The best secured credit cards with no credit checks from eastwoodbank.com? How does the process work? Every issuer handles things a bit differently, but the process of applying for, receiving and using a secured credit card works like this: You apply for the card. The issuer evaluates how risky you are (a process called underwriting), and if you pass muster, you’re approved. You fund the deposit. Before the issuer will open your account, you have to pay your security deposit. In some cases, you must provide bank account information with your application so the deposit can be transferred right away. Other times, the issuer will give you some time to pull together the deposit. If you neglect to fund the deposit, the issuer will change the status of your application from approved to rejected.
Get the most value from OpenSky Secured Visa Credit Card? OpenSky’s secured credit card offers a lot of flexibility for funding an account, which makes it a great option for those who have thin or less-than-optimal credit files. You can choose from using a debit card, writing a check, or for the unbanked, a Western Union transfer or mailing in a money order. Get the most value from it by using it responsibly. That means paying your balances in full each month so you don’t accrue interest, making payments on time and monitoring your credit score periodically to track your progress.
You don’t have to undergo a credit check to apply, and you don’t need a bank account to qualify. If these are areas of concern for you, the OpenSky® Secured Visa® Credit Card is definitely worth a look. If not, there are better (and cheaper) alternatives. The issuer doesn’t run a credit check on OpenSky® Secured Visa® Credit Card applicants, making this an attainable option for people with severely damaged credit. You can make your deposit — minimum $200, maximum $3,000 — and pay your bills with a debit card, wire transfer, check or money order, making it one of the few secured cards that doesn’t require a traditional bank account.
The Wells Fargo Business Secured Credit Card is our pick for best business secured card, which is an obvious choice since it appears to be the only secured business card in the market. It offers the flexibility of earning cash back or points rewards and the ability to have a credit line up to $25,000. The Wells Fargo Business Secured Card is ideal for small business owners needing to build their business credit or have experienced business credit challenges in the past.
If you are unbanked (i.e. you don’t have a bank account, as is the case for 115 million US households), then the OpenSky card might be the best choice for you. You can make your deposit and clear your statement using one of the following options: Wire transfer, Check, Money order, Debit card (if you do have access to a bank account). What Is The APR? 18.39% variable. While this isn’t too bad for a secured credit card, it’s still rather high. Ideally, you want to ensure that you pay your balance off in full every month, or you could find yourself being swamped by interest– particularly if you have a low credit limit. Is There An Annual Fee? Yes, $35. This will be deducted from your balance, so it’s not an amount you have to pay directly, but you will then need to clear the balance to avoid accruing interest. Read even more info on 2021’s Best Secured Credit Cards.