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Credit Cards > Prepaid & Secured Credit

 
 

I have no credit history and I'm looking for a prepaid credit card. Which do you think is best?

- Asked Apr 22 , 2016

 

The NetSpend Prepaid Visa is a great option for easy, convenient use. But if you're trying to build credit, a prepaid card will not help you do that. A secured credit card will be your best option for building credit, and we recommend the Capital One Secured MasterCard as it comes with no annual fee and a free credit tracking service.

 
 

I was granted a Capital One credit card. This card is a "Secuered" credit card with a $300.00 line of credit. However, to secure the card, I invested $300.00 into my "Capital One Account", to start this program. I was informed that on Feb. 16th, I have to make a payment of $25.00 on this account!? Am I paying to spend my own money, to improve my credit?

- Asked Jan 27 , 2016

 

You should contact Capital One and ask them why you were charged this fee. This credit card has no annual fees, but you do have to make a minimum monthly payment against any charges. It's likely that the $25 charge is your minimum payment.

 
 

Can I pay a bill online with a Card.com card such as electric, phone etc?

- Asked Jun 19 , 2015

 

The cards offered at Card.com are prepaid MasterCards. Any company that accepts credit cards will accept these, and in addition, there are some utility providers that will not accept credit cards but will accept debit cards. In this case, you can also use one of these prepaid cards

 

That said, you should strongly consider the fees associated with these cards, which can include a $5.95 monthly maintenance fee, ATM cash withdrawal fees, and even balance inquiry fees. So if you are trying to use your credit card to earn rewards when you buy a prepaid card, the cost of the fees will often exceed the value of any rewards that you earn.

 
 

I got my first credit card four weeks ago. It is the Secured Wells Fargo debit card. I put $300 dollars down. How can I practice good credit and establish an excellent credit score so I can get a decent house in the future? P.S.- I have already used up about $150.

- Asked May 22 , 2015

 

The most important thing is to pay every bill on-time. Next to that, you will want to keep a low level of debt, so you should pay down the $150 as soon as possible. After using the secured card for a year, be sure to ask Wells Fargo if you qualify for an unsecured card and receive your deposit back. Another good habit is to pay each month's statement balance in full, so that you can avoid interest charges. Finally, you will want to eventually have more than one credit card so you can have a larger credit history. Now that you have credit history, make sure you regularly monitor your credit with a free credit monitoring service like Credit Concierge

 
 

Hello, I hope you can help me with my questions: I am a resident alien in American attending college and I want to have a secure credit card. I would like a credit card with no annual fee, a low interest rate. I am also interested in a credit card that offers rental car insurance, airline and gas rewards, cash back, and 0% APR for about 15 months. Which credit card is my best option?

- Asked Feb 22 , 2015

 

As a legal resident, you can apply for a credit card, and since you will not have a credit history in the United States, you are right to seek out a secured card. Some of the things you are looking for will be available in a secured card, while others will not. For example, you could find a secured card with rental car insruance, a reasonable interest rate, and even airline rewards, but most secured cards will have an annual fee and none of them will have 0% APR.

 

I would recommend one of the secured cards from US Bank, several of which are co-branded with airline programs that offer frequent flier miles. For example, their LANPass Visa Secured credit card has no annual fee for the first year ($25 after that0 and a standard interest rate of 22.99%. It offers 5,000 miles after the first use, and earns one mile per Dollar spent on all purchases. US Bank offers similar cards from AeroMexico, Avianca, and Korean Airlines. After using one of these cards for a year, you may be able to qualfiy for a non-secured card that offers promotinoal financing and has no annual fee.

 
 

Can I upgrade my secured card to an unsecured card?

- Asked Jan 8 , 2015

 

Not exactly, depending on how you're using the term "upgrade." Many consumers think that they can “upgrade” their secured credit card to an unsecured card that earns rewards, for example, but it doesn’t quite work that way. This is commonly done when moving from one unsecured card to another, but not when moving from a secured card to an unsecured card.

 

You can, however, speak with a representative from your bank about moving over to an unsecured card. I believe you will have the most success staying with your current bank. You will have to close the secured card to get your deposit back and as long as you managed your credit well, you should receive the full amount back.