What Is the Best Secured Credit Card in 2013?

by Samantha Bennet on 2013/01/05

When selecting a secured credit card, go for one that offers reasonable applications and fair annual and monthly fees when combined. Also ensure that the bank will report your account to credit bureaus. Below is a look at some of the best secured credit cards for 2013.

First Progress Platinum Select MasterCard®
First Progress Platinum Select MasterCard® is one of the most highly recommended secured credit cards, by both industry experts and consumers alike. If you are looking for the best secured credit card in 2013, to enable you to rebuild your credit, then look no further than the First Progress Platinum Select MasterCard®. This card boasts a low annual fee of only $39, and no application or processing fees.

You may begin with a minimum security deposit of only $300-$2000 depending on your credit. More importantly, by responsibly managing your credit and account, you may earn yourself increases in credit limit, without having to increase your deposit. The best part is no credit history or minimum credit score is required for approval.

First Progress Platinum Elite Mastercard®
First Progress Platinum Elite Mastercard® is called Platinum because it can be used anywhere credit cards are accepted. You can use it to book hotels or car rentals as well.

This card comes with a low annual fee of $29, which is pretty good. This makes the First Progress Platinum Elite Mastercard® card one of the best secured credit cards more suitable for the short-term rebuilding of credit, rather than the payment of fees for years to come. This card entails a minimum security deposit of $300.

First Progress Platinum Prestige MasterCard Credit Card
First Progress Platinum Prestige MasterCard Credit Card is a secured credit card with one of the lowest interest rates in the area of secured credit cards, with an interest rate of 11.99% but with a high annual fee of $44.

This card is ideal for individuals without a credit history, who have been previously denied a credit card or are presently rebuilding their credit as there is no credit history or minimum credit score required.
In order to get your balance back, just pay the card off at any time.

PenFed Credit Union Promise Visa
The PenFed Credit Union Promise Visa is the best card on the market for consumers who are carrying a balance on their credit cards. This card offers attractive terms and conditions including the interest rate of 7.49% that lasts the first 3 years. After this introductory 3 year period, the rate is reset to the Prime Rate plus 6.74%.

First Progress Platinum Elite MasterCard®
First Progress Platinum Elite MasterCard® is issued and managed by Synovus, a parent company to dozens of banks in the S.E. that operate under local names. Founded in 1888, Synovus holds $29 billion in assets, which sets it apart from other fly-by-night banks. This card features a reasonable $29 annual fee, along with a minimum security deposit of $300.

What do you think? Do you have more to add to our list?

Next– Read Will the Mortgage Rates Go Any Lower in 2013?

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