Sterling Bank and Trust Secured Credit Cards


From time to time it’s worth taking a look at an individual credit card company with regards to what they offer the credit consumer. Today we’re reviewing Sterling Bank and Trust secured credit cards.

Sterling is a big name in banking; they’ve been around for a while now and our research tells us they’ve done a pretty good job. First a little background about the company. Sterling has been around since 1984 when it was focused mostly on mortgage and lending services for homeowners. As the bank thrived and grew, it expanded into commercial real estate lending and other credit services. The bank originated in and now has offices in Michigan and several in California. In addition to credit cards, Sterling offers its clients checking, money market, and savings accounts along with business services and certificates of deposit.

Thinking of going to Sterling Bank and Trust for secured credit cards? It’s probably a good idea. We looked around for reviews and people had good things to say about the company. One reviewer on had only good things to say. Her story is probably similar to a lot of people out there, maybe even you. She said she and her husband had always struggled with bad credit and had a hard time getting approved for credit cards.

Her husband saw an ad for the Sterling Bank secured credit card, they decided to get it, and it’s been only good things since then. Here’s a summary of a few of her favorite parts of the card:

  1. She didn’t have to worry about getting approved – they’ll approve virtually anyone with some money for a deposit.
  2. The card is helping them improve their credit.
  3. She didn’t have to worry about falling behind or spending money she didn’t have because the only money on there is secured by her deposit.
  4. She didn’t have to wonder or worry about what her credit limit was – she set it.

As an added benefit, you can use your card in other countries, with only a few exceptions. They’ll also let you Western Union money to your account if you happen to be close to your payment deadline and it’s the only way to get your money there on time.

The only con our reviewer mentioned was having to wait a long time to receive her card, because the company didn’t offer rush service. I’m guessing she had to wait the standard four to six weeks for the card to arrive.

The Sterling Bank and Trust Secured Credit Card passes our review with flying colors. This is a good tool to help you move your credit in the right direction without putting yourself at further financial risk.

Best Credit Card Deals For Student Credit Cards


There are a lot of options for you to take a look at. The best credit card deals are going to depend on what you are looking for and what type of credit history that you have. Obviously the best deals are for those that have a higher credit score. If you are in the 700′s or 800′s then you are going to be just fine. I don’t think you will have to worry about high interest rates and if your credit is that high then you probably don’t even care about rates anyways because you are probably very effective in paying all of your bills on time.

So before I discuss anything about credit cards, make sure that you are willing to find out where your credit is and take a look at what you can do to improve your credit score. You can make multiple payments a month and contact any creditors that you owe to pay off debt. Then you can make sure that you have a checking and savings account open. Have a couple credit card accounts that you keep in good standing. Don’t take on a lot of other debt if you can and then it will just take time of good payments that will help you to improve your credit.

So after you have improved your credit then I would look at a major credit card issuer like Visa, MasterCard, or Discover. I have seen a lot of Orchard Bank Credit Cards for students and also a lot Capital One for people with poor credit and looking for lower limits. If you are looking for lower interest rates then I would say that Capital One is good card. A lot of cards will offer very low introductory rates. Be aware that this could change in a heartbeat. So it is important that you are able to check out the terms and conditions to see what is required from you and what obligations the company has. Many only need 15 days to notify you that they are going to change the interest rate.

I suggest that after you have figured out where your credit is, decide what is important to you. You might want a higher credit limit and you are willing to sacrifice your interest rate to get it or maybe a limit might not matter, you just want to get a good interest rate. Many of them will be around 15%. If you can find one lower then that for more than just an introductory rate then you will be doing well.

Free Student Credit Cards

What’s the first word that comes to mind when you think about being in college? Broke. That was me. I was broke from the minute I walked into my first college class until about six months after I finished my last one. Then I finally had job and a little money, and I was able to move past the beater apartments and ramen noodles.

But while you’re in school you have to spend most of your time pinching pennies. That’s why when you’re looking for credit cards you can’t deal with bunch of fees. I mean, they’re already going to charge you high interest rates, given your lack of credit history and a fairly low credit score.

It is a good idea to get a credit card or two while you’re in college. When you get out of school and get that first job, you’re going to want to buy a car to replace your Geo Prizm and maybe even buy a condo or a townhouse. If a bank is going to even consider giving you the loan for your toys and your new pad they will need to see that you know how to use credit. In other words, they need to know you’re probably going to pay them back.

Check out this list of student credit cards that can help you get the right start in the world of debt and credit. Use them wisely.

  • Bank of America Student Visa Platinum Plus Credit Card- no annual fee.
  • Capital One Platinum Student Credit Card – no annual fee and no balance transfer fees. Retail savings program with yahoo!
  • Discover Student Clear Card – no annual fee and 0% APR for six months.
  • Discover Student Monogram Card – 0% APR for six months and choose your own design.
  • Discover Student Tropical Beach Card – 0% APR for six months and no annual fee.
  • Discover Student Card – 0% APR for six months and no annual fee.
  • Citi Bronze/AAdvantage Card for College Students – no annual fee and free membership into American Airlines rewards program.
  • Citi Platinum Select Card for College Students – 0% APR and no annual fee.
  • Discover Open Road Card for Students – 0% APR and no annual fee.

Most of these cards also offer online account management. And one more thing – they’re going to give you a small enough credit line to keep you from getting yourself into trouble while you’re in school.

Secured Chase Credit Cards


A Secured Chase Credit Card is one of the best types of cards you could get. Chase is a well respected company that is I suggest that you use because of their track record and long running history. They have allowed for many people to overcome bad credit issues that have hurt them in the past. I can think of plenty of people that I have encountered that have struggled through credit and have struggled when it comes to getting mortgages, loans, or using their credit in any manner to achieve their dreams and goals.

Many people ask if secured credit cards are bad for your score and a secured Chase Credit Card is a perfect example of proving this notion incorrect. I have seen plenty of unknown establishments on the Internet that are offering money or lines of credit, only to find out they just might as well be hard money lenders instead of stating themselves as a bank. These companies are finding ways to nickel and dime you to death with application fees, transaction fees, processing fees, and a billion other types of fees that can be made up out there. These are just doctored ways to make more money in every possible way. It is the beauty of capitalism in the United States of America.

You don’t have to pay a lot of these unnecessary fees with a company like Chase because they don’t need to nip at you a dollar here and a dollar there. JP Morgan Chase is one of the oldest financial service firms in the world. They have over $1.4 trillion in assets and currently they are the third largest financial service provider in the United States. They merged with Bank One in the last couple years and brought over Bank One’s solid CEO Jamie Dimon. You should take that into consideration that they probably have no reason to destroy trust with you as a customer because your money is not worth nearly as much as their credibility and reputation with you and other customers that they have.

Chase has some of the best secured and the best partially secured credit cards for a middle class Joe to find a chance to regain their trust with credit bureaus. You are not going to have to worry about whether they will report to the credit bureaus or not. You don’t have a trillion dollars in assets without building trust with credit bureaus over the years and treating your customers the right way.

This shows us why it is so important to know who is providing you with the card and the issuing bank. Any one can get a Visa or MasterCard logo, but that doesn’t mean that you have the best bank for you. This is worth your time to go out and make sure that you have a quality bank like JP Morgan Chase to help improve your credit and leverage yourself in the proper manner.

Student Loans And Credit Cards


A lot of students ask where should they get their funds to support them through school. Student loans and credit cards are two common areas where students look to go with expenditures. I think that both serve their purpose, but you want to make sure that you use them for the right reasons. These are really two different weapons in your arsenal that can go in your favor or against you. It really depends on how smart you are with your spending habits.

Realize first what they are and what purpose they serve. There are so many different types of student loans you can get out there and so many types of credit cards you can get out there too. A student loan is directly related to helping a student with the cost of tuition, possibly school materials, and room and board. It just depends a lot on what type of loan you receive.

A lot of it will also be based on what is the tuition requirement for your school, which can very from a $2,000 to $30,000 a semester. It is important to make sure you know too what rent will cost in your area along with other normal expenditures. Obviously going to New York or California is going to require more money for living standards than going to a school in Utah or Minnesota.

A credit card will also have a lot of different rates and usually have higher interest rates. Now you can find o% APR for a year or six months and it can buy you some time to use these cards. You have to be careful about changing rates. The beauty of a student loan is that you don’t have to start paying until several months after you are finished with school.

A credit card is going to require minimum payments, interest, potentially annual fees and other requirements. A credit card, such as college student Visa credit cards, can also help to build your credit faster than a student loan if you can use it correctly. Also these tend to be less tedious to get as far as requirements, there are many visa credit cards for college students with instant applications and easy approval.

Student Loans Vs. Credit Cards

This answer is decided by looking at what you are going to use it for. Chances are you are going to have a high tuition to cover and it would probably be a lot better to use a student loan to take care of that. If you can get room and board in that then that would be beneficial. You are going to have lower interest rates compared to a credit card and more time to make money before you have to worry about paying it back. This can help you focus on school more and the tasks at hand. You will have plenty of time to make money and start chipping away at that loan.

As far as a credit card goes, I think that these are also necessary. They are great to help you build your credit for the purchases you may make when you begin your career. These are great for everyday purchases like food and clothes. You just have to be aware of what your balance is and how you plan on paying it off.

Fixed Rate Student Credit Cards (That Even Allow Balance Transfers!)


Before we talk about fixed rate student credit cards, we should talk about fixed rate credit cards in general. A fixed rate credit card isn’t such a common thing. Why?

Because interest rates change, that’s why. Think about it – every so often you hear an announcement that the Fed is raising or lowering interest rates. When they do that, all interest rates change with the ripple effect. It’s a good thing and a bad thing for all of us that use the financial institutions (which is pretty much everybody).

For example, when rates go up theirs an upside and a downside. On the downside, it gets more expensive to borrow money. Auto loans, mortgages and credit cards all hike their rates to reflect what the Fed did. On the upside banks will usually pay more interest on savings accounts and other deposits. Any of you that have an ING Direct savings account know what I’m talking about. As interest rates have climbed, I’ve seen them raise the rate they pay on my online savings account to over 5%. Not a bad deal.

Now, in some cases credit card companies will offer a fixed rate on a credit card for as long as you have the card open (for example: Prime + 3.99%). They do it to entice people who don’t like the idea of having a credit card at 18% or 21%. If you’re going to get a fixed rate credit card, though, you probably need a pretty good credit score and some credit history.

So What About Fixed Rate Student Credit Cards?

I found, which gives a long list of student credit card offers. Only two on the list mentioned a fixed interest rate:

  • AmTrust Bank (formerly Ohio Savings Bank) Student Credit Card – offers a fixed rate of 7.9% or 13.99%, depending on your credit worthiness.
  • Sovereign Bank Student Credit Card – 9.9% or 15.99%, also based on credit worthiness.

The reality is it’s tough for students to get fixed rate credit cards because they’re still a risk to the credit card company. If you can’t get one of the two I’ve listed above you may have to use a variable (high) rate card until you’ve proven you can handle a credit card.

The Best Way To Pay Off Secured Credit Cards


A secured credit card can be a touchy thing. You definitely need to make sure that you pay your bills. Many people don’t know much about the best way to pay off secured credit cards or sometimes even how to get them.

This is a great example I have here for so many people to get into the habit to start spending their credit cards the right way. I am going to talk not just about paying off the secured credit cards, but more importantly how you should spend on these cards. I have a story from a friend of mine that has been through a lot and has struggled to get his credit turned around. It took him some time and this is his experience:

I had such a horrible time using my credit cards correctly. I struggled to know how to do it right. My spending habits were pathetic. I couldn’t make payments because I was spending so much more than I could afford. It was difficult for me to pay off my debts.

First, I couldn’t pay off any debts and I started building up interest. It continued to multiply and then I couldn’t even pay the full interest any more and the principle wasn’t even a thought. It got so bad that I had to stop my credit cards. I had to drastically change my spending habits and pay off so much debt.

My credit was in the can, but I wanted to get a business going. I spent so much money on consumer debt that was just staying there doing nothing and hurting my score. I started to realize about leveraging capabilities. There were people that would spend so much money and more than I was, but they were using that money to make them money. I realized this from a friend that was sporting the American Express Black card.

Well that type of a card was out of my range. So I had to look at a secured line of credit that was out there that I could get my hands onto. I found some business partially secured credit cards that were quality interest rates and not a lot of application fees that I knew would be a pain in the neck if I didn’t take care of it. I started using these cards wisely for the first time in my life. I thought to myself each time and for the first time, ‘Should I pay for it or can I go without it?’ Finally, I found myself spending more wisely.

This friend of mine has improved his credit gradually and found out the best way to pay off secured credit cards. Be careful what you buy. One of the worst things you can do is spending too much and assuming that you will be able to pay it off. It is never that easy. You never realize what other bills may come up or other emergencies you may have. Play it safe and create more streams of income so you can spend lavishly, but within your means.

United Airlines College Student Credit Cards


One of the best decisions you can make if you are a constant flier of the friendly skies is to get a credit card with an airline company. Many students face the issue of having to travel states away to go to college and back home. You want to make sure that you can travel safely home for holidays and special events. To be honest you probably don’t have the money to spend on flights. If you do then you are going to try to save as much as possible instead of spending hundreds or thousands of dollars to make it home and back.

It is smart to get a credit card from a company that you fly with often because this will help you to put your money to use. You have probably heard of frequent flier miles. Many airlines and companies in general do this to help alleviate the pain of spending. It is amazing how much easier it is for you to go for the more expensive purchase because of these types of offers. Now you might find yourself spending more just because you have a credit card to “save money for more miles” but be careful that you aren’t spending recklessly. This might help toward free miles, but in turn you end up going broke…not good. Just make it your primary credit card and use it when you have to. It will make the swipe less painful.

United Airlines will usually offer you a free mile in the air for every dollar that you spend. Depending on what type of card you get, you could potentially have a limit on the amount of miles you can get unless you get the Platinum card for their “preferred customers”. This is a higher annual fee, which all of their cards have, but this will allow for more ways to build up miles. For some of your spending, including for any United related items or housing related, you will actually get 2 miles for every dollar spent.

In the end it really comes down to how often you plan on spending on these cards. If you are only looking for a trip or two a year then maybe you should go with a more conservative card, but if you plan on spending a lot on credit cards for schooling, dates, or whatever floats your boat, then you will probably want to go with the platinum card. This all won’t matter if your credit is bad or you don’t have any credit history, so you might see if your parents can get one to help you come home.

Student Credit Cards With College Logos

These cards can be very cool to purchase. It is always nice to have a card from your alma mater to toss around to show your appreciation for your experience there. There are a lot of colleges that offer this type of service. You can contact your college’s financial office to see if this is something they personally offer. You might have to go to a bank that is near the school or on campus that will provide you with a school card and a Visa or MasterCard logo.

If you can not find it there, then I would go check online to find your school’s logo and the credit card of your choice. I suggest that you are better off getting a card that can’t get your school’s logo on it with better rates, then going with the card from your school that might not be as good of a deal.

Now realize that this probably doesn’t mean that if you use this then it will be like a airline credit card where they offer a free mile in the air for every dollar spent. They are not going to give you a dollar off tuition. Nice try though. They might offer you deals on clothing products or memorabilia. This can be fine if you are a fanatic about your school. I don’t feel that way about my college I attended, although I enjoyed the experience.

If they do provide offers then you might be required to give an annual fee of some kind to cover all of the materials that they are giving out and simply to build a business. I wouldn’t worry about this if you really like the card. This is definitely more of a novelty item than anything else. I have to say that I have had student credit cards before and they aren’t that impressive. You are probably better getting a student credit card with a company that offers you good value like an airline company or some other company that is going to give you value that you could use for a long time. I don’t know if you want to get a credit card from a school unless you want to create a shrine.

Just make sure that you take the time to check interest rates and see what type of fees you have to pay. I think that there are a lot of ways you can show your appreciation other than just getting the school’s logo on your credit card, but if it helps you to spend your cards often followed by paying it off in a timely manner, then this can be a great way to help with your credit and show your pride.

First (1st) Financial Bank Student Credit Cards


For me there are a few core qualities I’m looking for in a company that’s going to be dealing with my money. First, they need to have some years behind them. If I’m going to trust a company with my personal information and my hard-earned cash I want to know they’ve been around the block a time or two. Second, they need to have a clean history. Clean as in the opposite of everything the guys at Enron decided to pull. Clean as in forthcoming with all the details of our dealings with each other.

Students looking for their first credit card as they leave high school and enter college should be looking for those same kinds of qualities. Debt is getting out of control in this country and you have to make sure the company you’re working with is looking to make a profit, but not if it means your financial ruin.

1st Financial Bank is that kind of company. Look around a little bit on the internet and you’ll find good things said about these guys.

1st Financial Bank was founded in 1910 and is located in South Dakota. The bank has become exclusively committed to providing financial services to students across the country.

They sponsor an entire site dedicated to educating kids about college life, especially its financial aspects.

The site, called, touches on three main topics: ‘college 411′, which is designed to help you find a school that’s a good fit for your personality and goals; ‘prepare and apply’, where they’re looking to help you improve your chances of getting accepted and keep track of what schools are looking for; and ‘pay your way’, which teaches you about scholarships, student loans, and college expenses.

I realize this website is a marketing tool. It’s a lead generator – they get you on the site to show you information about college and the longer you’re on the site the more likely you are to fill out an application. They’re looking for customers, and I don’t blame them. They give some free information and end up with loyal cardholders. It’s a win-win.

If there websites are any indication, these guys are committed to keeping costs down. That can translate into lower fees and interest rates for cardholders. I can appreciate a company willing to sacrifice some aesthetics for the sake of cost control. It’s good business, and it gives me more confidence in them.

1st Financial Bank student credit cards won’t be anything flashy, but they’ll be a good tool to help you get your credit life started in college.

Secured Credit Cards for a Small Business

Credit cards can be a business owner’s best friend. They make it possible for you to pay your monthly expenses without having to drain all your cash. Not to mention you can earn rewards like sky miles just by running your normal business costs through a credit card. But what if your business hasn’t established much credit? Or worse, what if you had some credit cards, but you fell on tough times and your credit was damaged?

Secured credit cards for a small business can be the solution. These cards offer the same credit building benefits of secured credit cards geared towards individuals, but there are some differences.

A good example I found is the Wells Fargo Business Secured Credit Card. Here is a general outline of their offer (taken from their official site):

You can get up to $50,000 in credit extended to you as long as you have an equal or greater amount deposited with the bank.

The interest rate isn’t too high; 9.9% on purchases you make (pretty good considering I’ve seen some with interest rates as high as 24.99% on purchases).

Wells Fargo will even pay you 2.5% on your security deposit for the first year you have the account with them, but after one year it drops to 0.5%

I looked for other offers for small business credit cards secured by deposits, and I couldn’t find too many. Why do you suppose that is? Here are a few ideas I came up with:

Applicants probably won’t have enough cash on hand to put down a big deposit. The deposit is something the credit provider can earn interest on, not to mention it allows them to give higher lines of credit, which pays them higher fees.

The see business that need secured credit cards as too much hassle to work with. Think about it, most businesses fail anyway right? Why would they want to provide a line of credit to a small business that either has no credit or has had a bad experience with credit in the past? Better to offer credit cards to established businesses that will keep the card open for years to come.

Secured credit cards must not be as profitable. After all, we’re talking about credit card companies here. They go where the profits are.

Based on my research, I’d say the Wells Fargo Business Secured Credit Card is the way to go.

Secured Credit Cards in Canada

We share the same language, the same name for our currency, we even share a few professional hockey and basketball teams. Why wouldn’t we share similar financial problems and solutions?

After a tough financial stretch, people are just as likely to be looking for secured credit cards in Canada as they are here in the US. Canada has similar bankruptcy laws to those of the US and the same credit bureaus monitor a person’s management of their debts. That being the case, a secured credit card in Canada will be just as useful for improving credit rating up there as down here.

Here is a short list of companies in Canada that provide secured credit cards:

1. Capital One Bank

The capital one website doesn’t say much about its terms other than the fact that your credit limit will be determined based on your credit score. No mention of interest paid on the security deposit, so I doubt they pay any.


CIBC seems to offer similar terms as the others with one exception. They only let you apply for a secured credit card at a local branch of the bank.
3. Home Trust Bank

Requires a minimum deposit of $1000, but can go up to $10,000. They pay no interest on your security deposit, and charge a $7.50 monthly fee. I looked over their terms and conditions and these guys seem a little steep on their fee structure.

4. Horizon Plus

This card requires a minimum deposit of $500 and pays 2% annually on that deposit. They also charge a monthly fee of $5.95 to keep your account open.

These companies will have a fairly simple application process and you’re highly likely to get approved. After all, why wouldn’t they approve you when they have your cash securing the line of credit they gave you? In fact, getting secured credit cards in Canada for people with bad credit is pretty easy. You can get a credit line of up to $10,000 (if you’re willing to put down a $10,000 deposit).

The game is the same in Canada as it is in the US – open a couple of secured credit cards, and put a balance on them every month. Make sure it’s an amount you can manage and pay off before the payment is due. The credit bureaus on both sides of the border need to see you use the credit card intelligently. That means no late payments! Don’t risk making your credit score even worse!

Student Major Credit Cards

The major credit cards for students can be some of the best choices and honestly will probably be the most comfortable for you. For many of you, you are just like me…sheepish. I like to go with a well known brand name because I have heard of them. I know they exist and that many people use them, so the chances of them scamming me tend to be less even though they have more customers. We all figure that they have gotten these customers because they have built a reputation with giving out good credit card offers and they don’t intend to bomb you with high interest rates, an enormous amount of fees, and all of these hidden and misleading charges in the Terms and Conditions…all things you’re not really thinking about when you start to apply for student credit cards.

The American consumer society has become used to not trusting businesses and having to do a lot of research because of the tactics of careless companies. This is warranted because they want to make sure that you truly can provide them with solid value and at the same time it goes too far. That is why it is so important for companies to brand themselves excessively to drill themselves into your mind.

How many Capital One commercials have you seen with their funny skits ending with a simple question, “What is in your wallet?” How many priceless MasterCard commercials have you seen that have made you all warm and fuzzy inside when you realize it is all about making people happy, no matter what goes on the card. This is the beauty of credit cards. They are trying so badly to warm up with you to get your business, but everyone does this.

Obviously for them to spend millions on ads, they have gotten somewhere to do so. It just didn’t happen and surely not by destroying trust with millions of customers. If they did then the government would shut them down. Instead, they have solid systems in place. They take good care of their customers and are willing to resolve issues with you to keep your business. You have to build their trust too in this relationship because it is their money that you are using, no matter what you want to think. So if you build that trust then it should not matter.

So for a college student it doesn’t matter if it is Capital One, Visa, MasterCard, Discover, or whomever. They are all good. You just need to be fair to yourself and see what they all have to offer. Don’t go and apply for a boat load of cards or pick your favorite card based on your favorite commercial. Do your research first before your apply. Start with one card and build a good credit history and then you can move on to other lines of credit as you build a stronger income in your life and establish a household.

Discover Card Student Credit Cards


Discover Card might be viewed by some as the little brother of the major credit card providers. Visa is everywhere you want to be (at least that’s what they used to say), MasterCard is for everything that’s not priceless, and Discover…well, I’m not even sure. They’re trying though. I have to give them that.

As Discover tries to build its brand and compete with the heavy hitters of the credit world, it looks to tap into a potentially huge and lucrative market – college students. Tens of millions of kids go to college every year. We’re talking about tomorrow’s earners, and consequently tomorrow’s big spenders.

They’re watching mom and dad sink deeper into credit card debt every year, and as the saying goes, the apple generally heads down the same path as the tree and racks up a bunch of debt on the way. Or something like that.

Anyway, Discover knows that if they can get you on board while you’re in school you’re likely to stick with them for a long time. My parents have had a Discover card for over 20 years. I think they might have the first one.

In order to impress you Discover has put together a ‘Credit 101′ course on their website designed to educate and persuade you – to open a Discover Card Student Credit Card. They put great questions on there such as: What is a credit card? and What is a credit report? and How can you build your credit history?

The quiz is multiple choice, but they’re not actually trying to insult your intelligence. I guess the thought process is if they can educate you and keep you on their website you’ll probably fill out an application. Of course they’re hoping you’ll get approved, run up a balance, and make minimum payments for the rest of your life.

But you are way too smart for that. If you open one of these cards you’re going to use it to build credit score and credit history while making your monthly payments on time and never paying interest. Good for you.

  • Here are a few of the benefits of the card:
  • Six months introductory APR of 0%.
  • They won’t make you pay an annual fee.
  • You can get 1% to 5% cash back, depending on the type of purchase you’re making.

Along with those they give you the standards for most student credit cards – online account management, email bill reminders, etc. It looks like Discover will take good care of you if you pick up their student credit card.

Finding Secured Credit Cards During Chapter 13 Bankruptcy


Recovering from bankruptcy takes years, but there are certain things you can do to speed up the process a little. There are a couple different kinds of bankruptcy – most people know that. But most people don’t know that the recovery methods and strategies are different for different kinds of bankruptcies. If you’re thinking about finding credit cards during chapter 13 bankruptcy, you’ll want to first consider the ramifications for the rules of your settlement.

Remember, in order to qualify for chapter 13, you have to agree to repay all your debtors during an agreed upon period of time – usually 3 or 5 years depending on your income. Chapter 13 can be better than other types of bankruptcy because it doesn’t cancel your debts. That means the damage to your credit won’t be as severe. The terms of the debt repayment are very specific though. They might prevent you from opening new lines of credit or taking on new debt until the full term of your bankruptcy is satisfied.

How do you know whether you can open or apply for a secured credit card during chapter 13 bankruptcy? Check with your trustee. They may not love the fact that you’re looking to get access to more potential debt, but a secured credit card is the best way to go because you have to put down enough cash to cover any balance owed on the card. And there’s no law against people in Chapter 13 applying for credit cards. It shows good initiative.

I’m sure you realize not all secured credit cards are created equal. Fees and interest rates are going to vary with every credit provider you investigate. Look for credit card issuers that pay interest on your security deposit, and look for companies that aren’t going to charge you an outrageous fee and a criminal interest rate if you’re just a day late on a payment.

Credit card companies are competitive with each other because there are big profits at stake. Let that competition work to your advantage.

I don’t know of any secured credit cards for chapter 13 bankruptcy specifically, but any time you can show the credit bureaus you’re using credit wisely they’re going to like it. The idea is to run up a balance on the card, but nothing higher than what you can pay off at the end of each month.

This is your chance to prove you can take care of the credit you abused in the past. Don’t blow it! It will take time, but I’ve talked to people who have bounced back from a bankruptcy to credit scores of over 750. You can get there too.

Instant Approval On Student Credit Cards

Instant! This is a beautiful word that so many American’s love to hear. I know I love to hear it and I am sure that you do too. We like instant food, instant love, instant movies, instant money, and instant approval. This is really a loaded term as far as credit cards go. Many cards will give you instant approval as a method of showing their willingness to work quickly and help you in turn use that card quickly.

They know that many people get a credit card on impulse to buy products and not necessarily to improve your credit score. They want you to apply for credit cards with the notion that this isn’t going to take long and you are not going to have to go through a lot of hurdles to get there. Understand that there are still some things you will have to deal with.

One of the best things that you can do is don’t look for instant approval. Take your time to understand your APR, annual fees if you have any, grace periods, and any other noticeable items in the Terms and Conditions. There can be changes in the terms where the APR is 0% for a certain period, but that could increase in a heartbeat, so you want to know when that is going to happen. It might be more important for you to find out how easy it is to get a line of credit and not how fast you can get a line of credit, because that may be where your real problems are.

Easy Approval Student Credit Cards

The real question is how easy is it for you to get a credit card. Now if you don’t have a credit history, that is fine because companies know that you have to start somewhere and they would love to get your business initially so that you come back to them down the road as your income increases and especially for loans and business accounts. So they want to appeal to you to start off with. You can find cards that don’t have annual fees and that is good. Most rates are going to be 15% to 20% and that is pretty standard.

I suggest that you are safe with these cards because if you miss a payment then you can be murdered. Some interest rates can double up near 30%. This can be scary for any student just trying to make it by and I am sure that you don’t want your parents on your back about another issue, along with a creditor and a credit bureau which isn’t as forgiving.

Realize that you are going to have to give your social security number and they are going to do a credit check. This is in accordance with the Patriot Act and also they are going to do it obviously to know what your past is like with credit. This could help with getting a better rate if you have established a credit limit, but realize that it is going to take a several months to a year of good credit habits to impress a credit bureau.

The Best Secured Credit Cards

It is difficult at times to find out what type of credit card is going to be good for you. If you have had problems with credit in the past then you are obviously trying to find the best secured credit cards or the best partially secured credit cards that will allow for you to build your credit back up, but at the same time they save you from the headache of having to deal with so many fees, high interest rates, and large requirements for deposits.

Many people ask are secured credit cards bad for your score? I don’t know the logic behind it because they are intended to do the opposite, but here are two possible ideas:

1. Most of the people that have bad credit scores are only able to get secured credit cards with high interest rates or a trade off of high fees. Then there must be an association between the two.

Well this is silly because really a secured credit card is like a bicycle with training wheels that will allow for credit holders to build a great deal of trust with credit bureaus. It is like grown up timeout. I think that most people get scared because these cards represent failure of some kind, but bad things do happen to good people. There is a better chance to repair your credit with the best secured credit cards and the best partially secured credit cards.

2. There are so many scams out there in the world today. I am afraid that of a bad credit card company that requires me to call a “900” number and then charges me an arm and a leg for even having the card.

There is some truth to this. There are certain card issuers out there that don’t report to credit bureaus and this will create no credit and keep you static. This isn’t what you want because your application fees, deposits, or possibly high interest rates are not worth it because you are not able to redeem yourself with the watching eye of the credit bureau big brothers. Make sure that your company is reporting to the credit bureaus. You can contact credit bureaus personally to find this out or just the Better Business Bureau to make sure that they are on the up and up.

Now understand that you will probably have to make some level of a deposit (around 100% of the credit you are looking to have available) and be ready for application fees or a trade off of a high APR. You probably want to try to avoid application and processing fees, which are cute ways to make more money off of the little guy, and go for a large respected bank like Bank One or Bank of America and get a small annual fee with decent interest rates. Honestly the best secured credit cards are the ones that you pay off on a regular basis and avoid maxing out.

Apply For Student Credit Cards

One of the best things that any student can do is to go out there and get a credit card. I think that many students fail to establish credit early and then by the time they are adults they have been spending only with a debit card and not able to buy a house or a car. I think that it is in your best interest to get a card going as soon as possible. If you are having issues then get a parent or an older sibling to cosign for you. This can be a great way to start off on a good note. If they are careful with their credit then they will teach you how to use the card correctly. Respect what they have done for you and use the card wisely.

Also you should open a checking and a savings account. This can help any credit company take a look at what you are doing with these accounts and how you spend money. This could be a great source to get a credit card from when the time comes. Also a lot of teens are offered store credit cards from clothing apparel chains like American Eagle, Buckle, Abercrombie, etc. These are also good ways to start establishing good credit. Now this could be scary for some of you because you spend money at places like these like a crazy person (this is specifically for the women). So I suggest you don’t spend anything on that card, which you can’t go without. Make sure that you have those funds in a checking account. Don’t start playing the game of making payments with a credit card and hoping money will fall from the sky.

Apply For Student Credit Cards Online

One of the easiest things you can do is get a credit card online at a valid banker. Be careful that some third parties are scams, but many are clean vendors for these major companies that allow for these big companies to spread their wealth on the Internet. Make sure that they are truly associated with a major credit company and then you could potentially find cheaper rates this way.

If you do apply for a credit card online, make sure to have an adult there the first time. This can be good because they will be able to help you know what to look for with a card. You can find cards without having to worry about annual fees, low APRs (not just initially) and unsecured cards that don’t require an initial deposit equaling your credit limit. Be smart with your choices and you will build a strong initial relationship with credit bureaus.

How to Find a Visa Secured Credit Cards Online Application


One of the best things you can do is try to buy a Visa credit card online. That might sound silly with the thought of scam, but there are plenty of options out there and it gives you a good opportunity to compare between what different companies will offer you. This is the only way to know how to find the right card and what really a good interest rate is, or who reports to the credit bureaus and who doesn’t, not to mention application fees and required limits for deposits for Visa Secured Credit Cards.

I think that one of the best things you can do is look for a Visa when you are starting out. Then tend to have the most offers for people out there with struggling credit and possibly they are the most respected credit issuer out there. I tend to see many offers for people with bad credit to either get Visa or MasterCard. Often these cards are the most general. A Discover tends to be more niche market, and American Express is looked at with a little more class. When you get an American Express it is usually unsecured and with larger limits.

Now you are probably going to have interest rates around 20% and that is probably going to be standard for someone with bad credit for a while until they can turn their credit around. As time goes on and you are able to get it unsecured then you can probably lower it to around 10%. I think even if that is the case, you should still try to limit your spending and keep your payments consistent. This will start to prove you have a good track record with Visa and Credit Bureaus.

Be careful when you find a Visa Secured Credit Card online application because you will probably have a link to be able to find out more information about the credit card terms. A low APR can be deceiving because it can quickly double or triple and sometimes the APR only lasts for a few months and might jump quickly for whatever clause in the contract. Understand that applying for a Visa Secured Credit Card Online will require several annual fees with lower interest rates, along with strict penalties and deposits. In other words set up an auto payment program so that you automatically pay these cards off as soon as possible each month.

I figure one of the best things you can do is shop around and be willing to call up the customer service numbers to fully understand what your capabilities are with the card. If they don’t have the 1-800 number listed then you probably don’t want to do business with them. There should be plenty of customer assistance and that will pay out with any standard issues you may have with the card or account through your stay with credit card issuers. So to sum up my thoughts, do your diligent homework and protect your credit and bank account.

Secured Credit Cards for Business


This is an account from a business owner that I spoke to that gave me some tips on how he was able to get a secure credit card for his business so he could rebuild his credit. He was concerned because he had heard how important credit was for starting a business, but he wanted to create financial independence. This is his experience with secured credit cards for business:

I was going to buy media for my internet marketing business, but I was nervous because I had several occurrences where I had destroyed my credit. Some of these reasons were my fault and others were circumstances that I couldn’t control. I had gone through a bad divorce that had taken a toll on my credit.

So now I knew what I had to accomplish with my business, but I was scared of where to go to find a card that would accept me. I had some funds to help me get my business going, but I realized that I was going to need to leverage on a grander scale. It was going to require more leveraging and being able to exercise what little credit I had.

I realized that this was going to take some good credit history to replace previous mistakes. I knew that there was going to be forgiveness, but I had to prove myself to credit bureaus. I realized that a prepaid credit was a decent option. I searched around and found a company that offered secured credit cards for business. This company seemed legitimate and wasn’t requiring me to pay an arm and a leg with fees and phone minutes to sign up.

I was even more pleased as they asked me for my credit report to find out how my credit history was. This was assuring to me because it showed that they were serious about what they offered and I found out they would report often to credit bureaus about my new established history.

This became a dream come true because I could leave a larger deposit and receive a larger credit limit. I started using the line of credit often and made payments on time. Some times I would make more than one payment a month. It didn’t take long for my credit to be flipped around. Now my credit is well over 700 after being in the pits and I am able to get unsecured credit cards in a matter of months. I am going to try to build my credit more so I can get larger limits. I used to be scared about credit cards after I had bad experiences. Now I have been able to turn it around into my favor and use it to better my life.

Secured credit cards for business can be so beneficial for people with struggling credit. I like to think of it as almost paper trading, or maybe trading on a contract that is only 5 dollars. It is a conservative way to exercise your ability to use credit correctly. After a while you will learn how to use it wisely and be able to adjust it to become one of your strengths and not your weakness.