Secured Credit Cards?

[goobernoodles]

My credit sucks due to stupid purchases of speakers and whatnot a few years ago. It seems like getting a secured credit card might be a good thing to consider. Does anyone have any experience with them? What are the best cards these days? My credit union doesn't offer any.

 

[Tristicus]

Ask sandeagle.

 

[arcenite]

www.bettercreditcard.com

 

[911paramedic]

You just put money into a savings account (that you cant touch) and that will be your credit limit.

 

[TakeNoPrisoners]

I know the Bank of America secured card has a yearly fee. I would try to avoid that. I remember reading after a year of using the secured card you get your deposit back and might be eligible for a regular card.

 

[fixxor]

You just put money into a savings account (that you cant touch) and that will be your credit limit.

This. My credit union offers them. Basically you are just borrowing the money you put in and paying yourself back.

 

[SandEagle]

Ask sandeagle.

do not go with secured. you'll eventually have to pay it back. go unsecured.