Secured Credit Cards -- which one is the best?

[Anonymous]

http://www.creditcards.com/

Thought I might add this from MSNBC.COM:

You’d be smart to check a few credit unions. The Safe Credit Cards Project at the Pew Charitable Trusts compared credit cards issued by the largest credit unions to those from the biggest banks. Credit unions had both lower interest rates and lower penalty fees.

“The advertised interest rates were 20 percent below what they were at the banks and penalty fees were half as much,” says project director Nick Bourke.

You can compare rates at sites such as lowcards.com, bankrate.com, credit.com, cardratings.com and creditcards.com.

Message Edited by BrettW on 01-07-2010 05:33 PM

[Anonymous]

Public Savings Bank secure card has been the best for me.

[Anonymous]

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@Anonymous wrote:
http://www.creditcards.com/

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This website should only be used for reference. One is almost guaranteed to find a better card with more research than just applying here. There are far better cards with lower fees that arent listed than the ones they market. They really like high fee cards like first premier and centennial.

[Anonymous]

Merely pointing it out as a resource.  It's not a meant to be an end all or be all, but a start point.  I don't think there is a secured card out there with favorable terms.

[Anonymous]

I agree totally just wanted to make sure the OP considers all options before applying for a card on that site. For some reason all of the low credit cards on that site are extremely high in fees IMO. But it is indeed still a good resource to do research and has some better cards for better credit.

[Anonymous]

MyFicoKatrina: When I was in your same situation, Orchard was the only secured card I could get. I applied for Bank of America and Wells Fargo, but at that time my income was too low for them to approve. (I never did understand that since I put the money down up front.) I never had any problems with the Orchard card. I believe they do periodic reviews to go unsecured, but once I got some other cards, I closed the account while it was still secured.