Life today isn’t easy without a credit card. Even if you intend to pay cash, you’ll need a credit card ^[2] to rent a car, secure a hotel room, or make an airline reservation. They offer a lot more protections and security than most debit cards when you’re buying merchandise online, and although you don’t technically need one to qualify for a mortgage ^[3], using a credit card ^[2] responsibly can mark you as a credit worthy risk when you want to buy a home. But what if you’ve never had credit? What if your credit needs to be repaired?

Build or repair your credit by responsibly using a secured credit card

If you’ve struggled with credit in the past or if you’ve damaged your credit with late payments, over-limit fees, or too many inquiries, you may not qualify for a regular credit card. If you find yourself in this situation, a secured or pre-paid credit card ^[2] may be the only way to establish, or re-establish, good credit. You may have some questions about how a secured credit card ^[4] works:

Where can you get a secured credit card?

• Applied Bank® Secured Visa® Gold Credit Card ^[5]
• Visa Prepaid Card – FREE Direct Deposit, Online Pay Bills, Get Cash from ATM’s, Guaranteed Approval! ^[6]
• AccountNow Gold Visa® Prepaid Card ^[7]
• Platinum Zero® Secured Visa® Credit Card from Applied Bank® ^[8]

What exactly IS a pre-paid or secured credit card?

A secured credit card ^[4] is a credit account secured by a deposit. Should the bill go unpaid, the money in the account can be used to pay that debt. For example, if you deposit $350 into the account connected to the secured card, you can charge up to $350. You may be able to add extra deposits to the account and increase your limit or the bank may reward you for on-time payments and increase your credit limit without those additional deposits.

Who is eligible for a secured credit card?

It isn’t a walk in the park. Each credit issuer has different requirements for their applicants. Some will accept people with a recent bankruptcy, others will not. Some may require that the court discharge your bankruptcy ^[9] before accepting an application. Some have a minimum credit score ^[10], while others may not. Either way, you’ll have to go through an application process.