February 2, 2023
• 4 Minute Read
This is the time of year that secured cards rise in popularity due to tax refunds being received. You might wonder what the correlation is there? Well, secured cards typically require some type of cash or security deposit up front to guarantee your credit line. With tax returns being received they make for great security deposits for these cards. Secured credit cards can be a useful tool to help build or rebuild your credit. Rather than just using cash or debit cards, using a credit card typically helps build credit by reporting your on-time payments to the different credit bureaus. While there are a wide variety of secured credit cards out there to choose from, find one that best fits your needs. Here are some options.
First Latitude Elite Mastercard® Secured Credit Card
The First Latitude Elite Mastercard® Secured Credit Card offers a line of credit based on a security deposit rather than a credit score. There is no minimum credit history or credit score required. The card is designed to advance the accumulation of new information in a credit file by reporting account activity to all three of the major national credit bureaus every month. Simply pay a $200 deposit and start building your credit, it’s that easy! The First Latitude Elite Card also offers a 1% cash back reward, which not a lot of secured cards offer.
Let’s review the 4 major benefits of getting a First Latitude Elite Secured Card.
- Credit Building
- More Accessible
- Same Benefits of an Unsecured Card
- Stepping-stone to Unsecured Card
First Latitude believes that past credit issues shouldn’t prevent you from getting a credit card with great benefits and rewards. So, take a look and see if The First Latitude Elite Mastercard is the secured card for you!
- Credit Recommended:
- Poor/Limited/No Credit
- Regular APR
- 24.74% (V)
- Cash Advance APR
- 29.74% (V)
- Annual Fee
- $29.00
- Credit Line
- Minimum refundable deposit of $200.00 up to $2,000.00*
- Credit Recommended
- Poor/Limited/No Credit
- Rewards Rate
- 1% Cash Back on payments
Highlights
- Choose our First Latitude Elite Card for a lower annual APR!
- Apply now and fund your security deposit over 90 days with the option to make partial payments.
- Earn 1% Cash Back Rewards on payments made to your First Latitude Secured credit card account.
- Build your credit history across 3 major credit reporting agencies: Experian, Equifax, and TransUnion.¹
- No minimum credit score required for approval!
- Secure your credit line with a refundable security deposit - as low as $200 to get started!
- ¹Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.
- *See Important Disclosures for complete offer details
First Progress Platinum Prestige Mastercard® Secured Credit Card
Next, we are going to dig into the First Progress Platinum Prestige Mastercard® Secured Credit Card. This is a full-featured credit card with credit limits up to $2,000. Your credit limit is determined by the amount of your security deposit, not your credit score or history. This card also reports to all three major credit bureaus every month to help you establish or reestablish your credit history.
Some important features to this card include: no credit inquiry required, no credit history or minimum credit score required for approval, monthly reporting to all 3 major credit bureaus, and a credit line secured by your deposit of $200-$2,000 submitted with application. If you’re looking for a secured card and one with a higher limit this could be the card for you. A similar card to take a look at would be The First Progress Platinum Select Mastercard® Secured Credit Card.
Secured credit cards are accepted anywhere unsecured credit cards are accepted and you can use them just like you would a regular credit card.
Here are 4 tips for using a secured credit card:
- Always pay your bill on time
- Try to keep your credit utilization below 30%
- Do your best to pay your balance off in full
- Make sure the issuer reports to the three major credit bureaus
- Credit Recommended:
- Poor/Limited/No Credit
- Regular APR
- 14.74% (V)
- Annual Fee
- $49
- Credit Line
- $2,000
Apply Now
on the First Progress secure website.
- Credit Recommended
- Poor/Limited/No Credit
- Cash Advance APR
- 23.74% (V)
- Rewards Rate
- 1% Cash Back
Highlights
- Earn 1% Cash Back Rewards with First Progress Prestige!
- Apply now and fund your security deposit over 90 days with the option to make partial payments.
- You Can’t Rebuild credit with a Debit Card. Try First Progress Today! ¹
- Build your credit history across 3 major credit reporting agencies: Equifax, Experian and TransUnion.¹
- All credit types welcome to apply!
- ¹Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.
Final Analysis
Secured cards can be a good option if you have less-than-perfect credit and are looking to build your credit. They can also pave the way for you to access other credit/financial products like mortgages and loans. There are several secured card options out there, find the one that best fits your needs.
Editorial Disclaimer: Information in these articles is brought to you by CreditSoup. Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles. The information is accurate to the best of our knowledge when posted; however, all credit card information is presented without warranty. Please check the issuer’s website for the most current information.