Can I put more money on my secured credit card?

A security deposit on a credit card protects the card’s issuer by preventing the user from spending more than he or she can afford to pay back. Since the amount of a credit card’s security deposit usually acts as its credit limit, placing a deposit basically amounts to pre-paying your purchases. This reduces the issuer’s risk and prevents the need for high fees. And given that a credit card’s security deposit is fully refundable, minus any outstanding balances, placing one is usually preferable to paying an annual-, monthly- or application-processing fee. For more information, check out WalletHub’s secured credit card guide: ... read full answerhttps://wallethub.com/edu/secured-cards/19575/.

The best high limit credit card for bad credit is the Bank of America® Customized Cash Rewards Secured Credit Card ($200+ limit). “High limits” for bad credit will be very different from high limits for better credit scores, though. Most people with high credit scores looking for high-limit credit cards want $10,000+. That’s not going to be possible with credit cards for bad credit, unless you place a deposit of $10,000+ too. ... read full answer

You can aim for a limit of a few hundred dollars with poor credit. But just getting approved usually is the biggest priority for people with bad scores.

Best High Limit Credit Cards for Bad Credit

The Bank of America Custom Cash Secured Card minimum credit limit is $200+. However, this is a secured credit card, so you need to put down a deposit of at least $200, which equals your credit limit. The card offers 1 - 3% cash back on purchases and has a $0 annual fee.

The Surge Credit Card credit limit is $300-$1,000. The Surge Credit Card's potential for a high starting credit limit is perhaps its most appealing feature. However, it all depends on your overall creditworthiness when you apply. Plus, cardholders have the opportunity to double their credit limit after 6 on-time minimum monthly payments. This card does not offer rewards.

The Fortiva Cash Card offers a credit limit of $350-$1,000. It is an unsecured credit card that is available to people with bad credit, and it gives 1 - 3% cash back on purchases. However, it also has a high annual fee.

The Chime Credit Card credit limit is $200-$10,000. Your spending limit equals the amount of your deposit.

With secured cards, you always have to put down a security deposit. This deposit then acts as your credit line. Secured credit cards are a popular choice for individuals with bad credit since it’s easy to get approved. In addition to easier approval, secured cards usually have lower fees as well.

In general, you likely won’t get a very high credit limit with bad credit. However, these cards are a great place to start and you can always request a credit limit increase once you’ve had your account open for at least six months.