This secured credit provides a credit limit based on a refundable security deposit instead of your credit score. They are issued by Synovus Bank, Columbus, GA. With this, you can easily establish or improve your credit score. The card reports to all the three major credit bureaus on a monthly basis to help build or improve your credit history. This card does not require any credit history or credit score for approval of application. The security deposit must be provided before getting the card issued. The identity of applicant must be verified by the card issuer as well. After filling out an application, you will be asked to list a funding source for your card’s security deposit. The approved funding methods vary by issuer. Maximum card limit of this card can be up to $5,000 and minimum credit limit is $256. The minimum security deposit is $250. Your security deposit will be placed in a non-interest bearing account and held there until you close your account.
One benefit of this card is the low standard APR of 11.99%. Although, other secured credit cards also provides low standard APRs but this one is among the lowest. It has an initial line of credit of $2,000. It can be increased up to $5,000, over time. For people who make large purchases, higher limit can be beneficial. This card does not charge any over limit fee. You do not earn interest on your deposit, so do not put more money in this account than you need to. They avoid the hassle of paying annual fee manually. They deduct it from your security deposit. As this is a master card so it is accepted worldwide and you can keep a record of your account online any day at any time.
They report to all the three major credit bureaus on a monthly basis. If you manage your balances responsibly, there are chances that you will improve your credit score faster.
Rate and Fees: –
For a secured credit card, the costs are not too bad at all. The annual fee is a little high but the APR is very low.
- APR: – Annual Percentage Rate is 11.99% (variable).
- Cash Advance Rate: – 18.99%
- Standard Balance transfer Rate: – N/A
- Annual Fee: -$44
- Cash Advance Fee: – $10 or 3% per advance
- Foreign Transaction Fee: – 3% per transaction
- Returned Payment Fee: – Up to $26
- Late Payment Fee: – Up to $37
- Minimum Interest Charge: -$1.50
- Over Limit Fee: – N/A
- Set up Fee: – $0