Which Banks Are Offering Secured Credit Cards?

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Thousands of people every month are searching for secured bank credit cards in the US. It won’t be hard to find someone to offer you one, but you’ll want to make sure you like the terms of their offer.

Once you’ve decided (or just realized) you need a secured credit card, you can look into any of the providers in the list below. They all have a proven track record with their customers, so you’ll want to evaluate them on their individual merits.

• 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

You’ll be weighing several variables when choosing a secured credit card provider. Bankrate.com lays out the following criteria to help you make your decision. They are:

• Class
• 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

Since secured credit cards offer basically guaranteed approval, you’ll want to look carefully at their fees and interest rates. There’s no reason to overpay if you can go next door and get a better deal. The only other thing I’d do is try to find some customer reviews to make sure the cheapest credit card doesn’t have the worst customer service. After all, you usually get what you pay for right?

*Thank you to Bankrate.com for the information supporting this article.