Secured Visa Cards - How to Acquire Secured Visa Cards

If you have no credit history or have suffered in the past from bad credit, an option for you may be secured visa cards. They are similar to regular credit cards, but it is necessary to secure a deposit before opening your account. This deposit is not a fee, and when you close your account in good standing, you will receive the deposit back in full. Most secured visa cards are reported to the credit bureaus which helps to improve your credit rating if you have experienced bad credit or have no prior credit history.

Wells Fargo Secured Card has an annual fee of $18.00 and a variable APR of 17.49%. For eligibility, you must be 18 years of age, have not declared bankruptcy in the past 12 months, and cannot have any unsettled liens. Wells Fargo Secured Card requires a Collateral Account of $300 to $10,000.00. You will have free online account access so that you can review your usage and payment history. If you choose to have a Wells Fargo Checking Account, there is overdraft protection availability for some customers. You may apply online at www.wellsfargo.com or speak with a customer service representative at (800) 869-3557.

Public Savings Bank offers secured visa cards with 0% APR for the first six months. There are no annual fees, and they do not require monthly maintenance fees. You may choose from a credit limit of $300 to $2,000.00 with a security deposit. All applications are accepted, and you have the opportunity to chat with a representative online if you have any concerns or questions. Public Savings Bank is located in Philadelphia, Pennsylvania.

With BankAmericard Visa Fully Secured Card you will be required to pay a $39.00 annual fee and a variable APR 20.24%. You are able to make purchases up to the amount that is in your security deposit. Credit lines are available from $300 to $10,000.00. A minimum payment is paid each month, although you can pay off the balance every month. Applications online are accepted at www.bankofamerica.com. An account specialist will help answer any questions you may have regarding secured visa cards through an online chat service.

With SKYPASS Secured Visa Card, you will receive 3,000 Bonus Miles with your first purchase, and with subsequent purchases, you will earn SKYPASS Miles! Your credit limit is based upon your deposit – $300 to $5,000.00, which will earn interest for you while you are using your card. You can redeem your miles and receive free upgrades on Korean Air and SkyTeam Partners.

Many people in today’s economy have credit issue problems or have been unable to establish a credit history due to lack of ability to borrow. By using secured visa cards, you can have the flexibility of a credit card, improve or establish your credit, and earn interest on the security deposit. It is a nice option for those with the inability to acquire an unsecured credit card.