a long wait. Getting a credit card from a bank you haven't used before isn't really a big deal. I got my first secured card from Capital One, I was offered a $200 CL for a $49 deposit. If you have a US Bank in your state, they have some good secured cards and they even have a Harly Davidson card with no AF. Bank of America is the most highly recommended card as they will graduate to an unsecured card after 12 to 18 months.

The best advice is to look around for what you want. Check with some local banks and credit unions. If Sovereign comes out with a card later, you might be able to get an unsecured card from them after a year or so with a different card.

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Postby adriangonzo » Fri Jul 19, 2013 2:09 pm

Sovereign is a good bank. My sister lives in a state where they are located and uses them for her checking and savings accounts. As far as their secured credit card is concerned sorry but I have know firsthand knowledge from someone who has used it. Really though secured cards are mostly similar. What is the interest rate? Annual fee? Min. security deposit? That's what your decision should come down to. Don't expect fireworks and sparkle with ANY secured account because it won't have it.

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