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Secured card with decent graduation opportunities?

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New Contributor

Secured card with decent graduation opportunities?

I am wondering what the best secured card that allows graduation within some reasonable time frame is.  Preferably one where I can make a sizeable deposit.  I travel quite a bit and my actual credit cards have such tiny limits that I can't use them.  The final straw was when I was "approved" for a Capital One Quicksilver card this morning with a $300 limit.  I actually called and had them cancel the account, because I'm not paying $40/yr for a card I cannot use.

 

So does anybody have a suggestion on a secured card that allows graduation relatively fast, where I can put up at least $5K, maybe $10K? 

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Regular Contributor

Re: Secured card with decent graduation opportunities?

I have not had one personally, but I have read about both Disco and BOA having decent secured cards. Not sure what the limits are are Disco, but I believe BOA will allow up to $5000.
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Regular Contributor

Re: Secured card with decent graduation opportunities?

Disco is $2500 , I have a buddy with wells Fargo I believe put 5-10k on secured card not sure about graduation tho. Good luck











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Valued Contributor

Re: Secured card with decent graduation opportunities?

The best is probably Discover. You can graduate to unsecured in as little as 7 months. But they max out at $2,500 and may not be the best card for international travel. I would get they anyway though.

 

Wells Fargo is the highest secured I have seen. You can put $10,000 down. But they seem to have the worse reputation in terms of upgrading to unsecured. Most people report going years and eventually giving up and just app’ing for unsecured and closing the secured.

 

Citi max for secured is $2,500 and Bank of America is $4,900. I don’t know how fast they graduate. If you have a bankruptcy make sure you are 2 years post discharge or Citi will auto decline.

 

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Established Contributor

Re: Secured card with decent graduation opportunities?

I would not go for Wells Fargo if you want a card that graduates in a reasonable time frame and citi secured graduates in 12-18 months most of them are at 18 months.






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