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How to Get the Best Secured Credit Card





If you are individuals who have poor, bad or no credit, then secured credit cards are a good option for you. Since secured cards have less credit, you can start building your credit history with secured cards. If you make the payments on time, few months later, the credit companies increase your credit limit and may turn it into unsecured credit cards.

However, with so many companies around in the market, finding the best-secured cards can become daunting. Therefore, here are few tips using which you can easily locate the best credit cards.

Tips:

While shopping out for the best secured credit cards, you need to pay attention to the following points:

1. While applying for secured credit cards, you need to consider your credit requirements and habits. Determine the purpose for which you are going to use the cards and the way you will pay your monthly bills. To establish a good credit, it is necessary that you spend less and pay credit dues on time.

2. Read all documents carefully. Understand the clauses and conditions of the contract before signing it. Ask such questions to bank authorities, as what the procedure is in case of late payments, about grace periods and other details, to avoid unpleasant set backs in future.

3. See to it that the credit card company that you are choosing is reporting credit reports to the bureaus, because this will increase your credit. These credit bureaus furnish your credit report to loan agencies when you apply for loan. Thus, to improve your credit score by using secured cards, it is vital that they (agencies) know that you are a responsible credit card user.

4. Next, compare secured card features of several companies, study their policies and select the one, which suits you best.

5. Refer to several sources such as Internet web sites to know latest laws regarding secured credit cards. The Federal Reserve issues information about amendment in interest rates, which at time your firms may not tell you. In addition, FR publishes report of financial institutions in every 6 months on its web site. One can refer these to make the best choice.

Important Points to Consider:

1. Fees: Financial institutions charge fees such as annual fees, application fees and so on. However, experts say that you need to choose the secured credit card companies that charge fewer fees since they deduct the money from your deposit. Annual fee for most of the secured credit cards is usually $20 to $35.

2. Interest rate: If you have poor credit, it does not mean that you agree for higher interest rates. Interest rates for any secured credit card need not exceed above 19%.

3. Always be wary of fraudulent offers. Avoid companies that guarantee you with no fee secured credit cards. Legitimate companies do not give no-fee secured credit cards. Avoid taking such credit cards from companies that offer to clean the credit history. Best way to verify credibility of companies is by contacting credit bureaus or contacting the BBB.
About Author Tom Tessin :

Find secured credit cards and more of Tom's work at <a href="http://www.findsecuredcards.com" target="_blank">http://www.findsecuredcards.com</a>


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Article Added on Thursday, June 19, 2008
LD
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