As many of us can attest to, 2011 brought financial times that were destructive to everything from our 401(k) plans to our credit ratings. Some fared better than others, but regardless, it’s doubtful there wasn’t anyone who wasn’t affected in some way.
As we enter into the 4th quarter of the year, many are already looking ahead to 2012 in hopes of finding a silver lining. Credit building credit cards might be that silver lining that you’re looking for. With that thought in mind, here are a few secured credit card offers that can help you make 2012 a much better year, financially speaking. Each is offered in a secured credit card package, making them ideal choices for rebuilding credit.
Public Savings Bank Open Sky Secured Credit Card
This is a fine credit card for rebuilding credit as it reports to all three major credit bureaus. One important note is the fact that a credit check isn’t done as part of the approval process, which can sometimes temporarily lower your credit score. Your interest rate, at the time of this writing, is prime plus 11%.
There is an annual fee of $50 associated with this card, but your credit limit, based on your deposit, can be as much as $3000. You’ll also enjoy 24/7 account access and your card is sent via complimentary rush shipping. Finally, because it’s a Visa, you’ll enjoy all of the benefits associated with the credit card giant, including zero fraud protection and emergency card replacement if yours is lost or stolen.
FlexCard Ultimate Credit Building Visa
This offer is similar to the Public Savings Visa, in that it too reports to all three credit bureaus. The one difference is that you are required to have a checking account. There’s a $69 deposit that’s required upon approval, and it’s then credited back to you after three months. This program allows up to a $10,000 unsecured credit. Carefully review the terms and conditions as this is where you’ll discover the important details associated with this offer. There’s no balance transfer available, but it’s an offer that truly simplifies the credit process for many.
Applied Bank Secured Visa Gold Credit Card
We like this offer because of the fixed 9.99% interest rate. Unlike other credit cards, this one doesn’t fluctuate based on your payment history or current market condition. There’s no annual fee, either. This card is designed to start small and then build up over time, which, of course, is the best route for those looking to improve their credit scores. You can apply online with a simple application process and you’ll know instantly if you’re approved.
American Octane Onyx Unsecured Credit Card
The American Octane offer is extremely attractive due to its lifetime 0% APR. There is a one time account setup fee of $99 along with a monthly membership fee of $9.95. You must be a U.S. citizen to apply and also, a checking account or savings account is required. This offer, like the others, reports to all three bureaus, making it a good choice for those looking to improve their scores.
Upon submitting your application, you should receive an answer within 24 hours. One final note about the American Octane Onyx is that it’s an unsecured credit card, which makes it a great fit for many consumers. Those who have this card appreciate its simplicity, in that there weren’t a lot of requirements associated with it. In fact, many say the monthly fee is far preferred over interest rates that fluctuate.
Of course, there are many secured credit card offers on the market today, each with the goal of helping cardholders build or rebuild their credit. It can become a bit overwhelming, but it’s important to always keep your own needs in mind as you’re reviewing those offers. Be sure to closely research the terms and conditions so that there are no surprises and before 2012 is over, you should have made progress in offsetting the damage caused by the recession and other negative events that have plagued Americans the past several years.
The key, say all credit repair experts, is to have patience. While it’s not a quick process, when done properly, your credit history will improve gradually and before long, you’ll be enjoying those low interest offers once again.
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