Who Offers Secured Credit Cards?
In the world of credit cards, secured credit cards have become a popular option for individuals with poor credit scores or those who are new to credit. These cards require a cash deposit as collateral, which helps to mitigate the risk for the issuer. If you’re considering a secured credit card, you might be wondering, “Who offers secured credit cards?” In this article, we will explore some of the top issuers that provide secured credit cards and the benefits they offer.
Capital One Secured Mastercard
One of the most well-known issuers of secured credit cards is Capital One. The Capital One Secured Mastercard is a great option for those looking to rebuild their credit. With this card, you can start with a credit limit of $200 to $3,000, depending on your deposit. After making timely payments for a year, you may be eligible for an increase in your credit limit. Additionally, Capital One offers a free credit score tracking service through CreditWise, which can help you monitor your credit progress.
Discover it Secured
Discover is another reputable issuer that offers the Discover it Secured card. This card has a unique feature that allows you to earn cashback rewards on purchases, even as a secured cardholder. Your cashback rewards will be matched at the end of your first year, making it a valuable option for those looking to earn rewards while rebuilding their credit. Similar to Capital One, Discover also offers a free credit score tracking service through the Discover app.
Citibank Secured Mastercard
Citibank offers the Citibank Secured Mastercard, which is another excellent choice for those looking to rebuild their credit. This card has a minimum deposit of $200 and offers a potential credit limit of up to $5,000. Citibank also provides a free FICO score and credit monitoring through the Citi Mobile app. Moreover, you may be eligible for an increase in your credit limit after making timely payments for a specified period.
US Bank Secured Visa Card
US Bank offers the US Bank Secured Visa Card, which is a straightforward and user-friendly option for those looking to rebuild their credit. With this card, you can start with a credit limit based on your deposit, and you may be eligible for a credit limit increase after making timely payments for a year. US Bank also provides a free FICO score and credit monitoring through the US Bank app.
Conclusion
In conclusion, there are several issuers that offer secured credit cards to help individuals rebuild their credit. Capital One, Discover, Citibank, and US Bank are just a few examples of reputable institutions that provide these cards. When choosing a secured credit card, it’s essential to consider factors such as credit limit, fees, rewards, and customer service. By selecting the right secured credit card and using it responsibly, you can work towards improving your credit score and gaining access to better financial products in the future.
