A secured credit union permits you to borrow funds against your deposit. The minimum deposit varies depending on the lender, as does the maximum. Lenders often place a block on funds. However, the money may still be included in your total balance. A typical secured credit union has credit limits of up to $3,500 and minimum deposits of $300.
Capital One Platinum Secured Card Credit Card
Capital One Platinum Secured Credit Card offers a credit card that allows you to make up to $200 security deposit. Cardholders who pay their monthly bills in full can increase this credit limit. After six months, applicants will be eligible to apply for a higher credit limit.
The Platinum Secured Credit Card features a zero foreign transaction fee and no annual fee. This card is also a great choice for travelers, as it will allow you to use your card anywhere in the world without incurring any foreign transaction fees. You have the option to set the payment due date and can pay by check or online.
Citi Secured Mastercard
A Citi Secured Mastercard is not subject to credit checks, unlike unsecured credit cards. The credit card can be used anywhere that the Mastercard logo is accepted. This allows you to make purchases in more than 212 countries. It is more accepted than American Express, Visa, Discover, and American Express. The card offers many benefits, including free credit report monitoring and 24-hour emergency assistance.
Citi Secured Mastercards come with no annual fees and only 5% balance transfer fees. If you wish to transfer a $1,000 balance, this fee can be as high as $50. There is a $5 minimum balance transfer fee. You will be refunded your deposit when you reach 18 months of responsible use.
DCU Visa(r) Platinum Secured Credit Card
The DCU Visa(r), Platinum Secured Credit Card offers a low-introductory APR. It is for consumers who want to improve or maintain their credit scores. The card comes with a number of perks that will help you improve your credit score and financial literacy.
The DCU Visa(r), Platinum Secured card requires that you first join the credit cooperative and deposit a minimum of $500. This is higher than the $200 minimum deposit required for most secured cards. However, the DCU Visa (r) Platinum Secured credit cards offers low interest and no fees.
Rewards for Platinum Advantage
Secured credit cards can offer a number of benefits, including rewards programs that can be exchanged for merchandise or travel vouchers. The Platinum Rewards Secured MasterCard allows you to get credit limits up to $25,000 and has no annual fees. You can also earn rewards for every use of your card. Redeem your points to purchase gift cards, merchandise, or for charity donations.
For every dollar spent, you can earn 1 point. Some credit cards even offer bonuses through local partners like Cici’s Italian restaurant. In addition, you can get gift cards and merchandise through the Advantage Rewards website. You don't have to pay an annual fee or any fees for balance transfers, foreign transactions, over-limit fees, or balance transfers.
Platinum Cash rewards
American Heritage Credit Union might be the right place for you if you are interested in earning rewards when you spend on your secured credit cards. The credit union offers many reward programs for members, such as the Platinum Secured Mastercard. This card does not have an annual fee. You can also earn points every time that you use it. These points can be used to purchase merchandise or donate to charity.
Share Savings backs Platinum Rewards Secured Mastercard. It gives you reward points for every dollar, which can be used for merchandise, gift cards and travel vouchers. This card from a credit union is secured and does not require an annual fee.