Best secured credit cards as of Dec 2014?

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Best secured credit cards as of Dec 2014?

Postby one » Sun Nov 30, 2014 4:56 pm

What are the best secured credit cards for people who usually end up carrying a balance rather than paying off the balance every month? Please only post secured credit cards that will give you your deposit back if you ever close the card!


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otter
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Postby otter » Mon Dec 01, 2014 5:30 am

one wrote:What are the best secured credit cards for people who usually end up carrying a balance rather than paying off the balance every month? Please only post secured credit cards that will give you your deposit back if you ever close the card!


Welcome to the Forum, one!

The thing with secured cards is they almost all have high APR's. A few of the ones I know something about are the Wells Fargo, US Bank and Bank of America cards. There's also one called Open Sky which doesn't check your credit report. The BoA secured cards are some of the best(although they are not my favorite bank)- you can get rewards with some of their secured cards and they usually unsecure within a year.

By the way... based on this and your other post I think you might need to reassess why you need a secured card. A secured card is great for rebuilding credit. It's not a good card for carrying a balance or to buy things you otherwise can't pay for.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

popamode72
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Postby popamode72 » Mon Dec 01, 2014 7:37 am

I'd have to completely agree with otter. BoA secured card is the way to go if you can get it. I've heard that they can be quite generous too. If you can't get any of those secured cards, I'd try getting a secured card with a credit union like SDFCU. Their secured card actually has an APR of 6.99% and no credit check required either.
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CarefulBuilder14
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Postby CarefulBuilder14 » Mon Dec 01, 2014 12:45 pm

It's also not totally clear to me that a secured card is actually what's best for you. You have the liquid funds to pay for things but would need to finance them? I'm puzzled, but my advice regarding secured cards is:

If you don't have a bankruptcy or massive defaults reporting, don't mind paying fees, and you want to maximize your AAoA, get the BofA secured card since it will eventually unsecure.

If you want to keep fees to a minimum, and don't mind that your AAoA won't grow as quickly after you close the secured card, go with SDFCU.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when



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