When you apply for a secured credit card, you’re going to find that many of them come with a lot of fees, or some try to rip you off by offering a no branded type card.  A card that can’t be used anywhere Visa or MasterCard is accepted.  But, what I’ve found with secured cards is as long as you can supply the deposit, you’re going to find that you can get approved guaranteed!

Analyze the fees

99% of the secured cards out there are going to have fees, and you’re going to have to get used to that one.  Yes, some have one time fees, and those are the ones I would target, but you have to do your homework.  Let’s say the one time fee is $90, and the others have a $45 annual fee.

If you plan on keeping this card for 2 years to rebuild your credit, they are both going to make sense.  Just because one number is higher than the other, doesn’t mean it’s a great deal or not.

Always get a card that reports

When you apply for a card, make sure that it reports to the major credit bureaus.  If it doesn’t, you’re going to find out that the card is going to be worthless.  You’re going to be paying all of those fees for a card that you can’t even use!  If you’re unsure if the card reports or not, I would kindly call up a customer service representative, and ask.

Look for some rewards

Yes, there are cards out there that do have rewards, and you can find them.  Some of the rewards that I’m talking about may include interest on your deposit account, which is great for those looking to gain interest on your deposit.  Since all cards ask for a deposit, this is a great option to have as a reward.  Some of the other rewards that you’re going to find as well as are points that you can build up for money you have spent, which can be turned around and used to redeem gift cards, and more.

A secured credit card is usually your best bet when it comes to a guaranteed approval credit card.  Follow some of these tips above, and you should be fine when it comes to getting a card.