Premium secured credit cards with zero credit checks with eastwoodbank.com? The Credit Builder Secured Visa® Credit Card from Armed Forces Bank makes it easy to increase your credit line over time to give you greater flexibility and keep your credit utilization low. You can increase your limit in $50 increments simply by depositing more money at any time. The no-annual-fee Navy Federal Credit Union® nRewards® Secured Credit Card earns rewards, offers an upgrade path and even features some perks, which is a lot from a secured product — if you can swing the membership and security deposit requirements.
Applicants do not have to have a credit history, and Capital Bank will not run a credit check. As with most secured credit cards, your credit limit is determined by the amount you deposit, between $200 and $3,000. We like that the annual percentage rate for purchases isn’t as bruising as with some secured cards. You’ll pay 17.39% variable APR, which is higher than standard credit card interest rates, but lower than the 20% APR or higher you’ll find on other cards. You don’t need a bank account to apply. The APR is relatively low compared with other secured credit cards. 17.39% variable APR.
When you consider the rewards, the lack of an annual fee and the opportunity for an upgrade, the Discover it® Secured is the best secured credit card we’ve seen. The rewards on this card — 2% cash back on up to $1,000 worth of spending per quarter on restaurants and gas, and 1% on all other spending — would be pretty decent on a regular card. For a secured credit card, they’re unheard of. After eight months, Discover automatically evaluates your account for possible upgrade to an unsecured card. And the annual fee is $0. The initial deposit must be paid with a bank account; if you’re unbanked, you’re out of luck. For some people, the $200 minimum deposit will be a stretch. For others, the maximum $2,500 credit limit will be too low.
The ideal recipient of a secured credit card is someone who has never owned a credit card or any other type of credit account, such as a loan. Such prospective customers have what’s known as a “thin file”, with minimal data at credit bureaus about their payment activity, and so will especially benefit from the credit history a secured credit card will help to build. Those with poor or bad credit, because of irresponsible credit behavior in the past, can potentially gain the same advantage from a secured card. More even than credit newcomers, these customers’ actions—such as habitual late payments, credit defaults, and bankruptcy declarations—can make lenders apprehensive. And that can leave those consumers with few if any options to rebuild their credit other than a secured card.
What Is A “Good” Credit Score? The FICO credit score chart states the following: Credit score of 750. Excellent. If your credit score is less than 700, then you may have trouble passing credit checks. The US average score is 687, meaning a huge number of people will find their credit card applications declined. Furthermore, just going through an application that involves a credit check can impact your credit score. This may only be by a few points, but every time you undergo a credit check, you will experience this damage to your score. If your score is already struggling, then trying to avoid any additional checks is a wise decision. Find more info on 2021’s Best Secured Credit Cards.