If you want a regular credit card, you must have a pretty good credit history. However, if you have no credit or if you are suffering from a bad credit rating, you may find it very hard to be eligible for a regular credit card. In such cases, you ought to try getting a secured credit card.

A secured credit card usually offers the same benefits as that of the other regular credit cards. Much more than that, it also provides the card holder with an opportunity to repair and ultimately improve his credit score.

Despite the potential benefits that a secured credit card can possibly provide, an aspiring card holder should not apply for the first credit card offer that he comes across with. Rather, he should consider the following questions in order to find the best secured credit card:

Like any other credit card, secured credit cards come with some expenses aspire credit card login. These may include application fees and processing fees. Another particular cost is the annual fee. The standard fees are the finance charges, the late payment fees, and over the credit limit charge. Before availing any credit card offer, the aspiring cardholder should carefully consider all the fees. Moreover, you should stay away from card offers with high fees which will eat up your security deposit.

As the name implies, secured credit cards have collaterals. These collaterals come in the form of a security deposit which will be held in a bank account. The lending company can readily access this account and use the security deposit every time you default on your supposed payments. Before you get a secured credit card, make sure that the required security deposit is minimal. It will be better if the deposits are also placed in interest bearing accounts.

The utilization of the security deposit should be a prime concern when choosing a secured credit card. Some lending companies will use the deposit only if you miss your due payments more than thrice aspire credit card. However, there are also some financial institutions which will automatically deduct part of your security deposit every time you miss a payment.

In the case of secured credit cards, the usual credit limit will be the total amount of your security deposit. However, there are some financial institutions which will allow you to use your card only up to a certain limit that amounts to half or a quarter of your security deposit. Of course, the higher the credit limit, the better the card.

This refers to the interest rate that will be applied to your balances every time you miss the payment date and the grace period. The best secured credit card will be that which has the lowest annual percentage rate (APR).