In the US, there are a lot of people who are on the look out for credit cards every month. However they should make sure that the card that they will end up with perfectly suits their needs.
When you have finally decided to get secured credit cards instead of unsecured credit cards for bad credit, you can look into the following banks as they already have established a good name in banking:
- Digital Federal Credit Union
- Amalgamated Bank of Chicago
- Suncoast Schools Federal Credit Union
- Orange County Teachers Federal Credit Union
- Orchard Bank
- The Golden 1 Credit Union
- Bank of America, NA
- Plains Commerce Bank
- First Premier Bank
- Wells Fargo Bank
- Emigrant Saving Bank
- The Harleysville National Bank & Trust Corp.
- First National Bank of Chester County
- Malvern Federal Savings Union
In choosing the type of card that would be perfect for your financial needs, you have to rate them according to the following criteria (based on bankrate.com):
- APR (the interest rate)
- Annual Fee
- Purchase Late/Over Limit Fee
- Grace Period (time before interest accrues after a purchase)
- APR on Cash Advances
- Fees on Cash Advances
One of the best things about secured credit cards is you could easily get approved without much ado. However you should not get too excited with this fast approval and immediately use your card without checking the fees and interest rates associated with the card. The best way to go about looking for the best card is to take the time to gather as much information as you can and compare each benefit and drawback including the type of customer service that each bank offers.
Building credit as soon as you can is the best way to make sure that you will have a stable future and not one that is filled with high interest loans for bad credit.