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No Annual Fee Secured Credit Cards

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Valued Contributor

No Annual Fee Secured Credit Cards

I see a lot of secured cards have an annual fee... and that to me isn't worth it...

Here are some links to No Annual Fee Secured Credit Cards 

Most are Open to All... some credit unions may require hoops

Not sure if they all graduate or not...    Does anyone want to chime in?

 

 

Secured Visa® Credit Card | First National Bank of Omaha

 
 
 
 
 
 
 
 
 
 
 
 
 
Also BOA if you apply for unsecured you may get countered with a 99/500 or No Annual Fee Secured Card

 




AU on: 2008 Sears MC $2,001 | 2016 SEARS Store Card $2,001 | 2011 Synchrony Home $5,500 | 2003 FNBO Visa $9,900 | 2008 Macys Amex $1,900 | 2008 Kohls $2,000 | 2008 JC Penny $4,500 | 2016 TJX Mastercard $1,500 | 2019 SDFCU PowerCash Visa $10,000 | 2018 AAdvantage Aviator MC $5,600 | 2018 HSN $4,500 | 2016 Local Credit Union Visa $5,000.
Member of: Andrews FCU (Share) | PENFED CU (Checking/Share/Credit) | SDFCU (Share) | Alliant CU (Checking/Share) | NASA FCU (Share) | NWFCU (Checking/Share) | Ally Bank (Checking/Savings) | BofA (Checking/Share) | Navigant CU (Share) | Greenwood CU (Checking/Share) | Elements Financial CU (Share) | Ocean State CU (Share) | SDFCU (Share) | Wells Fargo (Checking) | RI Credit Union (Share) | US Financial FCU (Checking 2 Day Early Direct Deposit/Share) | CashApp | PayPal Premier (for free direct deposit access with cash card) | Paypal Business (Grandfathered 1.5% Cash Back on Biz Debit) | Apple Pay Cash | and Venmo.
WISH LIST: Hanscom FCU (For the 2 day early direct deposit).
IIB: DCU | NFCU | Comenity | Synchrony | Barclays | Discover | Amex | Webbank (Avant) | Santander | Citi (Shell) | DSNB (Macys) | TDRCS (Target+Nordstrom) | Capital One (Personal+Business, Kohls, and GM Personal) | CreditFirst(Firestone).
Message 1 of 11
10 REPLIES 10
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Valued Contributor

Re: No Annual Fee Secured Credit Cards

Thanks for making this list! Smiley Happy

 

  • Discover graduates its secured cardholders at the 8-month statement. 

"Starting eight months after you've been a secured credit card member, we'll review your account monthly to see if we can return your security deposit while you continue to enjoy your card benefits. These reviews will look for your responsible credit use across all your cards and loans, not just with Discover." — Discover Bank's FAQs section

 

  • First National Bank of Omaha (FNBO) graduates its secured cardholders graduates at the 11-month statement. 

"You may be able to get your deposit back automatically in as little as 11 months when you maintain a good payment history (subject to credit approval)." — First National Bank's secured card homepage

 

  • Capital One graduates its secrued card holders at pretty much anytime. There are no solid data points from I can find, so I conclude that Capital One bases its descion to graduate on the consumer's credit report and the consumer's internal history with Capital One.

Finding: Capital One only advertises increasing the existing credit line based on credit worthiness and if the consumer sucessfully makes 5 on-time monthly payments. YMMV, of course. Smiley Wink

 

Message 2 of 11
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Valued Contributor

Re: No Annual Fee Secured Credit Cards - PENFED

also didn't add  PENFED Secured and PENFED Initiator (partial secured)

 

PenFed offers a Secured Visa card. The Rebuilder VISA credit card is for members
with poor credit history but who have regained control of their finances in the
last six months. 100% of the credit line will remain on hold in your share
account. The Rebuilder Visa secure card will have a 6-month expiration date.
Subsequent (renewal) cards will have a 12-month expiration date. After 12 months
of satisfactory repayment, you may apply for a regular VISA account. Please
note, approval for a secured VISA is not guaranteed. A loan application must be
submitted to consider your request and you must have $500.00 available in your
Regular Share account to start the application process. You may also apply for
the Initiator VISA credit card. The Initiator VISA credit card is similar to
Pentagon Federal's VISA Classic credit card product but is intended for those
members with limited or no credit experience. 50% of the credit line will remain
on hold in your share account. To qualify for this card, you cannot make more
than $2,000 a month.
 o apply for a secured credit card, please contact a Member Service

Representative at 1-800-247-5626, (541) 225-6700 or 510-376-7328 from a Class A
Military DSN phone line.

Representatives are available 7 days a week during the following hours:

Monday - Friday: 7:00 am to 11:00 pm ET
Saturday: 8:00 am to 11:00 pm ET
Sunday: 9:00 am to 5:30 pm ET
 




AU on: 2008 Sears MC $2,001 | 2016 SEARS Store Card $2,001 | 2011 Synchrony Home $5,500 | 2003 FNBO Visa $9,900 | 2008 Macys Amex $1,900 | 2008 Kohls $2,000 | 2008 JC Penny $4,500 | 2016 TJX Mastercard $1,500 | 2019 SDFCU PowerCash Visa $10,000 | 2018 AAdvantage Aviator MC $5,600 | 2018 HSN $4,500 | 2016 Local Credit Union Visa $5,000.
Member of: Andrews FCU (Share) | PENFED CU (Checking/Share/Credit) | SDFCU (Share) | Alliant CU (Checking/Share) | NASA FCU (Share) | NWFCU (Checking/Share) | Ally Bank (Checking/Savings) | BofA (Checking/Share) | Navigant CU (Share) | Greenwood CU (Checking/Share) | Elements Financial CU (Share) | Ocean State CU (Share) | SDFCU (Share) | Wells Fargo (Checking) | RI Credit Union (Share) | US Financial FCU (Checking 2 Day Early Direct Deposit/Share) | CashApp | PayPal Premier (for free direct deposit access with cash card) | Paypal Business (Grandfathered 1.5% Cash Back on Biz Debit) | Apple Pay Cash | and Venmo.
WISH LIST: Hanscom FCU (For the 2 day early direct deposit).
IIB: DCU | NFCU | Comenity | Synchrony | Barclays | Discover | Amex | Webbank (Avant) | Santander | Citi (Shell) | DSNB (Macys) | TDRCS (Target+Nordstrom) | Capital One (Personal+Business, Kohls, and GM Personal) | CreditFirst(Firestone).
Message 3 of 11
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Valued Contributor

Re: No Annual Fee Secured Credit Cards - PENFED

It would be nice if this could be a running thread to share data points etc. 

In my case, I am looking for number 3 as I have NFCU and Discover.  I can't try a few on the above list but a CU secured card might be my best option.  Unfortunately SDFCU, Affinity and Unify all denied my memberships due to not being able to identify me.  Each seems to be an almost certain approval for their secured cards if you can get in.  Thankfully only SDFU was a hard inq. 

 

I have Elements, Apple and DCU memberships but am not sure where to app. 

 

Adding my data points:

 

NFCU nRewards approved 9-16 with a 480 EQ FICO 08

Discover Approved 10-18 with 546 EX FICO 08

3 collections, several 4.5 year old CO's


|

Rebuilding from a sudden, swift and complete credit disaster in early 2014 | Starting Scores 2017 = High 300's - Low 400's
1-1-17 -
8-1-18 -
12-24-18 -
Current F08 -
Current 2,4,5 -
Current F09 -

Biz Credit in Order of Approval - Uline, Quill, Grainger, SupplyWorks, MSC, Amsterdam, Citi Tractor Supply Rev .8k, Amazon Net 55 $5.5k, NewEgg Net 30 10k, Richelieu 2k, Wurth Supply 2k, Global Ind 2k, Sam's Club Store 11.k, Shell Fleet 19.5k, Citi Exxon 2.5k, Dell Biz Revolving $15k - All No PG || PG Accounts: AMEX Biz Gold NPSL | AMEX Biz Plat NPSL
Message 4 of 11
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Valued Contributor

Re: No Annual Fee Secured Credit Cards - PENFED

DCU offers a great secured product (doesn't graduate tho)... Elements is good too (i like the contactless)



AU on: 2008 Sears MC $2,001 | 2016 SEARS Store Card $2,001 | 2011 Synchrony Home $5,500 | 2003 FNBO Visa $9,900 | 2008 Macys Amex $1,900 | 2008 Kohls $2,000 | 2008 JC Penny $4,500 | 2016 TJX Mastercard $1,500 | 2019 SDFCU PowerCash Visa $10,000 | 2018 AAdvantage Aviator MC $5,600 | 2018 HSN $4,500 | 2016 Local Credit Union Visa $5,000.
Member of: Andrews FCU (Share) | PENFED CU (Checking/Share/Credit) | SDFCU (Share) | Alliant CU (Checking/Share) | NASA FCU (Share) | NWFCU (Checking/Share) | Ally Bank (Checking/Savings) | BofA (Checking/Share) | Navigant CU (Share) | Greenwood CU (Checking/Share) | Elements Financial CU (Share) | Ocean State CU (Share) | SDFCU (Share) | Wells Fargo (Checking) | RI Credit Union (Share) | US Financial FCU (Checking 2 Day Early Direct Deposit/Share) | CashApp | PayPal Premier (for free direct deposit access with cash card) | Paypal Business (Grandfathered 1.5% Cash Back on Biz Debit) | Apple Pay Cash | and Venmo.
WISH LIST: Hanscom FCU (For the 2 day early direct deposit).
IIB: DCU | NFCU | Comenity | Synchrony | Barclays | Discover | Amex | Webbank (Avant) | Santander | Citi (Shell) | DSNB (Macys) | TDRCS (Target+Nordstrom) | Capital One (Personal+Business, Kohls, and GM Personal) | CreditFirst(Firestone).
Message 5 of 11
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Senior Contributor

Re: No Annual Fee Secured Credit Cards

Citi also offers a secured Mastercard with no annual fee that graduates.  It's a minimum of 18 months secured.

I got it at 610 EX/657 EQ FICO 8s - they pulled both, with 2 late accounts (2.2y old) and limited history (COs have all recently fallen off from some unfortuante divorce issues).   I wanted to start building a relationship with them, so I was willing to take the 18 months min. secured.




F8 EQ: 804 | EX: 794 | TU: 801 | Accounts: 2/6 4/12 8/24
Happy practitioner of AZE9or10or11 | Team Finances > FICO
Message 6 of 11
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Valued Contributor

Re: No Annual Fee Secured Credit Cards

Check this one out.  A Cash Back Secured Card, 3-2-1 style with a smallish fee.

You must apply in branch apparently but could be a good one for those near a branch.

 

TD Cash Secured Credit Card

 

It has a high APR (24%) and a $29 fee but could be worth it if you pay in full and use it for dining (3%) and groceries (2%).

 

I wonder if it graduates to their standard no fee cash back card?

 

 


|

Rebuilding from a sudden, swift and complete credit disaster in early 2014 | Starting Scores 2017 = High 300's - Low 400's
1-1-17 -
8-1-18 -
12-24-18 -
Current F08 -
Current 2,4,5 -
Current F09 -

Biz Credit in Order of Approval - Uline, Quill, Grainger, SupplyWorks, MSC, Amsterdam, Citi Tractor Supply Rev .8k, Amazon Net 55 $5.5k, NewEgg Net 30 10k, Richelieu 2k, Wurth Supply 2k, Global Ind 2k, Sam's Club Store 11.k, Shell Fleet 19.5k, Citi Exxon 2.5k, Dell Biz Revolving $15k - All No PG || PG Accounts: AMEX Biz Gold NPSL | AMEX Biz Plat NPSL
Message 7 of 11
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Valued Contributor

Re: No Annual Fee Secured Credit Cards

Another one for those in Carolina...  Coastal Credit Union

No Fee, seems like you can not be denied.  I joined a group last year to try and get in for this one but they denied my membership due to not living in NC. 

 

Coastal CU Rate Advantage Secured Visa Credit Card

Here's a unique way to get your line of credit.

At Coastal, we care about the people in our community and we understand how important access to credit can be. That's why we offer the Rate Advantage Secured Visa Credit Card as a way to establish or rebuild your credit, regardless of your history. Other financial institutions may turn you down, but we care about our North Carolina members and always want to help you bank better. By keeping up your monthly payments, you can work toward a higher credit score and access to cards with lower rates and more benefits.


|

Rebuilding from a sudden, swift and complete credit disaster in early 2014 | Starting Scores 2017 = High 300's - Low 400's
1-1-17 -
8-1-18 -
12-24-18 -
Current F08 -
Current 2,4,5 -
Current F09 -

Biz Credit in Order of Approval - Uline, Quill, Grainger, SupplyWorks, MSC, Amsterdam, Citi Tractor Supply Rev .8k, Amazon Net 55 $5.5k, NewEgg Net 30 10k, Richelieu 2k, Wurth Supply 2k, Global Ind 2k, Sam's Club Store 11.k, Shell Fleet 19.5k, Citi Exxon 2.5k, Dell Biz Revolving $15k - All No PG || PG Accounts: AMEX Biz Gold NPSL | AMEX Biz Plat NPSL
Message 8 of 11
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Valued Contributor

Re: No Annual Fee Secured Credit Cards

A potential card for those in the Pacific NW.  Sadly you must live in Oregon or be in the insurance industry... 

 

4.00%  Fixed APR, No Fee and seemingly a low bar for approvals. 

 

NW Preferred FCU Secured Visa Credit Card

 

"The good news is you don’t need great credit to obtain our secured Visa credit card. It’s perfect for rebuilding or establishing good credit."


|

Rebuilding from a sudden, swift and complete credit disaster in early 2014 | Starting Scores 2017 = High 300's - Low 400's
1-1-17 -
8-1-18 -
12-24-18 -
Current F08 -
Current 2,4,5 -
Current F09 -

Biz Credit in Order of Approval - Uline, Quill, Grainger, SupplyWorks, MSC, Amsterdam, Citi Tractor Supply Rev .8k, Amazon Net 55 $5.5k, NewEgg Net 30 10k, Richelieu 2k, Wurth Supply 2k, Global Ind 2k, Sam's Club Store 11.k, Shell Fleet 19.5k, Citi Exxon 2.5k, Dell Biz Revolving $15k - All No PG || PG Accounts: AMEX Biz Gold NPSL | AMEX Biz Plat NPSL
Message 9 of 11
Highlighted
Senior Contributor

Re: No Annual Fee Secured Credit Cards

To piggyback off of this,  Allegacy FCU (another NC bank) also offers a secured card with no annual fee:
https://www.allegacy.org/cards-ways-to-pay/visa-platinum-secured/

 

Coastal FCU is in the Triangle area (and east) of NC, Allegacy is in the Triad area.   
As an Allegacy member, I can attest to their fantastic customer service (unfortunately I didn't know FCUs had secured credit lines until too late Smiley Wink ). 




F8 EQ: 804 | EX: 794 | TU: 801 | Accounts: 2/6 4/12 8/24
Happy practitioner of AZE9or10or11 | Team Finances > FICO
Message 10 of 11
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