re-establish your credit. One of those ways that you may have researched is a secured credit card. While this is a great route to go, I wanted to give you five tips that you need to follow in order to pick out one that is going to work for you and your credit.
Tip #1: Make sure that they report to the credit bureau – Always make sure that the credit card that you’re applying for is going to report to the credit bureaus. You’re going to find that if they don’t, the card is going to be fairly worthless.
Tip #2: Make sure it has a major logo – There are a few cards out there that I won’t name that don’t even have a major logo from issuers such as Visa and MasterCard. You’re going to find that these cards are worthless. Ensure that your card has a major logo from MasterCard and Visa.
Tip #3: Look into the fees – Many secured cards out there have fees, and that’s okay. You’re going to find out that you’re going to have to pay fees regardless. What you’re going to want to do is compare at least 3-5 cards when comparing the annual fees, application process and more.
Tip #4: Read into reviews – There are a lot of scams out there, so you’re going to want to make sure that you read into what other people are saying. A simple search for the card name should yield some great results. Get a feel on what other people are thinking about the card.
Tip #5: Don’t give up too much money – With a secured card, you’re going to have to give up a deposit, in order to get your card and credit limit. Be sure that you’re not depositing too much. You will find that the average deposit limit is around $300.
By following these tips, you should be able to get your hands on a good card. Be sure to compare a few cards before signing the application, as you will find that there are lots of great ones out there.
This guest post was provided by Elizabeth Cutten. You can find more of her works over at FindSecuredCards, a website dedicated to helping people get out of debt!
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