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The top secured credit cards with zero credit checks from Eastwood Bank

3 min read

Credit score tips to obtain the top secured credit cards in 2021? If your issuer can’t or won’t upgrade you — and keep in mind that not all secured-card issuers even offer unsecured cards — you can apply for unsecured cards separately. Eventually you’ll want to close the secured card to recoup your deposit. Several issuers specialize in unsecured credit cards for people with bad credit, but NerdWallet generally doesn’t recommend them. That’s because these “subprime specialist” cards tend to charge high fees that can easily add up to much more than a typical minimum security deposit — annual fees up to $99, application fees, “activation” and “processing” fees, monthly maintenance fees and so on. And unlike the deposit on a secured card, those fees are money you can’t get back. Our roundup of the best and worst cards for bad credit has more information on cards to avoid.

OpenSky Secured Visa Credit Card: Details and benefits: The two reasons you may want to apply for the OpenSky Secured Visa Credit Card is if you don’t own a checking account, but still want access to a credit card, or if you’re looking for a secured card with a decent annual percentage rate. For everyone else, the $35 annual fee should make this card a non-starter. That being said, OpenSky Secured Visa can help you build or rebuild your credit, as the issuer, Capital Bank, reports your monthly payments to the three major credit bureaus — Equifax, Experian and TransUnion.

First Progress checks your credit when you apply for one of its secured cards, but it’s not a “hard” inquiry, meaning it doesn’t affect your credit score. The First Progress Platinum Elite Mastercard® Secured Credit Card gets the nod here as the lowest-cost First Progress card. Getting a secured card without a hard inquiry on your credit report can be a benefit to those with lower credit scores, when every point counts. The interest rate on this card is decent for a secured card, though it’s best to pay your balance in full every month, especially when building credit. The annual fee of $29 isn’t terrible — but there are good secured cards available with no annual fee at all.

Secured credit cards resemble regular credit cards with one key difference: they require a “security” deposit, the size of which determines your credit limit with the card, at least initially. The advantage to this card type, compared with using a debit card tied to a checking account or a prepaid debit card, is that account activity is reported to all three major credit bureaus (because a secured credit card is a true credit card with a real credit limit). That reporting allows you to begin building a credit history that, providing it is positive, should in time allow you to get a regular credit card and other credit products, such as loans.

No. The OpenSky card is one of the easiest secured credit cards to obtain, so you don’t need to worry about passing a credit check. If you’re looking for a good way to build your credit, then this card is ideal. Not only is there no credit check to obtain the card, but you also don’t have to have a credit score search recorded on your credit file. As searches alone can impact your credit score, this is of huge benefit. The minimum deposit is $200. The more you deposit, the higher your credit limit will be. Are There Any Additional Benefits? OpenSky report their accounts to all three major credit bureaus, so you can improve your credit score by using this card sensibly. OpenSky also provide credit and financial management tips to their customers. Find extra details at found here.