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The Master Secured Credit Cards Thread

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Capital One Secured MC

AF: $29

Limits: $200-$3000

Minimum Deposit (depending on credit): $49, $99, or $200

APR: 22.9%

Pulls: EX, EQ and TU

BK Friendly: Yes

CLI: Yes

Graduates: ???

Reports to 3 Bureaus: Yes

Benefits: Free subscription to CreditInform, 80 days to fund deposit, no monthly maintenance fee

 

DCU Platinum Secured Visa

AF: $0

Limits: $500-$100,000

Minimum Deposit: $500

APR: 11.50%

Pulls: EQ

BK Friendly: Yes

CLI: ???

Graduates: ???

Reports to 3 Bureaus: Yes

Benifits: No AF or monthly fees, competitive interest rates

 

Applied Bank Platinum Zero Secured Visa

AF: $0, but $9.95 monthly maintenance

Limits: $500-$5000

Minimum Deposit: $500

APR: 0%

Pulls: EQ

BK Friendly: Yes

CLI: ???

Graduates: ???

Reports to 3 Bureaus: Yes

Benefits: 0% interest

 

First Progress Platinum Select MC

AF: $39

Limits: $300-$2000

Minimum Deposit: $300

APR: 14.99%

Pulls: EQ

BK Friendly: Yes

CLI: ???

Graduates: No

Reports to 3 Bureaus: Yes

Benefits: N/A

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Open Sky Secured Visa

AF: $50 (+$3 for paper statements

Limits: $200-$3000

Minimum Deposit: $200

APR: 14.99%

Pulls: No Credit Check

BK Friendly: Yes

CLI: ???

Graduates: No

Reports to 3 Bureaus: Yes

Benefits: No Credit Check

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USAA Secured (Amex or Visa)

AF: $35

Limits: $250-$5000

Minimum Deposit: $200

APR: 9.99%

Pulls: EQ (or no pull)

BK Friendly: Yes

CLI: ???

Graduates: No

Reports to 3 Bureaus: Yes

Benefits: Free 6 months Credit Check Monitoring, possibly no pull

 

NFCU nRewards Secured

AF: $0

Limits: $500-???

Minimum Deposit: $500

APR: 8.9-17.9%

Pulls: EQ

BK Friendly: Yes

CLI: ???

Graduates: Yes

Reports to 3 Bureaus: Yes

Benefits: Reward Points

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USAA Secured MasterCard

AF: $35

Limits: $250-$5,000

Minimum Deposit: $250

APR: 9.9%

Pulls: EQ (Was told they wouldn't, but shows on my FICO)

BK Friendly: ???

CLI: Yes, with additional deposits into CD

Graduates: No

Reports to 3 Bureaus: Yes

Benifits: Low interest, guaranteed/instant approval, benefits, deposit goes into 2-YR secured variable rate CD (currently 0.69%)

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BankAmericard Secured Visa

AF: $39

Limits: $300-$4900

Minimum Deposit: $300

APR: 20.24%

Pulls: EX

BK Friendly: No

CLI: ???

Graduates: Yes

Reports to 3 Bureaus: Yes

Benefits: N/A

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USAA Secured MasterCard

AF: $35

Limits: $250-$5,000

Minimum Deposit: $250

APR: 9.9%

Pulls: EQ (Was told they wouldn't, but shows on my FICO)

BK Friendly: ???

CLI: Yes, with additional deposits into CD

Graduates: No

Reports to 3 Bureaus: Yes

Benifits: Low interest, guaranteed/instant approval, benefits, deposit goes into 2-YR secured variable rate CD (currently 0.69%)

 

Not sure if we're supposed to add to the list, but that's what I've got for my USAA Secured MC dntknw.gif

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Mom & I are trying to come up with a title for Hitch.

 

Suggestions are solicited.

 

And no, Hitch, you don't get any input. ;)

 

It's like fighter pilot call signs. :P

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Not sure if we're supposed to add to the list, but that's what I've got for my USAA Secured MC dntknw.gif

 

Feel free to add, I mistakenly listed (Amex or Visa) when it's supposed to be (Amex or MC).

 

... and thanks BW and Repairerer

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USAA Secured MasterCard

AF: $35

Limits: $250-$5,000

Minimum Deposit: $250

APR: 9.9%

Pulls: EQ (Was told they wouldn't, but shows on my FICO)

BK Friendly: ???

CLI: Yes, with additional deposits into CD

Graduates: No

Reports to 3 Bureaus: Yes

Benifits: Low interest, guaranteed/instant approval, benefits, deposit goes into 2-YR secured variable rate CD (currently 0.69%)

 

Not sure if we're supposed to add to the list, but that's what I've got for my USAA Secured MC dntknw.gif

YES, YES, YES, PLEASE add to the list.

 

Hitch can figure out how to compile the contributions. :D

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Mom & I are trying to come up with a title for Hitch.

 

Suggestions are solicited.

 

And no, Hitch, you don't get any input. ;)

 

It's like fighter pilot call signs. :P

 

:blush2:

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Not sure if we're supposed to add to the list, but that's what I've got for my USAA Secured MC dntknw.gif

 

Feel free to add, I mistakenly listed (Amex or Visa) when it's supposed to be (Amex or MC).

 

... and thanks BW and Repairerer

Oh, we'll make you sorry, yet. :P

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Secured Influence

Securer of All Things

Why Sell Out When You Can Buy In

The Securening

Oh, I LIKE Secured Influence. :D

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Wells Fargo Secured Visa

AF: $25

Limits: $300-$10000

Minimum Deposit: $300

APR: 18.99%

Pulls: EX

BK Friendly: after 1 year

CLI: Yes, with additional deposits

Graduates: Yes (YMMV)

Reports to 3 Bureaus: Yes

Benifits: N/A

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I think it'd also be nice to see if these cards report as secured or any other catches, like if you have to be a member or has a minimum income requirement (I know Well Fargo does, not sure if that's standard with the secured cards though)

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I think it'd also be nice to see if these cards report as secured or any other catches, like if you have to be a member or has a minimum income requirement (I know Well Fargo does, not sure if that's standard with the secured cards though)

 

Good idea. From what I've read, I think Capital One, DCU, and the BankAmericard do not report as secured. Someone else will have to chime in.

 

Any secured card belonging to a credit union requires CU membership, the others vary. There are several CU's that offer secured cards, but their memberships are limited so I'm not sure if they are worth listing.

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Hitch,

 

Speaking from personal experience with DCU Secured Visa: it does graduate. My wife was young and had 0 credit history when we married. To establish credit history for her, I had her join DCU (I was already a member through my ex-employer), then opened a secured card with $2K deposit. For the next two years we used it heavily. Right on clock after 24 months passed, the entire $2K deposit was returned to us (we didn't ask), essentially we now have a $2K unsecured credit card.

 

I am unsure whether the card would have unsecured had we asked for it earlier.

 

We had NOT tried it, but we were told we could bump up the credit limit by simply adding funds to the security deposit. I am therefore not sure if their internal "2 year clock" date when the card unsecures, would be reset if you add funds at a later date.

 

Unlike the banks, however, once the card does unsecure, there are no automatic CLIs. We were told, if we wanted to increase the credit limit, we would need to consent to a hard pull. My wife's scores are above 800 across all 3 bureaus now, she had much better cards (Sapphire Preferred @ 20K, BofA Cash Rewards @18K etc.) ... so we have just sockdrawered the card, putting on an occasional bagel purchase on the card once every 6 months or so.

 

So, the DCU entry should read:

 

DCU Platinum Secured Visa

AF: $0

Limits: $500-$100,000

Minimum Deposit: $500

APR: 11.50%

Pulls: EQ

BK Friendly: Yes

CLI: Requires additional deposits

Graduates: Yes, after 24 months of active usage

Reports to 3 Bureaus: Yes

Benefits: No AF or monthly fees, competitive interest rates, SCORE Rewards (1 point for $1 spending, to be exchanged for crappy merchandise)

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Secured Influence

Securer of All Things

Why Sell Out When You Can Buy In

The Securening

Oh, I LIKE Secured Influence. :D

 

Ha ha.. I found the back story!

 

Congrats SI :clapping:

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U.S. Bank Secured Visa

AF: $35

Limits: $300-$5000

Minimum Deposit: $300

APR: 20.99%

Pulls: EX

BK Friendly: Yes

CLI: ???

Graduates: Yes, after 12 months of active usage

Reports to 3 Bureaus: Yes

Benefits: N/A

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DCU Platinum Secured Visa

AF: $0

Limits: $500-$100,000

Minimum Deposit: $500

APR: 11.50%

Pulls: EQ

BK Friendly: Yes

CLI: Requires additional deposits

Graduates: Yes, after 24 months of active usage

Reports to 3 Bureaus: Yes

Benefits: No AF or monthly fees, competitive interest rates, SCORE Rewards (1 point for $1 spending, to be exchanged for crappy merchandise)

:good:

 

DCU seems to offer the best secured credit card.

 

 

Congrats SI :clapping:

 

Thanks!

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