Looking to rebuild your credit? Here's everything you need to know about getting a secured credit card.
If you're looking to build or rebuild credit, there are a number of credit cards on the market that are designed for that purpose. Secured cards are one of the best options for credit newbies or people with less than stellar credit.
The amount you deposit acts as collateral if you default on payments, but it's completely refundable in one of two ways: Pay off your balance in full and close your account, or upgrade to an unsecured card. Payment history is the most important factor of your credit score, making it key to always pay on time. If you consistently make on-time payments with your secured card, positive information will be reported to the credit bureaus, which helps you build credit.There are a few things to consider when choosing a secured credit card: how much is the required deposit, how do you transition to an unsecured card and can you earn rewards?, which requires a $200 deposit but comes with some good perks.
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