How to Build Your Credit Rating With Secured Visa Credit Cards

A Secured Visa Credit Card helps you to build or to re-establish your credit rating. It also allows you full use of all the benefits offered with a secured visa card with which you can purchase online or offline worldwide and has flexibility. These cards are secured against unauthorized transactions, so will give you peace of mind when purchasing using a secured visa credit card. We will discuss three merchant offers.

Schengen Visa Travel Insurance

US Bank Secured Visa Credit Card helps you safely re establish and build your credit. This credit card is only offered in 24 states and in the U.S. only. Applications are accepted for US secured visa card offers if the following options apply to you: If you have had past credit difficulties and now wish to establish a solid credit rating and if your credit has not had a chance to become established yet.

When good credit habits have been demonstrated, your credit rating will put you in line for an upgrade product without further requirements of your credit line being secured. The good credit rating will give you freedom of choice, as everything from purchasing a home, a car or buying online requires a good credit rating. US Bank secured visa credit card gives you the chance to start off on the right footing. On application you will need to put an amount of between $300 to $5000 which is the security needed. This amount is used to open a savings account and insures your credit purchases can be paid. This amount stays in the account and earns interest, as long as your credit card payments are made on time and the account stays open. You must make minimum payment each month, as the purchases are not deducted from your account. All applications and payments can be done online.

SKYPASS Secured Visa Credit Card also lets you build your credit rating, or re-establish credit. The secured deposit is $300 to $5000. With Skypass you earn frequent flyer miles 3000 bonus miles with first purchase and 1000 bonus miles on the renewal of your card. I mile is earned for every $1 dollar spent. Accident insurance of $250,000 is on offer. They have the added benefit of a bilingual Korean/English customer service available. Automated bill payments earn Skypass miles faster. Visa and flight miles can be combined. Certain restrictions apply to this card, so see online for further information.

Wells Fargo Secured Card can be used in exactly the same way as Visa cards. This credit card also requires a deposit of $300 to $10,000 which goes into a Collateral Account. The amount of your deposit is what your credit line will reflect. Minimum monthly payments must be made and these cards are periodically reviewed and can graduate to unsecured credit card with your collateral account funds refunded to you.

Their annual percentage rate is currently a variable rate of 17.49% APR on purchases. The lower rate applies to purchases, and cash advances have the higher APR rate. The annual fee is $18 per year. Eligibility requires: That you be 18 years or older and during the last 12 months to not have declared bankruptcy, also you should not have any unsettled outstanding payments. There is a variety of options with this secured credit card, such as customizing your card, faster purchases, online tracking and access to your account, automatic or online payments. Your account is monitored for security, protection against fraud, Spanish/English customer service. All applications can be done online.

All of the above secured visa card companies offer their cards to US residents only, and require a certified check, money order, or cashier’s check on application. Their basic service is the same but each offers different benefits so to make an informed choice it is wise to have a thorough look at the full services, benefits, offerings, restrictions, and conditions offered before making a choice. The offer of re-establishing a good credit rating is a very good option to those who have had a bad credit rating in the past.

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