5 BENEFITS OF A SECURED CREDIT CARD

Credit problems can be extremely overwhelming and the notion of rebuilding stronger and better credit history is just as challenging. When faced with the reality that achieving and maintaining a high credit score is not at all simple, you may ask yourself, what can I do to take control of my own efforts to improve my credit? Well, a secured credit card does have it's place in the overall credit rebuilding structure. Secured credit cards are not an instant win where credit scores are concerned, but can help in re-establishing credit. I will explain why in my tips outline here.

Secured credit cards are one of the oldest and most widely accepted forms of credit rebuilding. In today's post, I will highlight 5 benefits that can be helpful in re-establishing credit with a secured credit card.

1. Using your own money can be a great incentive to save while rebuilding your credit. This is a huge double benefit of using a secured credit card. You can only get approved for an amount to use as it's based on your own deposit into a savings account secured by your self regulated credit line. You not only have control over your approved amount, but you gain a little interest by locking in a certain amount into a interest bearing savings while using the money to rebuild your credit. Extra Tip: Securing at least $1000.00 will look a lot better than say, $250.00. This looks much more realistic to later be approved for unsecured credit lines.

2. Secured credit cards work just like an unsecured credit card and have many of the same benefits. For instance, Primor



is a great option to for someone seeking a secured credit card to start rebuilding now instead of later. This card offers credit lines from $200.00 all the way to $5,000. It has one of the lowest interest rates around at 8.99%. There are many unsecured credit cards with interest rates much high than this card offers. This card reports to all three credit bureaus and has no processing or application fees.

3. When faced with credit problems, often spending has been a factor in the issues that are playing out in a given credit situation. A secure credit card immediately reprograms you to re-think how, why and where you spend. Unlike a prepaid card, you are not limited to loading a credit line to use. Huge time saver!

4. A secured credit card is a real credit card! It is accepted where all credit cards are for the most part. The only thing that is different, is that the credit line is secured by your own money. Getting your on-time payments reported to all three credit bureaus is what makes the credit rebuilding process worthwhile.

5. Other kinds of so-called credit cards often have a myriad of limitations, high fees, do not help rebuild credit and are not accepted like visa and mastercard secured accounts with a logo. That matters to a great a degree.

In the market for a great secured credit card? Here are some great options to consider.






Still struggling with a low credit score? We are always here to help. You can call us or email us and we can get right back to you.

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