The Master Secured Credit Cards Thread

[pwd847]

 

I will gladly make a comprehensive list, but I have to pass on this grasshopper thing.

NOBODY passes on the "grasshopper thing." That is like refusing to collect on a winning Lotto ticket. It's easy streets to an 850.

 

 

 

I will gladly make a comprehensive list, but I have to pass on this grasshopper thing.

Hmm..... Why's that?

 

Take a minute and put yourself in my position. As of late, some CBers have been looking to me with their secured card questions etc. Earlier today I receive a PM to check out this thread. I stop in and notice that I can definitely offer my help/input on this topic. The outcome of compiling this list a "Grasshopper" title. I ask what a grasshopper is and nobody replies. I hinted at it a second time (which I shouldn't have done. Directly addressing it would be best.), and no replies. I ask one more time and Mr. Jay throws a Star Wars(y) quote at me talking about how "It will come to you". Well may the force be with you too Jay!

 

Now from reading the above 2 quotes and using common sense I can infer that this "Grasshopper" title is some sort of sought after thing.

 

 

I respect it.

Not for everyone, comes with responsibilities.

Also from the above quote it is obvious that the title comes with some sort of responsibilities.

 

So far here is what I know:

There are responsibilities involved (I have no idea what they are other than congratulating people)

This title is something that people want, and do not turn down because, "...is like refusing to collect on a winning Lotto ticket."

 

Now back to putting yourself in my place one last time. Why would anyone accept this knowing almost nothing about it?

 

I am happy to help that is why I organize tenants against sleezy slumlords, and that is why I am here on this site offering advice.

Edited February 6, 2015 by pwd847

[BobWang]

It's OK,

 

it'll come to you.

[pwd847]

So I'm going through this list of well over 150 secured CC's and it is becoming apparent to me that there should be 2 categories. 1) regular secured cards 2) secured cards for people with horrendous credit.

 

 

EDIT:Maybe not even 2 categories just the regulare top ten list and then honorable mention if your credit is just absolutely terrible.

Edited February 6, 2015 by pwd847

[mendelssohn]

So I'm going through this list of well over 150 secured CC's and it is becoming apparent to me that there should be 2 categories. 1) regular secured cards 2) secured cards for people with horrendous credit.

 

 

EDIT:Maybe not even 2 categories just the regulare top ten list and then honorable mention if your credit is just absolutely terrible.

How about starting with a top 10 list first and we'll see what it looks like.

[pwd847]

Much credit given to fellow CB member Hitch for helping me continue this list.....

 

Here are the BIG 10 (+ 1) for Secured Credit Card's

 

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 (Most can get away with freezing EX and letting them pull TU and EQ only)
BK Friendly: Yes
CLI: Yes I started with a $3000 deposit and they upped me to $3,300. That is the highest I've seen.
Graduates: No
Reports to 3 Bureaus: Yes
Benefits: Free subscription to CreditTracker, 80 days to fund deposit

Open Sky Secured Visa
AF: $29
Limits: $200-$3000
Minimum Deposit: $200
APR: 14.99%
Pulls: No Credit Check
BK Friendly: Yes
CLI: Yes with additional deposits. $25 CLI/CLD fee<--- (Waived for first year)
Graduates: No
Reports to 3 Bureaus: Yes
Benefits: No Credit Check I think they lowered their AF. I remember this gard being garage but now if you don't touch the credit limit it seems pretty reasonable if your credit sux.

NFCU nRewards Secured
AF: $0
Limits: $500-??? I know they go pretty high
Minimum Deposit: $500
APR: 8.9-17.9%
Pulls: EQ
BK Friendly: Yes
CLI: ??I think so??
Graduates: Yes
Reports to 3 Bureaus: Yes
Benefits: Reward Points, limited member eligibility

 

CitiBank Secured
AF: $35
Limits: ???-$5,000
Minimum Deposit: ???
APR: Prime rate + 14.99%
Pulls: EX
BK Friendly: Yes after 2 years (I think)
CLI:???
Graduates: Yes 12 months
Reports to 3 Bureaus: Yes

---Can only apply in a branch---

 

BankAmericard Secured Visa
AF: $39
Limits: $300-$4900 online/phone $300-$10,000 in branch
Minimum Deposit: $300
APR: 20.24%
Pulls: EX (Can freeze EX and ask for EQ or TU pull)
BK Friendly: No
CLI: ???
Graduates: Yes 12 months as soon as 5 months prabably with request and HP
Reports to 3 Bureaus: Yes
Benefits: Can be converted to 1-2-3 rewards secured card, WILL report midcycle with a large purchase. BEWARE

 

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: Picky with accepting apps, having banking relationship can be important. Will report midcycle with a large purchase BEWARE

 

DCU Platinum Secured Visa
AF: $0
Limits: $500-$100,000 (Depends on your credit)
Minimum Deposit: $500
APR: 11.50%
Pulls: EQ
BK Friendly: Yes
CLI: Requires additional deposits
Graduates: No
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) Will report midcycle with a large purchase BEWARE

 

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: Earn interest on deposit.

 

State Department Federal Credit Union
AF: None
Limits: $250-$10,000
APR: 6.99%
Pulls: None for membership/sec CC
BK Friendly: Yes
CLI: Yes
Graduates: No
Reports to: All three credit bureaus
Benefits: EMV, No foreign exchange and cash advance fees, Platinum benefits

 

DISCOVER IT
AF: $0
Limits: $200-2500
Minimum Deposit: $200
APR: 22.9%
Pulls: EQ (Was approved with a 548 FICO)
BK Friendly: Yes
CLI: No additional deposits allowed!
Graduates: Yes, after 12 mos.
Reports to 3 Bureaus: Yes
Benifits: Free TU FICO, rotating 5% categories, 1% on everything else.

 

Visions FCU Select areas in NY or NJ)

Anyone have any info on this one?

Comments: Visions FCU allows any of their standard credit card offerings to be made into a secured card. That said, some information varies depending on what card choice you make.
AF: $0 - $40 (Depends on card choice.)
Limits: $500 - $20,000
Minimum Deposit: $500
APR: 5.75% - 9.50% (You get the minimum APR for what normal card offering you choose.)
Pulls: Experian
BK Friendly: ?
CLI: Yes, with additional deposit and hard pull.
Graduates: Yes, requires hard pull.
Reports to 3 Bureaus: Yes
Benefits: Potential for rewards, instant payments from online banking, low APR, fairly unique secured offerings.

 

Honorable mention for those with Horrible Credit

First Progress Platinum Elite Mastercard

AF:$29

Limits:$300-$2000

Pulls:???

BK Friendly:Yes

APR:19.99%

Graduates:No

Reports to 3 Burueaus:Yes

No credit requirements, not available in AR, IA, NY, or WI

 

MunicipalCredit Union - No Credit Check Secured Card.

I don't have much info on this. Does anyone use this card?

 

First Choice Bank Primor Visa:

On their web page it seems like a really nice low interest card.

Read the fees and interest rate section.

STAY AWAY

 

 

 

Call your local credit union ask some questions maybe they have something to offer too!!!

 

Don't be concerned with the CC reporting as secured or not. That really doesn't matter. I know someone who got a $10,000 SDFCU secured card(reports as secured) and was able to up their Barclay's card to match the limit (With a manual review).

Edited February 6, 2015 by pwd847

[BobWang]

[JayB27]

Nice work pwd.

 

I think it will be helpful to many.

[mendelssohn]

Maybe an order now.

 

IMO NFCU is 1 and BOA 2.

 

Nice work.

[pwd847]

eh still a work in progress. I wanted to post something before I jumped on my shootem up zombie game. I can put an order tomorrow.

 

I thought we were voting on the order?

 

On a side note these are the kinds of "Congrats posts" that I like

 

 

Maybe an order now.

IMO NFCU is 1 and BOA 2.

Nice work.

 

Nice work pwd.

I think it will be helpful to many.

There is an actual idea and statement being made not just congrats and that's it.

Edited February 6, 2015 by pwd847

[mendelssohn]

eh still a work in progress. I wanted to post something before I jumped on my shootem up zombie game. I can put an order tomorrow.

 

I thought we were voting on the order?

I think you should order them to start and edit based on input from other members.

[JayB27]

Its obviously work in progress, and a rough draft. Most everything is.

[BJKill]

On OpenSky, there is no fee for a CLI for the first year (I did three CLI's on my OpenSky year 1 before I closed it).

 

"(d) After the first year, we will charge you a Credit Limit Increase Fee of $25.00 each time you add Deposit Funds and increase the Credit Limit and a Credit Limit Decrease Request Fee of $25.00 each time you request a reduction in your Credit Limit. "

[BobWang]

Congrats!

[pwd847]

Congrats!

BANN...........errrrr wait.......I mean.....bananas are delicious in the morning!

Edited February 6, 2015 by pwd847

[BobWang]

My thinking is that after we get a rough idea

 

of the most liked secured cards,

 

somebody can start a

 

Poll: The Master Favorite Secured Cards Thread

 

with the current list as the first post,

 

and allow multiple choices,

 

with "Other" as an option.

 

We should quickly get an idea

 

of the actual rankings

[JayB27]

As always, great idea BW.

[BobWang]

You only have to

 

suck up to me

 

if you're shooting for

 

BISK

[JayB27]

There's always an end goal BW.

 

BUT, I really liked the idea.

[credithunting]

You only have to

 

suck up to me

 

if you're shooting for

 

BISK

[BobWang]

[mendelssohn]

[BJKill]

You only have to

 

suck up to me

 

if you're shooting for

 

BISK

 

[JayB27]

Right.

 

Main thing is, people who need secured cards will have the best information available.

 

To make an educated decision.

[BobWang]

Good day for a poll,

 

nudge, nudge

[BobWang]

Here's a tentative ranking

 

to help anyone who wants

 

to start the poll

 

 

NFCU nRewards Secured
BankAmericard Secured Visa
DCU Platinum Secured Visa
Capital One Secured MC
CitiBank Secured
DISCOVER IT
State Department Federal Credit Union
U.S. Bank Secured Visa
Wells Fargo Secured Visa
Open Sky Secured Visa
Visions FCU Select areas in NY or NJ)
First Progress Platinum Elite Mastercard
Other