What is a prepaid card to build credit? Prepaid credit cards are security cards that are used for the building up of credits, and using security cards which are also prepaid cards as a means of building credit is actually one of the best ways of doing so, and peradventure you have a thin credit profile then consider this option.
Prepaid Credit Card to Build Credit
To make use of the secured cards you will have to make a security deposit that will serve as the credit limit that you can borrow against when you get your card charged. Further details on the types of security cards that you make use of will be dispensed over the course of the article.
5 Types of Prepaid Credit Card To Build Credit
The Secured MasterCard
The Secured MasterCard is one of the best prepaid credit card options, the card allows you as a user to make a selection from three different amounts to put down as a security deposit in order for you to start making use of the card. Upon the usage of your card, you will be able to build your personal credit score and your security deposit will be returned as a statement credit
The OpenSky Secured Visa Credit Card
Looking for a prepaid credit card that can easily make a repair of your credit or help you make an establishment of your credit history, and then the OpenSky secured visa credit card is the best option for you.
Your credit won’t be checked when you make an application for its prepaid card which makes everyone enjoy a fair advantage, but instead, you will have to choose a line of credit and secure it by making a one-time refundable deposit. You can make use of the card for your daily transactions at stores or retailers that can accept Visa
The Applied Bank Secured VisaCard
Compared with other cards the Applied bank secured VisaCard basically has a relatively low APR and Zero application fee. You can make a selection of how much refundable deposit is to secure your card and a report of all your payments will be made to all three major credit businesses. No credit or minimum credit score is demanded and an increment can be made on your credit limit upon approval through the addition of deposits at any time
The Citi Secured MasterCard
To open an account, the Citi Secured MasterCard allows you to start with a low secured deposit. This card is suitable for people who have no credit or a very low credit history since all the payments are reported to the three major credit bureaus. As a Citi cardholder, you make select your own Payment date which allows you to make a decision of whether you want to pay your credit card bill at the beginning, middle, or end of the months
The Discover it Secured Credit Card
This card operates without an annual fee and can help in the establishment of your credit after you have a refundable security deposit. You are given the choice to deposit an amount that will serve as a setup for your initial credit limit.
The card makes available to you a free FICO score and gives you an opportunity to earn cashback rewards. The process of making a review of your account with the sole aim of determining whether you are eligible to switch to an unsecured credit card would be carried out after eight months of you getting the card. Upon your approval, your security deposit will be returned and you can continue using your unsecured card for the building and maintaining good credit.