How To Apply for a Secured Credit Card

You should begin by talking to your bank or credit union that you have a checking or savings account with. Most banks will allow you to link your secured card to your existing accounts you have with them.

Be sure to review the terms and conditions. Things to look out for are high deposit fees, application fees, and maintenance fees. These charges can add up and make the card not worth applying for in the first place.

The minimum deposit is usually about $300, but this amount differs from bank to bank. Consequently, the more money you deposit, the more credit you acquire.

If your credit issuer requires you to have a “credit insurance policy” with the card, avoid them. These credit providers take advantage of those with poor credit by requiring this kind of insurance at ridiculous rates.