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Here are three key credit card factors to consider when you have a credit score in the 500s.
Deposit Limits
Because all secured cards require a deposit, you want to decide how high or how low you want your initial credit limit to be.
If you’re strapped for cash, go with a card that requires the lowest deposit amount, such as the Capital One Quicksilver Secured Cash Rewards Credit Card or the Navy FCU nRewards® Secured Credit Card*.
If you’d rather have a higher credit limit and have the means to front a higher deposit, you may want to consider the Bank of America® Unlimited Cash Rewards Secured Credit Card* or the Bank of America® Customized Cash Rewards Secured Credit Card* instead, both of which have maximum deposit limits of $5,000.
Earning Rates
Additionally, look at each card’s rewards structure and their bonus categories. If you’d rather earn fixed cash back, pick a card that offers a flat earning rate on all purchases, such as the Capital One Quicksilver Secured Cash Rewards Credit Card or the Bank of America® Unlimited Cash Rewards Secured Credit Card*.
For others, a card that earns higher rates on certain bonus categories may be a better fit for their spending patterns. Examples include the U.S. Bank Altitude® Go Secured Visa® Card*, the U.S. Bank Cash+® Secured Visa® Card* and the Bank of America® Customized Cash Rewards Secured Credit Card*.
Fees
Finally, consider the card’s costs. Cards with annual fees should be avoided if you can qualify for a no annual fee card that offers similar rewards and benefits. However, temporarily paying an annual fee could be a necessary evil until you’re able to get approved for a more affordable card. Those who frequently travel overseas, meanwhile, may want to focus on cards that don’t charge foreign transaction fees such as the Capital One Quicksilver Secured Cash Rewards Credit Card and the Navy FCU nRewards® Secured Credit Card*.