Premium secured credit cards with zero credit checks from Eastwood Bank? Prepaid debit cards offer convenience and are a safer alternative than carrying cash, but they don’t help you build credit. With a prepaid debit card, you “load” money onto the card, and the purchases you make are paid for with that money. Since you’re not borrowing money, there’s no effect on your credit score. See NerdWallet’s best prepaid cards. Offered mostly by smaller financial institutions, such as credit unions and community banks, these loans are designed to help you build a good payment history. The money you “borrow” isn’t actually given directly to you. Instead, it’s held on your behalf in a savings account while you repay the loan in monthly installments. Once you’re done, the money is released to you — and your credit report shows a paid-off loan. Learn more about credit-builder loans.
Get the most value from OpenSky Secured Visa Credit Card? OpenSky’s secured credit card offers a lot of flexibility for funding an account, which makes it a great option for those who have thin or less-than-optimal credit files. You can choose from using a debit card, writing a check, or for the unbanked, a Western Union transfer or mailing in a money order. Get the most value from it by using it responsibly. That means paying your balances in full each month so you don’t accrue interest, making payments on time and monitoring your credit score periodically to track your progress.
You don’t have to undergo a credit check to apply, and you don’t need a bank account to qualify. If these are areas of concern for you, the OpenSky® Secured Visa® Credit Card is definitely worth a look. If not, there are better (and cheaper) alternatives. The issuer doesn’t run a credit check on OpenSky® Secured Visa® Credit Card applicants, making this an attainable option for people with severely damaged credit. You can make your deposit — minimum $200, maximum $3,000 — and pay your bills with a debit card, wire transfer, check or money order, making it one of the few secured cards that doesn’t require a traditional bank account.
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.
The APR on this card is one of its standout benefits; it’s astonishingly low for a secured credit card and competitive with standard credit cards. While it’s usually best not to carry a balance on a secured credit, if you do need to do so, then the Primor card is one of the best options. Is There An Annual Fee? Yes, $39 per annum. Read more: ‘Unbiased Primor Secured Credit Card Review’ » Do They Perform A Credit Check? No, so you don’t have to be concerned about a record of a search on your credit file, and you can definitely obtain a card. Read extra information on Secured Cards.