Ryan P Page, Staff Writer
@ryan_page
The best $500 secured credit card is the Bank of America® Travel Rewards Secured Credit Card because it has a $0 annual fee and rewards cardholders with 1.5 points per $1 spent on all purchases. The Bank of America Travel Secured Card has a minimum deposit requirement of $200, and you can put down as much as $5,000.
A secured card’s deposit determines the card’s credit limit. Since it is refundable, you get that money back when you close your account with a $0 balance.
Best Secured Credit Cards With $500 Credit Limits
It is possible to deposit $500 in return for a $500 credit limit with all these cards.
Ultimately, choosing a secured credit card is a wise move for people looking to improve their credit score. In addition, depositing more than the minimum gets you more available credit and greater purchasing power. You can check out WalletHub’s guide on secured credit cards to learn more about how these cards work and how they might help you.
People also ask
Why was my Milestone Credit Card application denied?
Your Milestone Credit Card application may have been denied for various reasons, such as insufficient disposable income, too much debt, a recent or unresolved bankruptcy on your credit report, or being under 18 years old. You should receive a letter from Milestone explaining the exact reason for the denial.
If you feel your application deserves a second look, you can call Milestone customer service at 1-800-305-0330 for further clarification.
Possible Reasons Your Milestone Credit Card Application Was Denied
... read full answer by Chip Lupo, Credit Card WriterWhat is the best amount for a secured credit card?
The best amount for a secured credit card is the highest you can afford. Keep in mind that the security deposit typically determines your credit limit. Therefore, the higher your credit limit, the more spending flexibility you'll enjoy. Plus, a higher credit line allows you to maintain a lower credit utilization ratio, which is important for building credit and it also signals to lenders that you're capable of responsibly managing larger amounts of credit.
Considerations for Choosing...
read full answer by John Miller, Credit Cards ModeratorCan I put $500 on a secured credit card?
Yes, you can put $500 on a secured credit card. Most secured cards require a deposit of at least $200 to $300 for account opening, so putting down $500 for a deposit not only meets, but exceeds this requirement.
The deposit you provide for a secured credit card serves as collateral and, for the most part, determines your credit limit. For instance, if you deposit $500, your starting credit limit will typically be set at $500.
... read full answer by John Miller, Credit Cards ModeratorDid we answer your question?
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