BEST Secured Credit Card

BEST Secured Credit Card

Researching best secured credit card?
Duane here with how to build credit TV and in this video I’m going to be
talking about 3 of what I believe to be the best secured credit card
available right now. But before we get started I have a quick message! Once again my name is Duane with how to
build credit TV. This channel offers 100% free information about how to build
credit, how to get cash back actual cash money from using credit cards, as well as
credit card reviews so this sounds like something in which you’re interested. Be
sure to subscribe and click the notification bell so you don’t miss a
thing. Alright let’s get started. When it comes to secured credit cards
there are a lot of options out there. But not all secured credit cards are created
equally. That is why I decided to do this video but instead of doing a lot of
secured credit cards. I’ve narrowed it down to 3 of what I believe to be
the best secured credit card available right at this moment. In regards to these
3 credit cards we’re gonna be looking at three different categories
number one’s gonna be annual fee, number two will be how long does it take to
graduate to an unsecured card and number three will be does this card offer any
kind of reward program? Alright so for this portion of the video I’m gonna go
ahead and jump over to my laptop so we can visit each website and see the
information right in front of you give me one sec. Alright so as you can see
here I pulled up the Capital One website and we’re looking at the Capital One
secured MasterCard. This card I actually have this card, I had it because I
actually transferred this card from the Capital One platinum card to the Capital
One Savor card. But this is a card that I started out with about three and a half
four years ago. This was the very first credit card that I got when I was trying
to rebuild my credit because it was easy to get and there was a lot of marketing
done where they kept mailing me stuff so I said you know what let me check out
this capital one card and see what it’s all about. So here we are at the website
as you can see one of the main reasons why I chose these 3 cards is that
none of them have annual fees. So right off the bat they don’t have an annual
fee in my mind that’s a huge advantage. So there’s no annual fee of course the
interest rate the purchase rate is ridiculous I mean they’re all high at
this point so that for me that’s not a problem because I’m not going to have
money sitting on my credit card anyway so I won’t be paying anybody’s interest.
So as you can see here the website is pretty clean is pretty straightforward
but what I like about cap one is it does require deposit. But it’s
a little different than other secured credit cards. As you can see here on the
left for the mouse iss and says require security deposit it can be anywhere from
$49 to $99 or $200 and of course this is refundable based on your
creditworthiness. Of course that just means you know you’re handling your
business you’re paying your bills on time. In other words you you’re not gonna
go in default on your credit card with these with these guys so that’s pretty
straightforward moving on to the next one. Another thing I really like about
Capital One is the fact that you you get your credit line which will be a minimum
of two hundred dollars so with the regular secured card you have to
actually pay or deposit what you want your credit line to be. So like for me
personally I I have this Citibank card which initially I opened with $200 and I
have the Discover secured card which I initially opened with $1,200. So this one
here just says make the minimum required security deposit and you’ll get an
initial and an initial credit line of $200 plus deposit more money before your
account opens to get a higher limit now That part’s pretty interesting I mean
I’m not sure how you’re gonna deposit more money before the account opens but
I guess you might have you know a week or two so that’s pretty straightforward.
This is what really sold me the next thing here on the website is what really
sold me personally to get this card is it says access a higher credit line so
get access to a higher credit line after making your first 5 monthly payments
on time. So automatically that’s a huge bonus right off the bat because when you
have your credit line increase that’s to your benefit in regards to your credit
score that benefits your credit score. So the more available credit you have
that’s always a good thing as a matter of fact you’re rewarded by having a high
credit line across all your credit cards. Like the more money you have for your
credit line the higher your credit score will be. More specifically there are
different categories like I think it’s like $2,000 to to $15,000
considered like average and then I’m sorry maybe not average maybe good and
then like between $15,000 up to 50 is another bump in that category and then
$50,000 and above is considered excellent. So that’s actually important
having a higher credit line is important and you’re rewarded in your credit score
for having that so that’s pretty straightforward.
This next section just talks about personalized payments so that’s pretty
cool you can pick your own monthly due date and payment method whether it be a
check, online or at a local branch. So that that’s pretty straightforward, I’ve
had a good experience with this card because I had this card personally. I
still have it but what happened was I just transferred the card from this
secured card to the savor card that Capital One has and the reason why I did
that is because that offers me some cash back benefits. In other words it gives me
some incentive to actually use the card because it’s just kind of sitting there
and I use it you know every now and then. Maybe get a meal or two on the card but
but the Savor card makes a lot of sense for me because I use that quite a bit.
All right the next card we’re gonna be looking at is a Citibank card so I’ll go
ahead and go to their website. Alright so Citibank secured credit card this one’s
pretty straightforward here once again no annual fees the interest rates a
little lower this one is 23.99 as opposed to 24
and this one requires a secured secured security deposit and that is
going to be anywhere from $200 up to $2,500. So this one is more traditional as far as a secured card. Citibank is a
good bank. What I like about having Citibank
as a secured card is the fact that after I’ve reached I guess it’s 18 months
because they hold your deposit for 18 months which of course there’s not going
to be earning any interest but after that time is up I actually have the
option to transfer from this card to one of their other credit cards. Like maybe
the double cash double cash back credit card where you
get 1% when you charge something and you get another percent when you pay your
bill. So it’s 2% basically on all your purchases granted you pay your bill
on time. So that’s pretty sweet the fact that I can kind of graduate to another
card and a card that actually gives me cash back. This particular card that
Citibank has does not offer any kind of cash back so it’s just pretty much a
regular credit card. Kind of like the capital one card which you know is
pretty straightforward I mean it’s just a regular secured card that you have and
the purpose of having it is building your credit okay, for me I personally
would not close any of these accounts. If you open a secured card with any of
these banks that I’m talking about be sure not to close your account keep it
as long as you need to because there are no annual fees and after a while like a
year or two if you’re you know you don’t like your the fact that you’re not
getting any kind of cash back or rewards. Give them a call and ask hey can you be
transferred to another card or upgraded to another card. And in my experiences
that’s been the case Capital One has allowed me to upgrade that card I’m not
quite upgraded yet on the Citibank card but I’m sure that will be no problem
that’s one of the main reasons why I got the card because I actually really
wanted the citI double cash back card as well as this Citibank Platinum select
card. I’m sorry dividend card, but anyway so that’s why I got a secured card with Citibank because I
wanted to start a relationship with them. Alright, so the last card we’re going to
look at is going to be the Discover card, the discover secured credit card. And
this one, you know is my favorite I mean I’m super biased to this one
because I’ve just had such a super experience with it in in my eyes this is
hands down the best secured credit card that you can get. There’s no annual
fee and it works just like the Citibank card, actually whatever you deposit
will be your credit limit so for me I just
deposited $1,200 to open it right from the start because I knew that I wanted a
higher credit limit and then after a month or two I went ahead and maxed it
out at $2,500 so that’s what I did with this discover secured credit card.
Discover has a lot of good things going on right here off the bat there’s a
bunch of stuff listed here. But one of the things that caught my eye was earn
cash back on every purchase and so it says 2% cash back on restaurants or gas
stations up to $1,000 in combined purchases each quarter. So that’s not too
bad that’s a pretty good deal and then it
says plus 1% cash back on all credit card purchases. That alone makes Discover Card better than the citI bank and the Capital One. In addition to that citibank actually citibank I’m sorry. Discover card will actually match
however amount of cash back that you’ve earned your first year. So for me that’s
another incentive for me to get this card because they’re gonna match however
much money I get back in regards to a cash back. Once again there’s no annual
fee and their their interest is 24.24% you get
your FICO credit score for free. That’s pretty sweet, the Discover card also
provides this nice comparison for you at the bottom which i think is pretty cool.
I do know that after 7 months or I think it’s 8 months that you are
able to graduate to the unsecured credit card with Discover card and that’s
pretty sweet and that’s actually really fast unlike the
18 months that you’re gonna have to have your citibank credit card. With Capital One it doesn’t really tell us about when you
can graduate to another credit card but or I’m sorry to the unsecured credit
card. But Capital One is also very good like I said hands-down my favorite is
the Discover card and I think right now I’m up to about $350 in cash back so if you want to check out that video be sure to click on the link. I’ll put a link on the screen so you can
check that video out. When it comes to the best secured credit cards just like
anything else take your time do your research gather all the information you
can before you get involved. Thank you very much for watching this video. Please
be sure to comment, like and subscribe Until next time take care and be blessed.

45 thoughts on “BEST Secured Credit Card

  1. Capital One now states that you may be able to access a higher credit line after 5 months of positive payments. How would you compare Capital One's secure card to Discover since Discover gives you the option to access higher credit at 8 months?

  2. Can i apply for 2 or 3 secured credit cards at one time? Or is that not advisable. Just asking do they do a hard pull on your credit?

  3. I have discover it and cap1 i had a 200 deposit on the discover and uped it to 1000 and my credit score went up 20 on transunion and equfax and experian 30 points

  4. I agree Discover is a 1st tier option
    Citi = 2nd tier
    Cap-1=3rd tiet


    Discover = Low Deposit, No Annual Fee
    No 'red-lining' meaning this ONE account aka TL can grow the 20k and keep the AGE from day 1 no need to reapply and begin a new TL ( which Cap-1 is notorious for)

    *Rewards are a distant, almost meaningless issue for the purpose of initial rebuilding purposes, this low limiit cards are ONLY (IMO) for the purposes of showing micro usage and the stacking of 'Paid as Agreed' notations, nothing more EVER needs to go on 'baby' TLs in the 1st place.

    Citi is a great 2nd tier option, nothing wrong ( just be careful of slightly higher approval requirements) I just like having at least 1 perhaps 2 CC's that will graduate prior to 18 months….again Citi is cool as a #3, I just coach ppl to grab 2 that might grad earlier so we can do some things.

    I 💘 Discover, as mentioned earlier IMO I like having a good CU ( credit union) in the mix (Navy Federal, if you can get in but there are many good ones) research properly though cause some are as 'tight' and way too conservative for our purposes.
    But opening a relationship that can grow, much like Discover, with a decent CU has several possible benefits
    A) Again the CC can grow and become one of your OLDEST accounts on your credit profile, why open n close accounts when if you choose 'who' to "date" correctly upfront you can have a long successful 'marriage'.

    B) Unlike schmuck TL's to nowhere, a relationship with a CU is building with a lender that also offers OTHER credit accounts. As in car loans, mortgages, refis, person loans and they ONLY do biz with "members" and guess who's a member….one with an ever sexy credit profile, whom do they focus their marketing efforts to WIN biz from, that's right MEMBERS ONLY, become a member…it pays in several ways

    When they bury you Discover and your CU cards should still be in your wallet…No annual fee and OLD…what's not to like

    Cap-1 is 3rd tier or at least lower 2nd tier IMO now ( used to be higher) because
    A) The red lining I mentioned, they routinely internally 'code' these 'second chance' TL's as such and STUNT the grow of said account.

    Meaning that Cap-1 will NOT grow that TL to say 15-20k as mentioned with Discover….Cap-1acts like a big slow bank ( in fairness they are a huge card issurer) they act on algorithms and 'buckets' ….you'll hear/read online how ppl will complain that their CL got stuck at say 2-4k after say 2-3 years and Cap-1 made them reapply to get the big CL vs simply 'rebucketing' the existing card…thus now forces a card holder to now have a 36 months old account age minimized with a new 0 month old account simply due to how Cap-1 rolls….because of this and my last point Cap-1 can't be 1st tier

    Last point, insult to injury is Cap-1 is one of the only TRIPLE PULLERS in the CC industry ( Chase typically pulls 2) most CC apps pull 1 credit buearu ( either EP, TU or EF) but Cap-1 ( even for the little secured card and you don't know if you're gonna get the $49 deposit vs $200 until AFTER) pulls ALL 3 like a freaking MORTGAGE app….so thar coupled with having to reapp for a 'good' CL the following year means Cap-1 🔥 6 credit hard pulls

    IMO why not use those 3 HPs more judicially….
    Example: One could app at 3 different banks/CUs that use different buearus OR get accepted or denied by Cap-1 having 🔥 a pull on each

    The point being Cap-1 will only offer ONE TL for the 3 pulls where those same 3 pulls could have secured 3 reporting TLs elsewhere say Discover, CU & Citi/BoA/ USBank jus sayin

  5. I have the Capital One Platinum myself. I like the card it has a very low deposit and it is a good way to build your credit. I do want to apply for a second one and I'm just kind of wondering what you would suggest for a second card?

  6. After getting your secured card what was the 1st regular credit card you got or did you just graduate the secured cards

  7. Just got approved for a secured card, but i have 2 collections. Will this affect the possibility of getting an unsecured card

  8. Hey Duane on the citi bank secured card was that a hard or soft pull/inquiry on credit report I’ve been trying to research to find out before applying for the card

  9. Thanks for sharing your knowledge i love da videos i jusr got 2 secured cards cayse of u citi & discover i got denied for Capitol ONE can u suggest the next best card since i got denied for Capitol i wanna get 3

  10. Until I watched this video I was going to get a Capital One card, but now I'm sold on the Discover card. Thanks!

  11. I have a question about my credit score, I had a collection from time warner cable that was suppose to fall off this year but they sold it to someone else and now it on my account again for another 7 years. Can that be done?

  12. I’ve applied for all three of these within the month. I’m 21 years old, I want to be apart of the 800+ credit club by my early 30’s. Thank you for your advice.

  13. I had a bankruptcy 4  years ago and started with a Capital One with a 750 CL and now I got 2500.00 CL . I graduated to a Hilton  AMEX card with a  1200CL. I love my American Express Hilton card but AMEX is not taken everywhere. I got AMEX Hilton Card with a  Credit score of 659.

  14. Bro your channel has me laser focused on my future.iv never been so determined to get my financial future. I applied for one of these and was approved. Eventually want all three. Thanks so much for taking the time to educate and help us all

  15. I have the Citi Secured , Capital One Secured, and Discover it Secured, on my way to build my credit with these 3

  16. I applied and got approved for the Citi Secured CC with a $200 deposit. So you’re saying that they won’t increase my credit limit unless I add more money on to my secured card? Or will they automatically increase my limit after a few on time payments?

  17. what do you mean, when you say “I won’t have any money sitting, so therefore I won’t be paying any interest rate”. Are you saying that you will use a certain amount each month ?

  18. Great video great tips I can learn from watching your videos but? What main bureau does citi bank report to as far as looking up your fico score Experian,EQUIFAX or TRANSUNION?

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