The top secured credit cards with zero credit checks with Eastwood Bank? 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.
OpenSky Secured Visa Credit Card: Details and benefits: The two reasons you may want to apply for the OpenSky Secured Visa Credit Card is if you don’t own a checking account, but still want access to a credit card, or if you’re looking for a secured card with a decent annual percentage rate. For everyone else, the $35 annual fee should make this card a non-starter. That being said, OpenSky Secured Visa can help you build or rebuild your credit, as the issuer, Capital Bank, reports your monthly payments to the three major credit bureaus — Equifax, Experian and TransUnion.
When you consider the rewards, the lack of an annual fee and the opportunity for an upgrade, the Discover it® Secured is the best secured credit card we’ve seen. The rewards on this card — 2% cash back on up to $1,000 worth of spending per quarter on restaurants and gas, and 1% on all other spending — would be pretty decent on a regular card. For a secured credit card, they’re unheard of. After eight months, Discover automatically evaluates your account for possible upgrade to an unsecured card. And the annual fee is $0. The initial deposit must be paid with a bank account; if you’re unbanked, you’re out of luck. For some people, the $200 minimum deposit will be a stretch. For others, the maximum $2,500 credit limit will be too low.
Secured credit cards resemble regular credit cards with one key difference: they require a “security” deposit, the size of which determines your credit limit with the card, at least initially. The advantage to this card type, compared with using a debit card tied to a checking account or a prepaid debit card, is that account activity is reported to all three major credit bureaus (because a secured credit card is a true credit card with a real credit limit). That reporting allows you to begin building a credit history that, providing it is positive, should in time allow you to get a regular credit card and other credit products, such as loans.
If you are unable to obtain a standard credit card, or just don’t want your credit score to endure any additional searches, does that mean you’re cut off from obtaining a credit card? The answer is no. Though it’s a little more complicated than a standard application; what you need is a secured credit card. What Is The Difference Between A Standard and a Secured Credit Card? Secured cards are secured for the lender. They will provide you with a credit card, and a credit limit, which you can use as normal. However, they hold your deposit as a security against any balance you accumulate. See extra information at More @ www.eastwoodbank.com.