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/.
One of the best secured credit cards with a low deposit is the Capital One Platinum Secured Credit Card because new cardholders may be able to put down either $49, $99 or $200 and still get a $200 credit line, which would make the card only partially secured. And there’s a $0 annual fee.… read full answer
Other secured cards don’t have the potential to be quite as cheap, but there are a few really good options with a $200 minimum deposit. That’s still pretty low compared to several secured cards that ask for $300-$500+.
Here are some good secured credit cards with low deposits:
$200 minimum deposit. 1.5% cash back on every purchase. $0 annual fee. $0 foreign transaction fee.
Capital One Platinum Secured doesn’t guarantee a low deposit, but it does offer the chance of one. If your credit is toward the bottom of the bad credit range, you’ll probably still have to put down a $200 deposit. But the higher your credit score is, the better chance you’ll have of being assigned a low deposit.
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