building credit http://www.wisebread.com/taxonomy/term/12659/all en-US 5 Moves to Make If Your Loan Gets Denied http://www.wisebread.com/5-moves-to-make-if-your-loan-gets-denied <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/5-moves-to-make-if-your-loan-gets-denied" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/loan_application_rejected_000011809531.jpg" alt="Learning moves to make if your loan gets denied" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>You needed an auto loan to finance that new convertible. Or maybe you applied for a mortgage loan to buy your dream home. Whatever type of loan you needed, the answer was the same: A big &quot;no&quot; from your lender.</p> <p>Lenders reject loan applications for a variety of reasons, but two stand out: Borrowers either have a low credit score, or they're already paying off too much debt each month.</p> <p>Fortunately, you can take simple steps to strengthen your finances and turn that loan rejection into an approval. Here are five moves to make after your loan gets rejected to qualify for that financing:</p> <h2>1. Order Your Credit Score</h2> <p>Your FICO credit scores are key when you're applying for a loan. You have three of them, one each generated by the national credit bureaus of TransUnion, Experian, and Equifax. These scores tell lenders how well you've managed your credit in the past. If you have a history of paying your bills late, running up credit card debt, and missing payments altogether, your FICO scores will be weak. Lenders consider a FICO score of 740 or higher to be a strong one. But if your score is too low &mdash; say, under 640 &mdash; you'll struggle to qualify for loans. And when you do qualify for a loan, you'll have to pay a higher interest rate.</p> <p>Before you re-apply for a loan after a rejection, order at least one of your FICO credit scores. Lenders are also required to provide you with a copy of your score if that&rsquo;s the reason you were denied the loan.</p> <h2>2. Order Your Credit Reports</h2> <p>You should also order all three of your credit reports, maintained by each of the credit bureaus. These reports list your personal information and detail your history of managing credit. They show how much you owe on credit cards and other loans, and any missed or late payments from the last seven years. They'll also list any negative judgments, such as bankruptcies or foreclosures that are up to seven or 10 years old, respectively. You can order each of your three credit reports once a year for free at AnnualCreditReport.com.</p> <p>Once you receive your reports, check them for mistakes. A single mistake on a credit report can send your credit score tumbling. If your report lists a missed car payment that you know you made on time, correct the error by contacting the offending credit bureau through email or by phone. Correcting an error can provide a quick boost to your credit score. Make sure, though, that you can provide documentation, such as a credit card statement or bank account record, proving that you actually did pay the &quot;missed&quot; payment on time.</p> <h2>3. Pay All Your Bills on Time</h2> <p>The best way to boost a weak credit score is to start a new history of paying all your bills on time. Your bill-payment history accounts for 35% of your credit score, according to <a href="http://myfico.7eer.net/c/27771/93942/2185">myFICO.com</a>. Paying your bills on time will cause your score to rise. But this takes patience. Depending on how weak your score is, it might take you several months, or even more than a year, to boost your score to a level acceptable to lenders.</p> <h2>4. Reduce Your Monthly Debt</h2> <p>Lenders often reject loans when borrowers' debt-to-income ratios are too high. In general, lenders want your total monthly debts &mdash; including the estimated amount you'll be paying each month for your new loan &mdash; to equal no more than 43% of your gross monthly income. If your debt-to-income ratio is higher than this, you'll greatly increase the odds of receiving a rejection on your loan application.</p> <p>The easiest way to improve a debt-to-income ratio that is too high is to pay off as much of your debts as possible. Usually, this means reducing credit card debt. Paying off the amount you owe on your cards will slowly but steadily cause your debt-to-income ratio to fall.</p> <h2>5. Keep Paid-Off Credit Cards Open</h2> <p>Say you pay off a credit card entirely and you no longer plan on using it. You should close that account, right? No. Never close unused credit cards. Cards with zero balances can actually help your credit score.</p> <p>That's because lenders look at something called your <a href="http://www.wisebread.com/this-one-ratio-is-the-key-to-a-good-credit-score?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=article">credit-utilization ratio</a>. This ratio looks at how much of your available credit you are using. The lower this ratio, the better. Closing an unused credit card will instantly hurt this ratio.</p> <p>Say you have four credit cards, each with a credit limit of $4,000 for an available credit of $16,000. Say, too, that you have $5,000 worth of credit card debt. That comes out to a credit-utilization ratio of about 31%, $5,000 divided into $16,000. But say you close one of your four cards. That reduces your available credit to $12,000. Your debt-utilization ratio immediately jumps to about 42%, $5,000 divided into $12,000.</p> <p>It's okay to keep a paid-off credit card in your wallet. Just make sure that you don't run up another hefty balance on it.</p> <p><em>Have you ever had a loan app denied? What did you do after?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/dan-rafter">Dan Rafter</a> of <a href="http://www.wisebread.com/5-moves-to-make-if-your-loan-gets-denied">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-7-debt-payoffs-that-boost-your-credit-score-the-most">The 7 Debt Payoffs That Boost Your Credit Score the Most</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/15-surprising-ways-bad-credit-can-hurt-you">15 Surprising Ways Bad Credit Can Hurt You</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-botch-up-then-peddle-back-to-good-credit">How to Botch Up, Then Peddle Back to Good Credit</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-things-most-likely-to-give-you-lousy-credit">5 Things Most Likely to Give You Lousy Credit</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-easy-ways-to-raise-your-credit-score-this-year">7 Easy Ways to Raise Your Credit Score This Year</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance applications bad credit building credit credit score debt denied fico line of credit loans rejection Tue, 17 May 2016 09:00:04 +0000 Dan Rafter 1709596 at http://www.wisebread.com Start Building Your Credit History with the Citi Secured MasterCard http://www.wisebread.com/start-building-your-credit-history-with-the-citi-secured-mastercard <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/start-building-your-credit-history-with-the-citi-secured-mastercard" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock_000085291937_Large.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>If you are just starting out and haven&rsquo;t yet established enough of a credit history, you may find it difficult getting approved for most traditional credit cards (as well as other loans). In many cases, you&rsquo;ll need a secured card like the <a href="http://ct.wisebread.com/click.php?pg=191&amp;pid=121&amp;pp=0&amp;uv=sname">Citi&reg; Secured MasterCard&reg;</a>, from our partner Citi, to build a positive credit history, in order to increase your credit score. The <a href="http://www.wisebread.com/what-are-secured-credit-cards?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=review">world of secured credit cards</a>, however, can be confusing and in many cases, expensive. But, if you&rsquo;re looking for a secured card to help you start building your credit score, this card could be your ticket to good credit. (See also: <a href="http://www.wisebread.com/the-5-best-secured-credit-cards?utm_source=wisebread&amp;utm_medium=seealso&amp;utm_campaign=review">Best Secured Credit Cards for Building Credit</a>)</p> <h2>How This Card Works</h2> <p>This card requires a security deposit of $200 to $5,000, which is held in a non-interest bearing Collateral Holding Account for 18 months. Once you are approved for the card and you have made your security deposit, you receive a card with a credit limit in the amount of your security deposit. Your account activity is reported to the major credit bureaus and after managing your account responsibly can lead to a better credit rating. The annual fee for this card is $25.</p> <h2>Costs</h2> <ul> <li>$25 Annual Fee</li> <li>22.24% variable APR for purchases and balance transfers</li> <li>3% Balance Transfer Fee ($5 minimum)</li> <li>3% Foreign Transaction Fee</li> </ul> <p><a target="_blank" href=" http://ct.wisebread.com/click.php?pg=191&amp;pid=121&amp;pp=0&amp;uv=sbutton2&amp;fot=1336" rel="nofollow"><img width="154" height="50" src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/apply-now.png" alt="" class="img-exempt" /></a></p> <h2>Considerations</h2> <p><strong>Annual fee</strong>. Although the annual fee of $25 isn&rsquo;t the highest, it is also not the lowest. There are secured credit cards like the <a href="http://www.wisebread.com/capital-one-secured-mastercard-the-best-option-for-repairing-your-credit?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=review">Capital One Secured MasterCard</a>&nbsp;that have no annual fee at all. (See also: <a href="http://www.wisebread.com/5-best-secured-cards-with-no-annual-fee?utm_source=wisebread&amp;utm_medium=seealso&amp;utm_campaign=review">Secured Cards without Annual Fees</a>)</p> <p><strong>No interest on the deposit</strong>. Your deposit is held for at least 18 months, but you won&rsquo;t earn any interest on it. There are other secured credit cards which allow you to earn interest on your security deposit while it is being held. Although it may not end up making you rich, you do end up with a little extra with secured cards that earn interest on your security deposit. (See also: <a href="http://www.wisebread.com/5-best-secured-cards-that-pay-interest-on-your-deposit?utm_source=wisebread&amp;utm_medium=seealso&amp;utm_campaign=review">Secured Cards that Pay Interest on the Security Deposit</a>)</p> <p><strong>High APR</strong>. Although it&rsquo;s typical for a secured credit card to carry a higher than average interest rate, the APR of 22.24% is among the highest. If you carry a balance from month to month rather than pay in full each month, your interest is going to add up and become costly. If you typically carry a balance, it&rsquo;s best to select a <a href="http://www.wisebread.com/5-best-secured-credit-cards-with-low-aprs?utm_source=wisebread&amp;utm_medium=seealso&amp;utm_campaign=review">secured credit card with a low APR</a>, like the <a href="http://www.wisebread.com/first-choice-bank-primor-secured-visa-gold-card-review?utm_source=wisebread&amp;utm_medium=seealso&amp;utm_campaign=review">primor Secured Visa Gold.</a></p> <p><strong>Foreign transaction fee</strong>. The 3% foreign transaction fee is only a problem if you plan to use your card for foreign transactions. If you frequently travel outside of the U.S., this fee can become expensive. You can save a significant amount of money with a secured card that charges a lower or no foreign transaction fee. (See also: <a href="http://www.wisebread.com/5-best-secured-cards-with-low-or-no-foreign-transaction-fees?utm_source=wisebread&amp;utm_medium=seealso&amp;utm_campaign=review">Secured Cards with Low or No Foreign Transaction Fee</a>)</p> <h2>Competitors</h2> <p><strong>Capital One&reg; Secured MasterCard&reg;</strong>: The <a href="http://www.wisebread.com/capital-one-secured-mastercard-the-best-option-for-repairing-your-credit?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=review">Capital One Secured MasterCard</a> has no annual fees, no foreign transaction fees, and is one of the rare secured cards that may extend you credit beyond your deposit.&nbsp;</p> <p><strong>USAA Secured Card&reg; American Express&reg; Card</strong>: For military personnel and their families, the <a href="http://www.wisebread.com/usaa-secured-card-american-express?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=review">USAA Secured Card&reg; American Express&reg; Card</a> puts your deposit in a 2-year CD to earn interest, and the APR starts as low as 10.15%. The annual fee is $35.</p> <h2>Who This Card Is Best For</h2> <p>This card is best for those who are in the process of building a positive credit rating, are diligent in paying balances in full each month, and will use the card primarily for domestic purchases. There are limited fees, and you can start out with a deposit as low as $200. Citi is also an established credit card issuer and cardholders will be able to access their customer service and other benefits.</p> <p style="text-align: center;"><strong><a href="http://ct.wisebread.com/click.php?pg=191&amp;pid=121&amp;pp=0&amp;uv=send">Click here to learn more and apply for the Citi&reg; Secured MasterCard&reg; today!</a></strong></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/christina-majaski">Christina Majaski</a> of <a href="http://www.wisebread.com/start-building-your-credit-history-with-the-citi-secured-mastercard">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-things-you-need-to-know-about-the-new-costco-credit-card">6 Things You Need to Know About the New Costco Credit Card</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/retire-your-credit-card-debt-with-citi-simplicity-card">Retire Your Credit Card Debt With Citi Simplicity® Card - No Late Fees Ever</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-new-costco-anywhere-visa-card-by-citi-is-good-news-for-costco-shoppers">The New Costco Anywhere Visa Card by Citi Is Good News for Costco Shoppers</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/what-are-secured-credit-cards">What Are Secured Credit Cards?</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/capital-one-secured-mastercard-the-best-option-for-repairing-your-credit">Capital One® Secured MasterCard®: The Best Option for Repairing Your Credit</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Credit Cards building credit Citi credit card reviews secured credit cards Thu, 12 May 2016 10:30:07 +0000 Christina Majaski 1694760 at http://www.wisebread.com What You Need to Know About Adding Another User to Your Credit Card http://www.wisebread.com/what-you-need-to-know-about-adding-another-user-to-your-credit-card <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/what-you-need-to-know-about-adding-another-user-to-your-credit-card" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/couple_credit_card_000037342234.jpg" alt="Couple learning now adding an authorized user will affect credit" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Adding an authorized user to your credit card account can help establish or improve their credit, but how will it affect you? Fortunately, simply adding a new user to your credit card will not negatively affect your credit score. However, there are a number of factors you should consider before you add a new user to any of your credit card accounts.</p> <h2>How It Works</h2> <p>Once you request that an authorized user be added to your credit card account, they will receive a card with their name on it, which has the same buying power as the primary cardholder's credit card. The credit card account will appear on both users' credit reports.</p> <p>Adding an authorized user to your account is not a decision that should be taken lightly. The authorized user will have access to your credit line, whether the full amount or a set limit (depending on your card). The primary cardholder is the only one responsible for making payments on time every month.</p> <h2>How the Credit Reports Are Affected</h2> <p>Any joint accounts and shared credit cards will appear on all users' credit reports. If anyone on the account makes a bad move, you will all see the negative effects on your credit reports. On the other hand, if the payments are made on time, the balance remains low, and the account remains in good standing, it can help boost everyone&rsquo;s credit.</p> <h2>They&rsquo;ll Receive Their Very Own Card</h2> <p>Once you add an authorized user to your credit card, they will receive their own card (in their name) that they can use at will. Remember, they can make purchases at any time, but they are not directly responsible for making payments on the card, so you'll want to be very careful in choosing whom to add as an authorized user. If they rack up debt, it can impact your credit score and credit worthiness.</p> <h2>What if They Have Bad Credit?</h2> <p>If the new authorized user has bad credit, it won't affect your credit score. Their poor credit history will not be reflected on your credit report and will not affect your credit score.</p> <p>On the other hand, you should be wary of adding anyone to your account that has already established that they can't handle credit. If they rack up large debts or exceed the credit limit, it can affect your credit history and drastically impact your credit score. If they pile on debt that they &mdash; and ultimately you &mdash; are unable to pay, any late payments will appear on your credit report and can hurt you in the long run.</p> <h2>You Can Control the Card, But Not the User</h2> <p>Once you add a user, you will still maintain control of the account. You can set up alerts for activity and see exactly what purchases were made. You can also remove them from the account later, if needed. However, if you give them their own card in their name, you have no control over how and when they spend the credit line.</p> <p>If you are concerned about how they will be using the card, but want to help them raise their score, you may consider adding them to the account but never actually giving them the card. They will still receive the benefits, but you won't take on any additional risk, so everyone wins.</p> <h2>Removing an Authorized User</h2> <p>If you later decide to remove the authorized user from the account, you can simply call the credit card company and request it. Typically, the change will be reflected on their credit report approximately 30 days later.</p> <h2>Personal Relationship Effects</h2> <p>Money issues have caused problems in countless relationships. Once you add someone as an authorized user, you are welcoming financial discussions and a link in your credit reports. Keep in mind that if things go sour in the relationship, the new user can still use their card and rack up the balance, which you will solely be responsible for repaying.</p> <h2>Is It a Good Idea?</h2> <p>The authorized user strategy can help establish new credit or <a href="http://www.wisebread.com/how-to-use-credit-cards-to-improve-your-credit-score">rebuild bad credit</a>. So, it may be a good idea to add a child or spouse as an authorized user, particularly if they don't have any credit history of their own.</p> <p>If your goal is to help increase the authorized user's credit score, it can be beneficial to strategically choose the right account to add them to. Your best bet is to add them to a credit card account that is old, has a low balance, has a positive payment history, and is in good standing. By doing this, you can ensure the most positive effect on their credit history, average age of credit, and utilization rate. This can have a huge effect on their credit score, helping to increase it in no time.</p> <p><em>Do you have an experience adding an authorized user to your credit card account? Please share your thoughts in the comments!</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/andrea-cannon">Andrea Cannon</a> of <a href="http://www.wisebread.com/what-you-need-to-know-about-adding-another-user-to-your-credit-card">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-4"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-rebuild-your-credit-in-8-simple-steps">How to Rebuild Your Credit in 8 Simple Steps</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-use-credit-cards-to-improve-your-credit-score">How to Use Credit Cards to Improve Your Credit Score</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/surprising-things-that-can-kill-your-credit">Surprising Things That Can Kill Your Credit</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/11-reasons-your-credit-card-application-was-denied-and-what-you-can-do-about-it">11 Reasons Your Credit Card Application Was Denied — And What You Can Do About It</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/heres-what-the-successful-use-of-secured-credit-cards-looks-like">Here&#039;s What the Successful Use of Secured Credit Cards Looks Like</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Credit Cards authorized users building credit credit reports credit score Mon, 18 Apr 2016 10:00:05 +0000 Andrea Cannon 1689024 at http://www.wisebread.com You've Defaulted on Your Loan. Now What? http://www.wisebread.com/youve-defaulted-on-your-loan-now-what <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/youve-defaulted-on-your-loan-now-what" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_stressed_bills_000080184545.jpg" alt="Woman figuring out what to do after loan defaults" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>You never planned on missing those mortgage payments or falling behind on your student loan obligations. But maybe you lost a job, or maybe you didn't land that higher-paying position you imagined when you first took out your loans.</p> <p>Now, you're in default &mdash; behind on your payments. You've received warning letters from your creditors, and collection agencies are leaving messages on your voicemail. What can you do?</p> <p>There are steps you can take to dig your way out of default. None of them are pleasant, but if you're willing to work, you can stop the calls from collection agencies, pay back what you owe, and move on to better financial times.</p> <h2>When Are You in Default?</h2> <p>There's a difference between being late on your loan payments and in default. Official default varies according to loan. You're considered in <a href="https://www.consumer.ftc.gov/articles/0194-trouble-paying-your-mortgage">default on your mortgage</a> payment if you're more than 30 days late. You're not officially in <a href="https://studentaid.ed.gov/sa/repay-loans/default">default on your student loan</a> payments until you're 270 days late.</p> <p>Being in default can be costly. Your lender will start charging late fees, and your credit score will plummet by at least 100 points.</p> <p>If you miss too many mortgage payments, your lender will eventually begin the foreclosure process, which could end up with you losing your home. If you go into default on your federal student loans, the consequences can be equally severe: The government could begin garnishing your wages, automatically deducting up to 15% of your paycheck to recover what you owe. The government can even <em>sue </em>you for what you owe. You can't even discharge your federal student loan debt through bankruptcy.</p> <p>And no matter what type of loan on which you default, you'll face additional fees charged by the collection agencies tasked with forcing you to pay up.</p> <h2>What Can You Do?</h2> <p>It's obvious, then, that being in default is bad news. But what can you do to alleviate your financial suffering if you've already fallen into default?</p> <h3>Talk to Your Creditors</h3> <p>The first step, no matter what debt you are facing, is to call your lender. Yes, that's not an easy call to make. But your lender might offer solutions to your debt problems. Your mortgage lender might offer to lower your interest rate to make your monthly payments more affordable. It might even offer a modification, in which it changes the terms of your loan so that you end up with a payment that fits more comfortably in your budget.</p> <p>The lender behind your student loan might offer you a debt-consolidation program, in which all of your loans are consolidated into one monthly payment that you can afford.</p> <h3>Don't Ignore It</h3> <p>If you don't call, and if you try to ignore your debt, the problem will only grow. Don't expect your creditors to forget about you. They'll simply keep adding to the fees they're charging you. At the same time, your credit score will continue to drop.</p> <p>If you're in default on a federal student loan, you might qualify for the Federal Loan Rehabilitation Program. This is a one-time chance to remove the default from your federal student loans from your credit reports and to start making your payments over again with a clean slate.</p> <p>Call your student-loan lender to request this program. Once you are in rehabilitation, if you make nine on-time payments within a 10-month period on your federal student loans, your default status will disappear from your credit reports. This will be a big help to your credit score. You can then work with your lender to select the right repayment plan for you, hopefully leaving you with a monthly payment that you can afford.</p> <p>This option isn't available on other loans on which you've defaulted, of course. And if you can't work out a repayment plan with these lenders, then you'll have to face the consequences. If you default on your mortgage, this means potentially losing your home. If you default on your auto loan, your creditors can repossess your auto loan.</p> <h2>Rebuild Your Credit</h2> <p>After these consequences happen? Your next move is to rehabilitate your credit score. This is an important step: You'll need a strong credit score to qualify for credit cards and future loans. Lenders today consider a FICO credit score of 740 or higher to be a good one. If your score is too low, lenders will either deny your requests for loans or charge you high interest rates.</p> <p>Repairing damaged credit isn't complicated, but it does take time. Make all of our monthly payments on time. Pay down your credit card debt &mdash; but don't close credit card accounts that you've paid off and no longer use. Doing so reduces the amount of credit available to you and will cause your score to fall. (See also: <a href="http://www.wisebread.com/what-are-secured-credit-cards?ref=seealso">How Secured Credit Cards Can Rebuild Your Credit</a>)</p> <p>You'll have to be patient here. It can take months, a year, or longer of paying your bills on time and slashing your credit card debt to repair your credit score. The effort, though, is worth it. It's not until your credit score is a healthy one that you can truly say that you've put your loan default behind you.</p> <p><em>Have you ever defaulted on a loan? How'd you bounce back?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/dan-rafter">Dan Rafter</a> of <a href="http://www.wisebread.com/youve-defaulted-on-your-loan-now-what">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/you-missed-a-student-loan-payment-now-what">You Missed a Student Loan Payment. Now What?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/heres-why-you-shouldnt-freak-out-if-you-miss-a-payment-due-date">Here&#039;s Why You Shouldn&#039;t Freak Out If You Miss a Payment Due Date</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-late-payments-affect-your-credit">How Late Payments Affect Your Credit</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/15-surprising-ways-bad-credit-can-hurt-you">15 Surprising Ways Bad Credit Can Hurt You</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-moves-to-make-if-your-loan-gets-denied">5 Moves to Make If Your Loan Gets Denied</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance building credit credit score default late payments mortgages owing money student loans Wed, 06 Apr 2016 10:00:12 +0000 Dan Rafter 1683676 at http://www.wisebread.com Rebuilding Credit: Military Personnel Should Consider the USAA Classic American Express Credit Card http://www.wisebread.com/rebuilding-credit-military-personnel-should-consider-the-usaa-classic-american-express-credit-card <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/rebuilding-credit-military-personnel-should-consider-the-usaa-classic-american-express-credit-card" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/000024035090.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>If you have had credit problems in the past or are just starting out, it can be difficult qualifying for a credit card that helps you build a good credit rating. Most of the time, consumers have no choice but <a href="http://www.wisebread.com/a-secured-credit-card-can-repair-your-credit-score-heres-how-to-pick-the-best?ref=review">secured credit cards</a>, which require tying up security deposits of at least $250 while you rebuild your credit. (See our <a href="http://www.wisebread.com/the-5-best-secured-credit-cards?ref=review">favorite secured credit cards for rebuilding credit</a>.)</p> <p>However, there are also credit cards, such as the <a href="http://ct.wisebread.com/click.php?pg=125&amp;pid=84&amp;pp=0&amp;uv=sname&amp;fot=1280" rel="nofollow" target="_blank">USAA&reg; Classic American Express&reg;</a>, for those with less than stellar credit that are unsecured and designed for consumers in the process of building or rebuilding credit. Military personnel and family members whose credit rating falls within the &quot;average&quot; category, and prefer an unsecured card over secured for building credit, should consider the USAA Classic American Express. (See also: <a href="http://www.wisebread.com/the-5-best-credit-cards-for-people-with-fairaverage-credit?ref=review">Best Credit Cards for Fair/Average Credit</a>)</p> <h2>Why We Like This Card</h2> <ul> <li>Special military benefits</li> <li>No security deposit required</li> </ul> <h2>How This Card Works</h2> <p>Applicants must be a USAA member, open to active or retired military personnel and certain family members. This is a basic card with no rewards, but it offers perks and benefits for military personnel. For example, those on active duty can qualify for a 4% APR and get a rebate for their finance charges. There is an annual fee of $35.</p> <h2>Other Benefits</h2> <p><strong>Extended warranty.</strong> This card includes extended warranty for purchases made with the card that extends the manufacturer or U.S. store brand warranty for up to one year.</p> <p><strong>Military benefits.</strong> You can receive the same military benefits that USAA offers all cardholders, which include special opportunities to qualify for a 4% APR during deployment, PCS, or active duty. You can also qualify for a rebate of finance charges accrued while you are serving in a qualified military campaign.</p> <p><strong>Chip technology.</strong> This card comes equipped with chip card technology, which provides safer and more secure shopping with your credit card.</p> <h2>Costs</h2> <ul> <li>$35 Annual Fee</li> <li>18.15%-24.15% APR</li> <li>No Balance Transfer or Cash Advance Option</li> <li>$0 Foreign Transaction Fee</li> </ul> <p><a href="http://ct.wisebread.com/click.php?pg=125&amp;pid=84&amp;pp=0&amp;uv=sbutton2&amp;fot=1280" target="_blank"><img width="154" height="50" src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/apply-now.png" alt="" /></a></p> <h2>Pros</h2> <p><strong>Rebuild credit without a security deposit.</strong> An unsecured card means there is no security deposit required. You receive a credit card with a line of credit, and when you use your card and make your payments on time, you can build a good credit rating.</p> <p><strong>For average credit. </strong>Average credit ratings often start in the low 600s, often a result of a small credit file or minor credit problems in the past. An average score isn't considered &quot;poor&quot; credit, which is generally in the 500s to low 600s, but approval for unsecured credit cards can be just as difficult.</p> <p><strong>Mid level annual fee.</strong> The annual fee of $35 per year is not low by any means, when compared to other unsecured credit cards. However, it is mid-level among secured cards and can be considered about average. Annual fees with secured cards can be as much as $50 per year, in addition to the security deposit which is often hundreds of dollars.</p> <p><strong>Special military benefits.</strong> Benefits such as special rates specific to your military service can especially come in handy and help you save money while you are repairing your credit.</p> <p><strong>No foreign transaction fee. </strong>Cards without foreign transaction fees are often reserved for higher credit ratings and carry larger annual fees. Generally, if you want a credit card without a foreign transaction fee that also occasionally approves average credit ratings, your options are limited to one of the Capital One credit cards, such as <a href="http://www.wisebread.com/unlimited-cash-back-the-quicksilver-cash-rewards-credit-card?ref=review">Capital One&reg; Quicksilver&reg; Cash Rewards Credit Card</a>. Fortunately, this card does not charge a foreign transaction fee, which makes it ideal for people with average credit ratings who plan on making many purchases outside of the U.S.</p> <h2>Cons</h2> <p><strong>No cash advances or balance transfers. </strong>Although cash advances are not generally recommended because of the expense, if you have a balance on a higher APR card, you could potentially save money with a balance transfer. If you prefer a card with these options, they are available with many secured credit cards. USAA's own <a href="http://www.wisebread.com/usaa-secured-card-platinum-mastercard-review?ref=review">Secured Card Platinum Visa</a> offers both cash advances and balance transfers.</p> <p><strong>High APR. </strong>The lowest APR you can qualify for is 18.15%, which is among the highest for credit cards, with even a handful of <a href="http://www.wisebread.com/5-best-secured-credit-cards-with-low-aprs?ref=review">secured credit cards offering a lower APR</a>. This is less of a disadvantage if you pay your balance in full each month rather than carrying a balance from month to month, because you can avoid paying interest on your purchases. If, however, you consistently carry balances, you should use a card with a lower APR. Secured credit cards such as the <a href="http://www.wisebread.com/first-choice-bank-primor-secured-visa-gold-card-review?ref=review">primor Secured Visa Gold</a> and <a href="http://www.wisebread.com/usaa-secured-card-american-express?ref=review">USAA Secured Card American Express</a> allow you to carry a card with an APR that's almost half of the APR on this Classic card.</p> <p><strong>No rewards program or extra perks.</strong> Although it isn't expected, this is a pretty basic card and does not include any rewards programs or extra card perks. The entire purpose is to provide an opportunity to rebuild or build credit with an unsecured credit card. (See also: <a href="http://www.wisebread.com/the-5-best-credit-cards-for-people-with-fairaverage-credit?ref=review">Best Credit Cards for Fair/Average Credit</a>)</p> <p><strong>Limited American Express acceptance.</strong> Unfortunately, American Express cards are still not as widely accepted as Visa or MasterCard. If you live in a smaller rural area, or travel to countries where Visa and MasterCard are preferred, you could end up facing a great deal of frustration when you attempt to use your credit card. USAA does offer Classic Visa and MasterCards, similar to this card, if you think acceptance might be an issue.</p> <h2>Who This Card Is Best For</h2> <p>The USAA Classic American Express is best for military personnel and qualifying family members who are in the process of rebuilding or establishing a good credit rating, and live in an area where American Express cards are commonly accepted. It is one of only a few unsecured credit cards available for people who have &quot;average&quot; credit ratings and might not qualify for other credit cards. Because of the APR, the card is best for those who are diligent in paying balances in full each month.</p> <p style="text-align: center;"><a href="http://ct.wisebread.com/click.php?pg=125&amp;pid=84&amp;pp=0&amp;uv=send&amp;fot=1280"><strong>Click here to apply for the USAA&reg; Classic American Express&reg; Credit Card today!</strong></a></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/christina-majaski">Christina Majaski</a> of <a href="http://www.wisebread.com/rebuilding-credit-military-personnel-should-consider-the-usaa-classic-american-express-credit-card">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/capital-one-secured-mastercard-the-best-option-for-repairing-your-credit">Capital One® Secured MasterCard®: The Best Option for Repairing Your Credit</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/rebuild-your-credit-fast-with-the-opensky-secured-visa-credit-card">Rebuild Your Credit Fast With the OpenSky Secured Visa Credit Card</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/usaa-secured-card-platinum-mastercard-review">USAA Secured Card Platinum Visa Review</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/first-choice-bank-primor-secured-visa-gold-card-review">First Choice Bank primor® Secured Visa Gold Card Review</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/first-choice-bank-primor-secured-visa-classic-card-review">First Choice Bank primor® Secured Visa Classic Card Review</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Credit Cards building credit credit card reviews military Fri, 13 Nov 2015 19:58:59 +0000 Christina Majaski 1568658 at http://www.wisebread.com A Card That Works Hard for Those with Average Credit: Capital One&reg; Platinum Credit Card http://www.wisebread.com/a-card-that-works-hard-for-those-with-average-credit-capital-one-platinum-credit-card <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/a-card-that-works-hard-for-those-with-average-credit-capital-one-platinum-credit-card" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/000073400557.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>If you have had credit problems in the past or are just starting out building your credit history, the credit card options available are typically <a href="http://www.wisebread.com/a-secured-credit-card-can-repair-your-credit-score-heres-how-to-pick-the-best?ref=review">secured credit cards</a>. Capital One, however, offers the <a href="http://ct.wisebread.com/click.php?pg=84&amp;pid=25&amp;pp=0&amp;uv=sname1&amp;fot=1323">Capital One&reg; Platinum Credit Card</a>, designed for those who fall within the &quot;average&quot; credit rating. This rating can range from 630 to 689, and often those with lower credit scores find themselves qualified for the card.</p> <p>This card offers those with average credit an alternative to secured cards that sometimes come with high fees as well as a security deposit requirement. This is a simple card with nearly no fees. It also comes with a number of card benefits, travel benefits, and credit management tools for building and maintaining a healthy credit score. (See also: <a href="http://www.wisebread.com/the-5-best-credit-cards-for-people-with-fairaverage-credit?ref=review">Best Credit Cards for Average/Fair Credit</a>)</p> <h2>Why We Like This Card</h2> <ul> <li>No annual fee, balance transfer fee, or foreign transaction fee.</li> <li>Credit limit increase after five months of responsible account management.</li> </ul> <h2>How This Card Works</h2> <p>This card is a basic credit card with no rewards feature, but it has no annual fee, no balance transfer fee, and no foreign transaction fee. You may also qualify for a credit limit increase after you make your first 5 payments on time. However, the variable APR is 24.99%, so even without a balance transfer fee, it wouldn't make sense to use this card to transfer a balance unless you currently have a balance on a card with a higher APR. (See also: <a href="http://www.wisebread.com/5-best-credit-cards-with-no-balance-transfer-fees?ref=review">Credit Cards with no Balance Transfer Fees</a>)</p> <h2>Other Benefits</h2> <p><strong>Platinum MasterCard benefits. </strong>Includes Platinum MasterCard benefits such as extended warranty for additional protection on purchases made with the card, auto rental insurance, travel accident insurance, 24-hour travel assistance services, and price protection for receiving a reimbursement of the price difference if you find your purchase for a lower price within 60 days.</p> <h2>Costs</h2> <ul> <li>$0 Annual Fee</li> <li>24.99% variable APR (purchases, balance transfers, and cash advances)</li> <li>0% Balance Transfer Fee</li> <li>0% Foreign Transaction Fee</li> </ul> <p><a href="http://ct.wisebread.com/click.php?pg=84&amp;pid=25&amp;pp=0&amp;uv=sbutton2&amp;fot=1323"><img border="0" class="img-exempt" alt="" src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/apply-now.png" /></a></p> <h2>Pros</h2> <p><strong>No annual fee or balance transfer fee. </strong>There are basically no fees to carry this card, which is nice especially when many credit cards designed for &quot;average&quot; credit ratings typically carry more fees than those available for better credit ratings. In the past, this card carried an annual fee of $19, but now charges no annual fee at all. Furthermore, balance transfer fees are often the greater of $5 or 3%, so you might be able to save money transferring a balance. Keep in mind, however, that the variable APR for purchases and balance transfers is 24.99%. (See also: <a href="http://www.wisebread.com/the-5-best-credit-cards-with-no-annual-fees">Best Cards with No Annual Fees</a>)</p> <p><strong>No foreign transaction fee. </strong>Most of the Capital One credit cards have no foreign transaction fees, which makes the Capital One Platinum MasterCard a great card for using while traveling abroad or for foreign purchases. This fee is often as much as 3% on foreign transactions, especially with secured credit cards and cards marketed to those with lower credit ratings, which can become costly if you frequently travel outside of the U.S.</p> <p><strong>Credit increase after five months.</strong> Your beginning credit limit is based on your credit worthiness, but if you manage your account responsibly by making your payments on time and staying within your credit limit, you can receive a credit limit increase after five months.</p> <p><strong>Less than perfect credit can qualify.</strong> This card is designed for those with less than perfect credit, who generally fall within or below the &quot;average&quot; credit rating. This can mean that even if your credit rating is below 600, you can qualify for an unsecured card rather than a secured credit card, which is often the only type of card available for credit scores within this range.</p> <h2>Cons</h2> <p><strong>High APR.</strong> The variable APR of 24.99% is among the highest APRs charged by any credit card, including many secured cards which are known for high APRs. You can avoid paying high amounts of interest on your purchases if you are diligent in paying your balance in full each month. However, if you frequently carry a balance from month to month, this APR is going to become expensive. If you typically carry your balances from month to month, you may want to instead consider one of the <a href="http://www.wisebread.com/5-best-secured-credit-cards-with-low-aprs?ref=review">secured credit cards with lower APRs</a>, designed specifically for average or poor credit ratings.</p> <p><strong>No introductory APR.</strong> Although not typically offered with credit cards for those with lower credit ratings, a 0% introductory APR would make transferring balances more appealing. As it stands, there is no balance transfer fee, but in order to truly save money transferring the balance, you would need to transfer from a credit card that has a APR higher than 24.99% variable. (See also: <a href="http://www.wisebread.com/the-best-0-balance-transfer-credit-cards">Best Credit Cards Offering 0% Balance Transfer APR</a>)</p> <p><strong>No rewards program or bonuses.</strong> If you pay your balance in full each month and can avoid paying high interest rates, you might also want to receive some type of reward or bonus in exchange for your purchases. There are even <a href="http://www.wisebread.com/5-best-secured-cards-with-rewards?ref=review">secured cards which include rewards programs</a> for earning a little extra each time you use your credit card.</p> <h2>Who This Card Is Best For</h2> <p>The Capital One Platinum MasterCard is best for those who have had credit problems in the past, are just starting out, or have an &quot;average&quot; credit rating, but prefer an unsecured credit card over a secured card. It is also ideal for those who need to transfer balances from a higher APR credit card, or because there is no foreign transaction fee, for those who frequently travel outside of the United States. (See also: <a href="http://www.wisebread.com/the-5-best-secured-credit-cards?ref=review">Best Secured Credit Cards for Average or Poor Credit</a>)</p> <p style="text-align: center;"><a href="http://ct.wisebread.com/click.php?pg=84&amp;pid=25&amp;pp=0&amp;uv=send&amp;fot=1323"><strong>Click here to learn more and apply for the Capital One&reg; Platinum Credit Card today!</strong></a></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/christina-majaski">Christina Majaski</a> of <a href="http://www.wisebread.com/a-card-that-works-hard-for-those-with-average-credit-capital-one-platinum-credit-card">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/capital-one-secured-mastercard-the-best-option-for-repairing-your-credit">Capital One® Secured MasterCard®: The Best Option for Repairing Your Credit</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/rebuild-your-credit-fast-with-the-opensky-secured-visa-credit-card">Rebuild Your Credit Fast With the OpenSky Secured Visa Credit Card</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/usaa-secured-card-platinum-mastercard-review">USAA Secured Card Platinum Visa Review</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/first-choice-bank-primor-secured-visa-gold-card-review">First Choice Bank primor® Secured Visa Gold Card Review</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/capital-one-venture-rewards-card-review">Travel Rewards Doesn&#039;t Get Easier Than This: Capital One® Venture® Rewards Credit Card</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Credit Cards average credit building credit Capital One credit card reviews Thu, 17 Sep 2015 19:07:17 +0000 Christina Majaski 1545256 at http://www.wisebread.com SKYPASS Visa Secured Credit Card Review http://www.wisebread.com/skypass-visa-secured-credit-card-review <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/skypass-visa-secured-credit-card-review" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/000066184035.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Korean Air is the largest airline in South Korea, providing flights to over 130 cities. Its SKYPASS rewards program allows frequent flyers an opportunity to earn valuable miles which can be used for a wide range of flights and benefits. The SKYPASS Visa Secured Credit Card goes one step further and not only allows you to earn miles from the purchases made with the card, but also gives you the chance to build or <a href="http://www.wisebread.com/a-secured-credit-card-can-repair-your-credit-score-heres-how-to-pick-the-best?ref=review">rebuild your credit</a> rating with a secured credit card. (See <a href="http://www.wisebread.com/the-5-best-secured-credit-cards?ref=review">our picks for the best secured cards</a> available.)</p> <p>If you frequently fly with Korean Air or are a fan of the SKYPASS program, and you are in the process of either establishing or reestablishing your credit history, the SKYPASS Visa Secured Credit Card offered by U.S. Bank is a card you should consider.</p> <h2>How This Card Works</h2> <p>When you are approved for the card, you must make a deposit of $300 to $5,000, which is held in an account that earns interest. You receive your card with a credit limit in the amount of the security deposit. Your account activity is reported to the credit bureaus, which helps to establish a positive credit rating when you manage your account responsibly. After 12 months, your account is evaluated and you may qualify for an unsecured credit card.</p> <p>You earn one mile for each dollar spent with the card, with no cap on the number of miles you can earn. Miles expire in ten years if unredeemed.</p> <p>You can redeem miles for flights and upgrades with Korean Air, with off-peak flights within Korea available at 10,000 miles and flights from Korea to North America available at 70,000 miles. Access into international lounges is 4,000 miles and domestic lounges, 2,000 miles. You can also redeem for award flights and upgrades with SkyTeam Alliance Airlines, which includes airlines such as Delta, Air France, and AeroMexico. There are a number of other ways to redeem SKYPASS miles, including for hotel stays and rental cars, available on the Korean Air home page, and excess baggage awards starting at 10,000 miles.</p> <h2>Other Benefits</h2> <p><strong>EMV chip technology.</strong> Includes microchip technology which provides increased safety when using your credit card. Chip technology is also widely accepted and sometimes preferred with merchants abroad.</p> <p><strong>Auto rental collision damage waiver.</strong> You can waive the auto insurance offered by rental car companies and use the auto rental collision damage protection included with your credit card.</p> <p><strong>$250,000 travel insurance.</strong> When you purchase your travel tickets with your credit card, you receive $250,000 in travel insurance for protecting you, your spouse, and children while traveling.</p> <h2>Costs</h2> <ul> <li>$50 Annual Fee</li> <li>16.49% APR</li> <li>3% Balance Transfer Fee</li> <li>3% Foreign Transaction Fee</li> </ul> <h2>Pros</h2> <p><strong>Sign-up bonus.</strong> You can receive a bonus of 5,000 SKYPASS miles after making your first purchase with the card. Each mile is generally worth one cent per mile, depending on how you redeem them. This bonus is worth approximately $50, which is a significantly sized bonus just for making a purchase with the card, and for a secured credit card where bonuses are rare.</p> <p><strong>Rewards program.</strong> Most secured credit cards do not include rewards programs for earning points or miles. You can earn one mile for every dollar spent, without worrying about specific purchase categories or categories that change every quarter. (See also: <a href="http://www.wisebread.com/5-best-secured-cards-with-travel-rewards?ref=review">Best Secured Cards with Travel Rewards</a>)</p> <p><strong>Annual bonus.</strong> Each year you renew your card you receive 1,000 bonus miles, which can help offset the annual fee. This bonus is worth approximately $10, which doesn't seem much, but considering most secured cards don't include bonuses at all, can be a valuable feature.</p> <p><strong>Deposit earns interest.</strong> The security deposit that is held while you are an account holder, earns interest, allowing you to earn a little extra while you are building or rebuilding your credit rating. Not all secured credit cards allow you to earn interest while the deposit is held, and in those cases you receive exactly what you started with when you close the account &mdash; less any outstanding balances or fees. (See also: <a href="http://www.wisebread.com/5-best-secured-cards-that-pay-interest-on-your-deposit?ref=seealso">Secured Cards that Pay Interest on Your Deposit</a>)</p> <h2>Cons</h2> <p><strong>Annual fee. </strong>The annual fee of $50 is among the highest, if not the highest, annual fee charged by a secured credit card. Most secured credit cards charge somewhere around $20 to $30 per year, and although the SKYPASS Visa Secured Credit Card does offer a couple ways to help pay the annual fee, it can still be costly especially if you aren't able to use your miles or take advantage of the bonuses. (See also: <a href="http://www.wisebread.com/5-best-secured-cards-with-no-annual-fee?ref=review">Secured Cards Without Annual Fees</a>)</p> <p><strong>Foreign transaction fee.</strong> If you use your card for foreign transactions, you are going to lose any value you might have earned from the rewards program. For those who frequently travel abroad or make foreign purchases, <a href="http://www.wisebread.com/5-best-secured-cards-with-low-or-no-foreign-transaction-fees?ref=review">secured cards without foreign transaction fees</a> such as the <a href="http://www.wisebread.com/capital-one-secured-mastercard-the-best-option-for-repairing-your-credit?ref=review">Capital One Secured MasterCard</a> are better options.</p> <h2>Who This Card Is Best For</h2> <p>The SKYPASS Visa Secured Credit Card is best for those who are just starting out or are in the process of rebuilding credit, and frequently travel with Korean Air. It is important that you are able to take advantage of the bonus opportunities for the fees and expenses attached the card to be worth it. If you are not specifically a SKYPASS fan, there are more affordable secured credit cards available with no foreign transaction fees, lower annual fees, and a lower APR.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/christina-majaski">Christina Majaski</a> of <a href="http://www.wisebread.com/skypass-visa-secured-credit-card-review">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-4"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/lifemiles-visa-secured-credit-card-earn-miles-as-you-rebuild-your-credit">LifeMiles Visa Secured Credit Card: Earn Miles as You Rebuild Your Credit</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/lanpass-visa-secured-credit-card-review">LANPASS Visa Secured Credit Card Review</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/aeromexico-visa-secured-card-rebuild-your-credit-while-you-travel">AeroMexico Visa Secured Card: Rebuild Your Credit While You Travel</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/for-riders-only-harley-davidson-visa-secured-card">For Riders Only: Harley-Davidson Visa Secured Card</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/capital-one-secured-mastercard-the-best-option-for-repairing-your-credit">Capital One® Secured MasterCard®: The Best Option for Repairing Your Credit</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Credit Cards Travel building credit credit card reviews korean air secured cards skypass u.s. bank Thu, 17 Sep 2015 04:55:51 +0000 Christina Majaski 1545255 at http://www.wisebread.com Earn Interest and Rebuild Credit: Webster Bank Secured Visa Credit Card http://www.wisebread.com/earn-interest-and-rebuild-credit-webster-bank-secured-visa-credit-card <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/earn-interest-and-rebuild-credit-webster-bank-secured-visa-credit-card" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/000049216544.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>If you have had credit problems in the past or are just beginning to build your credit rating, <a href="http://www.wisebread.com/a-secured-credit-card-can-repair-your-credit-score-heres-how-to-pick-the-best?ref=review">secured credit cards</a> can be helpful tools. A variety of secured credit cards are offered by a number of financial institutions, all providing different benefits and services, while helping you establish or rebuild your credit. (See also: <a href="http://www.wisebread.com/the-5-best-secured-credit-cards?ref=review">Best Secured Cards for Rebuilding Credit</a>)</p> <p>The Webster Bank Secured Visa Credit Card is one of the lesser known secured cards available, offered as a collaboration between Webster Bank, which provides financial services and products from over 180 locations, and the card issuer, Elan Financial Services. If you are working on establishing a positive credit rating, the Webster Bank Secured Visa Credit Card is a simple and straightforward option.</p> <h2>How This Card Works</h2> <p>When you are approved for the card, you must open a secured savings account with Webster Bank and make a security deposit in the amount of $300 to $5,000. Your deposit earns interest while it is held in the savings account, and you are issued a credit card with a credit limit in the amount of your security deposit. You can add to your deposit in $100 increments. Your account status is reported to the credit bureaus, and with responsible management of the card account, can result in a positive credit rating. You may also be considered for an unsecured credit card after 12 months.</p> <h2>Other Benefits</h2> <p><strong>Extended warranty coverage.</strong> Doubles the manufacturer's warranty up to one year on items purchased with the credit card.</p> <p><strong>Auto rental collision damage waiver.</strong> This feature allows you to decline the rental company&rsquo;s car insurance and protects your car rental when charged to your card, against damage due to collision or theft.</p> <h2>Costs</h2> <ul> <li>$35 Annual Fee</li> <li>20.99% APR</li> <li>3% Balance Transfer Fee</li> <li>3% Foreign Transaction Fee</li> </ul> <h2>Pros</h2> <p><strong>Security deposit earns interest.</strong> It is required that you open a secured savings account for your security deposit when you are approved for the card. This account, however, allows you to earn interest on the deposit while it is held, which isn&rsquo;t an option with all secured credit cards. This gives you a chance to build your security deposit and receive a little extra if you close your card account in the future. (See also: <a href="http://www.wisebread.com/5-best-secured-cards-that-pay-interest-on-your-deposit?ref=review">Best Secured Cards that Offer Interest on Your Deposit</a>)</p> <p><strong>You may qualify for an unsecured card.</strong> While your activity is reported to the credit bureaus, the account is periodically reviewed. You could qualify for an unsecured credit card after responsible management of your account for 12 months. When you make your payments on time and stay within your credit limit, you are well on your way to establishing a positive credit history.</p> <h2>Cons</h2> <p><strong>Annual fee.</strong> Although annual fees on secured credit cards can be as much as $50 per year, the annual fee of $35 on this card is still among the highest. There are other <a href="http://www.wisebread.com/5-best-secured-cards-with-no-annual-fee?ref=review">secured cards that don't have annual fees</a> at all, such as the <a href="http://www.wisebread.com/capital-one-secured-mastercard-the-best-option-for-repairing-your-credit?ref=review">Capital One Secured MasterCard</a>.</p> <p><strong>High APR.</strong> The APR of 20.99% is among the highest APRs charged by credit cards, even secured cards. You do have 24 to 30 days after the close of the billing cycle before your due date. If you pay your balance in full each month before the due date, you can avoid paying interest on your purchases. If, however, you typically carry a balance from month to month, can save money by selecting one of the <a href="http://www.wisebread.com/5-best-secured-credit-cards-with-low-aprs?ref=review">secured cards that offers a lower APR</a>&mdash;sometimes as low as 6.99%.</p> <p><strong>Foreign transaction fees.</strong> If you plan on using the card for foreign purchases, you will be charged a foreign transaction fee of at least 2%, depending on whether your transaction is made in U.S. Dollars or foreign currency. For travelers, this can be an expensive fee added on to each purchase. There are, however, <a href="http://www.wisebread.com/5-best-secured-cards-with-low-or-no-foreign-transaction-fees?ref=review">secured credit cards which do not charge foreign transaction fees</a>.</p> <h2>Who This Card Is Best For</h2> <p>While there are no extra bells and whistles with the Webster Bank Secured Visa Credit Card, it is still a solid option for those seeking a fairly standard secured credit card for building or <a href="http://www.wisebread.com/what-are-secured-credit-cards?ref=review">rebuilding their credit rating</a>. It is ideal for earning interest on the security deposit, and possibly qualifying for an unsecured card in as soon as 12 months. In order to get the most out of the card, however, it is also best for those who are diligent in paying their balances in full each month, and whose purchases are primarily domestic.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/christina-majaski">Christina Majaski</a> of <a href="http://www.wisebread.com/earn-interest-and-rebuild-credit-webster-bank-secured-visa-credit-card">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-5"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/capital-one-secured-mastercard-the-best-option-for-repairing-your-credit">Capital One® Secured MasterCard®: The Best Option for Repairing Your Credit</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/rebuild-your-credit-fast-with-the-opensky-secured-visa-credit-card">Rebuild Your Credit Fast With the OpenSky Secured Visa Credit Card</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/first-choice-bank-primor-secured-visa-gold-card-review">First Choice Bank primor® Secured Visa Gold Card Review</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/first-choice-bank-primor-secured-visa-classic-card-review">First Choice Bank primor® Secured Visa Classic Card Review</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/usaa-secured-card-american-express">USAA Secured Card American Express: Military Benefits, Low Fees, and Interest on Your Deposit</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Credit Cards building credit credit card reviews secured cards webster bank Tue, 15 Sep 2015 20:48:48 +0000 Christina Majaski 1545219 at http://www.wisebread.com LifeMiles Visa Secured Credit Card: Earn Miles as You Rebuild Your Credit http://www.wisebread.com/lifemiles-visa-secured-credit-card-earn-miles-as-you-rebuild-your-credit <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/lifemiles-visa-secured-credit-card-earn-miles-as-you-rebuild-your-credit" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/000054996758.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Avianca Airlines is Columbia's national airline, with destinations in North America, Columbia, Peru, Brazil, Europe, and many others. The LifeMiles program allows frequent travelers to earn miles that can be redeemed for awards with Avianca Airlines and Star Alliance airline partners.</p> <p>The LifeMiles Visa Secured Credit Card provides cardholders the opportunity to earn miles on purchases made with the card, while working on building or rebuilding their credit. If you are a jetsetter and fan of Avianca Airlines, and on the lookout for a credit card for reestablishing your credit history, the LifeMiles Visa Secured Credit Card provided by U.S. Bank, is one of the best secured cards to consider.</p> <h2>How This Card Works</h2> <p>The LifeMiles Visa Secured Credit Card requires a security deposit of at least $300, which is held in an interest bearing account with U.S. Bank. When you are approved for the card and have made your deposit, you receive a credit card with a limit in the amount of your deposit. Your activity is reported to the three major credit bureaus, TransUnion, Equifax, and Experian, and is periodically reviewed. You can not only improve your credit rating, but after 12 months, you could also qualify for an unsecured card with U.S. Bank.</p> <p><strong>Sign up bonus: </strong>5,000 bonus miles after your first purchase.</p> <p>Cardholders earn one LifeMile for every dollar spent. Earn an unlimited number of miles, but miles expire two years after the last time you have earned or redeemed miles. As long as you continuously use your card, your miles will not expire.</p> <p>You can redeem your miles for flights with Avianca Airlines which start as low as 25,000 miles for round trip, economy flights. There are other options for redeeming such as flights with Star Alliance member airlines which include 28 airlines such as Air China, United, and Air Canada, or for hotel stays with over 100,000 hotels globally, and car rentals with companies such as Hertz and Budget. Miles are worth approximately 1.5 cents per mile, but this varies depending on how you redeem them. (See also: <a href="http://www.wisebread.com/5-best-secured-cards-with-travel-rewards?ref=review">Best Secured Cards with Travel Rewards</a>)</p> <h2>Other Benefits</h2> <p><strong>15% excess baggage discount.</strong> If you use your miles for excess baggage fees, you receive a discount of 15% on up to three excess baggage redemptions each way of your trip. You only need one redemption for each piece of baggage, each way, regardless of the total number of segments.</p> <p><strong>Travel accident insurance</strong>. You, your spouse, and your children, are protected with $500,000 travel accident insurance.</p> <p><strong>Auto rental collision damage waiver.</strong> You can waive the insurance included by the auto rental company with the auto rental collision damage waiver U.S. Bank offers its cardholders.</p> <h2>Costs</h2> <ul> <li>$25 Annual Fee, waived the first year</li> <li>23.24% APR</li> <li>3% Balance Transfer Fee</li> <li>3% Foreign Transaction Fee</li> </ul> <h2>Pros</h2> <p><strong>Sign-up bonus.</strong> You earn 5,000 bonus miles just for making your first purchase with your credit card, which can be saved toward an award ticket or used for excess baggage fees. Keep in mind that if you use your miles for excess baggage fees, you also receive a 15% discount on those fees. Sign-up bonuses offered with secured credit cards are extremely rare, especially with very low requirements such as this.</p> <p><strong>No annual fee the first year.</strong> The annual fee of $25 is about standard for secured credit cards, but it is also waived for the first year, giving you 12 months to earn rewards and use the card without paying an annual fee. There are opportunities afterward including the excess baggage discount and rewards program, which can help cover the annual fee as well.</p> <p><strong>Rewards program.</strong> <a href="http://www.wisebread.com/5-best-secured-cards-with-rewards?ref=review">Secured credit cards with rewards programs</a> are also rare, and the LifeMiles Visa Secured Credit Card allows you to earn a mile for every dollar spent, regardless of the purchase category. This gives you an opportunity to rack up miles that can be used for valuable awards, where most secured credit cards do not.</p> <p><strong>Earn interest on your security deposit.</strong> Your security deposit can grow a little while it is being held so that when you have repaired your credit and can close the card account, the deposit refunded to you will be a little more than what you started with. Not all secured credit cards provide this opportunity, which is an added bonus to the money you deposit for the credit card. (See also: <a href="http://www.wisebread.com/5-best-secured-cards-with-rewards?ref=review">Best Secured Cards that Pay Interest on Your Deposit</a>)</p> <h2>Cons</h2> <p><strong>High APR.</strong> This card includes one of the highest APRs offered by any secured card, with only a few that are higher. It is important with credit cards, especially secured cards, that you are mindful of the interest you are paying on your purchases. If you consistently carry a balance from month to month, you should instead consider a <a href="http://www.wisebread.com/5-best-secured-credit-cards-with-low-aprs?ref=review">secured card with a lower APR</a>, even if it doesn't offer a rewards program. Because the APR is so high, it may become more expensive than any miles earned are worth.</p> <p><strong>Foreign transaction fee.</strong> The foreign transaction fee is at least 2%, depending on whether you use U.S. Dollars or foreign currency. If you frequently travel abroad or use the card for foreign purchases, this fee is going to cancel out the value of the rewards earned from your purchases. There are secured cards such as the <a href="http://www.wisebread.com/capital-one-secured-mastercard-the-best-option-for-repairing-your-credit?ref=review">Capital One Secured MasterCard</a> that does not charge foreign transaction fees and may be more cost-efficient for foreign purchases. (See also: <a href="http://www.wisebread.com/5-best-secured-cards-with-low-or-no-foreign-transaction-fees?ref=review">Best Secured Cards with Low or No Foreign Transaction Fees</a>)</p> <p><strong>High number of miles required.</strong> In order to redeem your miles for flights you need to accumulate at least 25,000 for a round trip flight. Because this is a secured card, it means you will also need to deposit a large amount of money to be held as a security deposit in order to earn the points needed for flights. In order to benefit from the rewards program, it is important that you plan on using the card a great deal.</p> <h2>Who This Card Is Best For</h2> <p>Because of the rewards program and the benefits provided, this card is best not only for those who are rebuilding or building credit, but who also frequently travel with Avianca Airlines. It is also best for those who pay balances in full each month to avoid paying the high interest rate, and for those who can take advantage of the flight and travel benefits the card offers.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/christina-majaski">Christina Majaski</a> of <a href="http://www.wisebread.com/lifemiles-visa-secured-credit-card-earn-miles-as-you-rebuild-your-credit">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-6"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/skypass-visa-secured-credit-card-review">SKYPASS Visa Secured Credit Card Review</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/lanpass-visa-secured-credit-card-review">LANPASS Visa Secured Credit Card Review</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/aeromexico-visa-secured-card-rebuild-your-credit-while-you-travel">AeroMexico Visa Secured Card: Rebuild Your Credit While You Travel</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/for-riders-only-harley-davidson-visa-secured-card">For Riders Only: Harley-Davidson Visa Secured Card</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/capital-one-secured-mastercard-the-best-option-for-repairing-your-credit">Capital One® Secured MasterCard®: The Best Option for Repairing Your Credit</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Credit Cards Travel building credit credit card reviews lifemiles secured cards u.s. bank Tue, 15 Sep 2015 20:33:04 +0000 Christina Majaski 1541801 at http://www.wisebread.com LANPASS Visa Secured Credit Card Review http://www.wisebread.com/lanpass-visa-secured-credit-card-review <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/lanpass-visa-secured-credit-card-review" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/000023314466.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>LATAM Airlines Group is one of the largest and most popular Latin American airlines, which includes LAN Airlines and TAM Airlines. With its headquarters in Chile, the airline provides flights to destinations in South America, North America, the Caribbean, Polynesia, and many other locations. The LANPASS Visa Secured Credit Card is a secured card provided by U.S. Bank, which allows you to not only establish or reestablish a positive credit history, but also provides the opportunity to earn miles that can be redeemed for airfare with LATAM Airlines and oneworld alliance partners.</p> <p>If you are in the process of <a href="http://www.wisebread.com/a-secured-credit-card-can-repair-your-credit-score-heres-how-to-pick-the-best?ref=review">building your credit</a> and frequently travel with LAN or TAM Airlines, the LANPASS Visa Secured Credit Card may be the card you need for earning rewards and <a href="http://www.wisebread.com/what-are-secured-credit-cards?ref=review">repairing your credit</a>. (See also: <a href="http://www.wisebread.com/the-5-best-secured-credit-cards?ref=review">Best Secured Credit Cards</a>)</p> <h2>How This Card Works</h2> <p>The LANPASS Visa Secured Credit Card requires a security deposit of at least $300 which is held in a U.S. Bank account that earns interest. Your account history is reported to the three major credit bureaus, TransUnion, Equifax, and Experian, and through responsible management of the account, can result in a positive credit rating. When your account is reviewed after 12 months, you could qualify for an unsecured credit card.</p> <p>The card includes a rewards program which awards one mile for each dollar you spend with your card. You can earn an unlimited number of miles, but your miles expire 36 months after they are earned. You can redeem your miles for seat upgrades and for flights starting at 20,000 miles for one-way economy class flights within South America. You can also redeem miles for flights with oneworld airlines, which includes over 800 destinations worldwide with airlines such as American Airlines and British Airlines. (See also: <a href="http://www.wisebread.com/5-best-secured-cards-with-travel-rewards?ref=review">Best Secured Cards with Travel Rewards</a>)</p> <h2>Other Benefits</h2> <p><strong>10% discount.</strong> Each year you receive a 10% discount on your first LAN or TAM Airlines or affiliated carriers purchase, made with your card up to a maximum of $500. This discount appears automatically as a statement credit.</p> <p><strong>Travel accident insurance.</strong> You, your spouse, and your dependent children are protected with the card's travel accident insurance when you purchase your tickets with the card.</p> <h2>Costs</h2> <ul> <li>$25 Annual Fee (waived the first year)</li> <li>23.24% APR</li> <li>3% Balance Transfer Fee</li> <li>3% Foreign Transaction Fee</li> </ul> <h2>Pros</h2> <p><strong>Sign up bonus.</strong> You can earn a bonus of 5,000 miles on the first purchase you make with the credit card. Although not enough to redeem for a free ticket, if you save the miles and redeem them later, the bonus is worth approximately $50, which can help cover the annual fee a couple years when it kicks in.</p> <p><strong>Annual fee waived first year.</strong> The annual fee of $25 is about mid-level when compared to other secured cards on the market, but it is waived the first year. This gives you a year to use the credit card without paying an annual fee &mdash; something that isn't standard with other secured credit cards. You can also receive a sign-up bonus with your first purchase, and can receive a 10% discount annually, which can help cover the annual fee in the future. (See also: <a href="http://www.wisebread.com/5-best-secured-cards-with-no-annual-fee?ref=review">Best Secured Cards with No Annual Fee</a>)</p> <p><strong>Rewards program.</strong> Another feature not offered by all secured credit cards is the rewards program which allows you to earn miles for any purchase made with your card, without purchase or rotation categories. This provides some freedom in the purchases you make with the card, but also allows you to earn a little bit back for each purchase you make.</p> <p><strong>Deposit earns interest.</strong> The U.S. Bank secured credit cards are among a handful of secured cards which allow you to <a href="http://www.wisebread.com/5-best-secured-cards-that-pay-interest-on-your-deposit?ref=review">earn interest on your security deposit</a> while it is being held in the event a default occurs. Most secured cards on the market do not include this option.</p> <h2>Cons</h2> <p><strong>High APR.</strong> As is common especially with secured credit cards, the APR of 22.99% is tremendously high and can be costly if you carry a balance from month to month. If you pay your balances in full each month, you can avoid paying the high amount of interest, but if you carry a balance, the interest you pay on your purchases is going to exceed any value you might receive from the rewards program. There are a number of <a href="http://www.wisebread.com/5-best-secured-credit-cards-with-low-aprs?ref=review">secured cards available with lower APRs</a>, and although many are without rewards programs, you can save a great deal of money in interest.</p> <p><strong>Miles expire.</strong> Miles expire after three years, so if you aren't planning on using the miles during that time, you should instead consider a secured credit card with rewards you will actually use.</p> <p><strong>Foreign transaction fee.</strong> If you make foreign purchases, you will pay a fee of at least 2% of the transaction and as much as 3% if the transaction involves foreign currency. This is another fee that cancels out any rewards you earn with the card, and should be reconsidered if you frequently travel abroad. (See also: <a href="http://www.wisebread.com/5-best-secured-cards-with-low-or-no-foreign-transaction-fees?ref=review">Best Secured Cards with Low or No Foreign Transaction Fees</a>)</p> <h2>Who This Card Is Best For</h2> <p>The LANPASS Visa Secured Credit Card is best for card holders who are in the process of building or rebuilding credit, and frequently fly with LATAM Airlines Group. It is also best for those who can pay balances in full each month to avoid the high APR, and can take advantage of the sign-up bonus, rewards program, and annual discount, in order to help offset the card fees.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/christina-majaski">Christina Majaski</a> of <a href="http://www.wisebread.com/lanpass-visa-secured-credit-card-review">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-7"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/lifemiles-visa-secured-credit-card-earn-miles-as-you-rebuild-your-credit">LifeMiles Visa Secured Credit Card: Earn Miles as You Rebuild Your Credit</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/aeromexico-visa-secured-card-rebuild-your-credit-while-you-travel">AeroMexico Visa Secured Card: Rebuild Your Credit While You Travel</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/for-riders-only-harley-davidson-visa-secured-card">For Riders Only: Harley-Davidson Visa Secured Card</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/skypass-visa-secured-credit-card-review">SKYPASS Visa Secured Credit Card Review</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/capital-one-secured-mastercard-the-best-option-for-repairing-your-credit">Capital One® Secured MasterCard®: The Best Option for Repairing Your Credit</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Credit Cards building credit credit card reviews lanpass secured cards u.s. bank Thu, 27 Aug 2015 16:41:27 +0000 Christina Majaski 1539592 at http://www.wisebread.com 5 Best Secured Cards That Pay Interest on Your Deposit http://www.wisebread.com/5-best-secured-cards-that-pay-interest-on-your-deposit <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/5-best-secured-cards-that-pay-interest-on-your-deposit" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/000020950165.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Although <a href="http://www.wisebread.com/a-secured-credit-card-can-repair-your-credit-score-heres-how-to-pick-the-best">secured credit cards</a> provide an opportunity for those with less than stellar credit to carry a credit card while repairing credit, it doesn't come without a price. Not only are secured credit cards notorious for high fees and high APRs, they require a security deposit that is held while the account is open in case you default on the balance or don't make your payments.</p> <p>Most of the time, this security deposit is held and returned when you close the account less any fees or outstanding balances. There are secured cards, however, which hold the deposit in savings accounts or CDs, allowing you to earn a little bit extra while the deposit is held. While the interest you earn isn't enough to make you rich, it can add up especially if you deposit a large amount, which also results in a higher credit limit on your card. Here are the 5 best secured credit cards which pay interest on your deposit. (See also: <a href="http://www.wisebread.com/the-5-best-secured-credit-cards?ref=seealso">Best Secured Cards that Rebuild Credit</a>)</p> <h2>USAA Secured Card Platinum Visa</h2> <p><a href="http://ct.wisebread.com/click.php?pg=10&amp;pid=91&amp;pp=1&amp;uv=xcard&amp;fot=1258" title="USAA Secured Card&reg; Platinum Visa&reg;" alt="USAA Secured Card&reg; Platinum Visa&reg;" rel="nofollow" target="_blank"><img width="154" border="0" height="97" src="http://www.imgsynergy.com/191x120/usaa-secured-card-platinum-visa-062915.png" style="float:right;margin:0 10px;" class="img-exempt" alt="" /></a>Your security deposit with the <a href="http://ct.wisebread.com/click.php?pg=10&amp;pid=91&amp;pp=1&amp;uv=xname&amp;fot=1258">USAA Secured Card&reg; Platinum Visa</a> is held in a two-year CD which currently earns a variable rate of 0.54% annual percentage yield. You can deposit at least $250 up to a maximum of $5,000. The USAA secured cards are known for being the top rated secured cards for service members, providing a number of benefits to those in the military. It also no longer has a foreign transaction fee, so is ideal for travelers, and a variable APR starting at just 10.15%. The annual fee is $35.</p> <p><a href="http://ct.wisebread.com/click.php?pg=10&amp;pid=91&amp;pp=1&amp;uv=xend&amp;fot=1258" rel="nofollow" target="_blank"><strong>Click here to learn more and apply for the USAA Secured Card&reg; Platinum Visa today!</strong></a></p> <h2>primor&reg; Secured Visa Classic Card</h2> <p><a href="http://ct.wisebread.com/click.php?pg=10&amp;pid=68&amp;pp=2&amp;uv=xcard&amp;fot=1258" title="primor&reg; Secured Visa Classic Card" alt="primor&reg; Secured Visa Classic Card" rel="nofollow" target="_blank"><img width="154" border="0" height="97" src="http://www.imgsynergy.com/191x120/primor-62314.png" style="float:right;margin:0 10px;" class="img-exempt" alt="" /></a>primor offers two secured credit cards, the <a href="http://ct.wisebread.com/click.php?pg=10&amp;pid=68&amp;pp=2&amp;uv=xname&amp;fot=1258">Visa Classic</a> and <a href="http://www.wisebread.com/first-choice-bank-primor-secured-visa-gold-card-review">Visa Gold</a>. Both cards require a security deposit of at least $200, which is held in a savings account that earns interest while it is held. While both cards allow you to earn interest on the security deposit, the difference between the gold and classic is based on whether you prefer a higher APR and lower annual fee, or higher annual fee and lower APR. This is important to consider if you consistently carry balances from week to week rather than pay them in full each month.</p> <p><a href="http://ct.wisebread.com/click.php?pg=10&amp;pid=68&amp;pp=2&amp;uv=xend&amp;fot=1258" rel="nofollow" target="_blank"><strong>Click here to learn more and apply for the primor&reg; Secured Visa Classic Card today!</strong></a></p> <h2>Excent&trade; Secured Credit Card</h2> <p><a href="http://ct.wisebread.com/click.php?pg=10&amp;pid=125&amp;pp=3&amp;uv=xcard" title="Excent&trade; Secured Credit Card" alt="Excent&trade; Secured Credit Card" rel="nofollow" target="_blank"><img width="154" border="0" height="97" src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/gold-card.png" style="float:right;margin:0 10px;" class="img-exempt" alt="" /></a>Although not as popular as some of the other secured credit cards on the market, the <a href="http://ct.wisebread.com/click.php?pg=10&amp;pid=125&amp;pp=3&amp;uv=xname" rel="nofollow" target="_blank">Excent&trade; Secured Credit Card</a> is great for building or rebuilding credit. It also allows you to earn interest on your deposit of at least $200, which is held in an account until you close the account. You can increase the deposit in increments of $50 up to a maximum of $5,000, but you cannot withdraw from the account until it's closed. The annual fee is $49 for the Gold version, which has a purchase APR of 9.99% &mdash; one of the lowest APRs available with a secured credit card.</p> <p><a href="http://ct.wisebread.com/click.php?pg=10&amp;pid=125&amp;pp=3&amp;uv=xend" rel="nofollow" target="_blank"><strong>Click here to learn more and apply for the Excent&trade; Secured Credit Card today!</strong></a></p> <h2>U.S. Bank Secured Visa Card</h2> <p>When you make your security deposit for the <a href="http://www.wisebread.com/us-bank-secured-visa-credit-card-review">U.S. Bank Secured Visa Card</a>, it is used to open a savings account with U.S. Bank. The deposit is held in the account while the secured card is open and earns interest. When you close the card account, you can receive a refund of the security deposit plus the interest earned, or you can keep the savings account open.</p> <p>The U.S. Bank Secured Visa card requires a deposit of at least $300 and can be increased with additional deposits up to a total of $5,000. Another benefit to the deposit being held in a savings account is that after 12 months, your account is evaluated and you could qualify for an unsecured credit card, which would not require the deposit held in the savings account. The annual fee is $29.</p> <h2>SDFCU Savings Secured Visa Platinum</h2> <p>The secured credit card provided by the State Department Federal Credit Union also allows you to earn interest on your security deposit while it is held in a savings account for the duration of the account. The <a href="http://www.wisebread.com/sdfcu-savings-secured-visa-platinum-credit-card-review">SDFCU Savings Secured Visa Platinum</a> does not require any credit checks or income verification, but you do need to be a member of the credit union in order to qualify.</p> <p>The SDFCU Savings Secured Visa Platinum is among the cards with the fewest fees &ndash; no annual fee, balance transfer fee, or foreign transaction fee, plus you could qualify for an APR as low as 6.99%. Another noteworthy feature of the card is the rewards program which awards a point for every dollar spent with the card.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/christina-majaski">Christina Majaski</a> of <a href="http://www.wisebread.com/5-best-secured-cards-that-pay-interest-on-your-deposit">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-8"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-secured-credit-cards-with-low-aprs">5 Best Secured Credit Cards with Low APRs</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-secured-credit-cards-that-don-t-require-credit-checks">5 Best Secured Credit Cards that Don’t Require Credit Checks</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-secured-credit-cards-with-low-minimum-deposit">5 Best Secured Credit Cards with Low Minimum Deposit</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-secured-cards-with-low-or-no-foreign-transaction-fees">5 Best Secured Cards with Low or No Foreign Transaction Fees</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-secured-cards-with-no-annual-fee">5 Best Secured Cards with No Annual Fee</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Credit Cards best credit cards building credit secured cards Sat, 01 Aug 2015 05:09:15 +0000 Christina Majaski 1507430 at http://www.wisebread.com 5 Best Secured Cards with Rewards http://www.wisebread.com/5-best-secured-cards-with-rewards <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/5-best-secured-cards-with-rewards" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/000036249048.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>The best rewards programs are often reserved for top tier credit cards that sometimes require &quot;excellent&quot; credit ratings. If you are in the process of building or rebuilding your credit with a <a href="http://www.wisebread.com/what-are-secured-credit-cards">secured credit card</a>, there are very few available that offer any kind of reward for using the card. (See also: <a href="http://www.wisebread.com/5-best-secured-cards-with-travel-rewards?ref=seealso">Best Secured Cards that Offer Travel Rewards</a>)</p> <p>To get the most value out of any rewards card, you should pay your balances in full each month rather than carry them from one month to the next, in order to avoid paying interest. Secured credit cards, especially, carry higher than normal annual percentage rates, which can cancel out any rewards earned with your card.</p> <p>Here are the best secured cards with rewards, which not only allow you to build a good credit rating, but provide either points, miles, or cash back for your purchases. (See also: <a href="http://www.wisebread.com/the-5-best-secured-credit-cards?ref=seealso">5 Best Secured Cards</a>)</p> <h2>Discover it&reg; Secured Credit Card - No Annual Fee</h2> <p><a href="http://ct.wisebread.com/click.php?pg=16&amp;pid=95&amp;pp=1&amp;uv=xcard&amp;fot=1303"><img width="154" border="0" height="97" src="http://www.imgsynergy.com/191x120/discover-it-secured-credit-card-020116.png" class="img-exempt" style="float:right;margin:0 10px;" alt="" /></a>The <a href="http://ct.wisebread.com/click.php?pg=16&amp;pid=95&amp;pp=1&amp;uv=xname&amp;fot=1303">Discover it&reg; Secured Credit Card - No Annual Fee</a> awards 2% cash back at restaurants and gas stations, up to $1,000 in combined purchases each quarter. All other purchases are awarded 1% cash back. Plus, for new cardmembers, Discover matches all the cash back you've earned at the end of your first year.&nbsp;Cash back can be redeemed as gift cards with popular retailers, available at $20, or statement credit and direct deposit in $50 increments.</p> <p><strong><a href="http://ct.wisebread.com/click.php?pg=16&amp;pid=95&amp;pp=1&amp;uv=xend&amp;fot=1303">Click here to learn more and apply for the Discover it&reg; Secured Credit Card - No Annual Fee today!</a></strong></p> <h2>AeroMexico Visa Secured Card</h2> <p>U.S. Bank offers several <a href="http://www.wisebread.com/5-best-secured-cards-with-travel-rewards">secured cards with travel rewards</a>. The AeroMexico Visa Secured Card offers double miles on gas and groceries, and one mile on other purchases. Get 5,000 bonus miles when you use your card the first time and get a $99 companion certificate every year. Miles can be redeemed for flights on AeroMexico or with SkyTeam member airlines such as Delta, Air France, and Korean Air.</p> <h2>SunTrust Secured Credit Card with Cash Rewards</h2> <p>The <a href="http://www.wisebread.com/suntrust-secured-credit-card-with-cash-rewards-review">SunTrust Secured Card with Cash Rewards</a> awards 2% cash back on gas and grocery store purchases up to the first $6,000 spent per year, and 1% cash back on all other purchases. You can earn an unlimited amount of cash back in the 1% category and the 2% category resets each calendar year. Cash rewards do not expire and can be redeemed at $25 for either a statement credit or check.</p> <p>An additional perk of the SunTrust card's rewards program is if you elect to have your cash back deposited into a SunTrust checking, savings, or money market account, you receive an additional 10% cash back on your rewards.</p> <h2>SDFCU Savings Secured Visa Platinum</h2> <p>The <a href="http://www.wisebread.com/sdfcu-savings-secured-visa-platinum-credit-card-review">SDFCU Savings Secured Visa Platinum</a> awards one point for every dollar spent with the card, plus opportunities to earn extra points when you pay bills through Bill Pay or make purchases through the Perks Points Mall. The points earned with the card can be redeemed in various ways including gift cards, merchandise, and travel. For example, you can redeem 12,500 points for a $100 gift card with popular retailers.</p> <h2>Navy Federal Credit Union nRewards Secured Card</h2> <p>The <a href="http://www.wisebread.com/a-secured-card-with-rewards-navy-federal-credit-union-nrewards-secured-card">Navy Federal Credit Union Secured Card</a> awards one point for each dollar spent with the card. You can redeem your points at a minimum of 1,000 points, for travel certificates, gift cards, and merchandise. For instance, a $75 Navy Federal Visa Awards card is available for 7,500 points. You can earn an unlimited number of points with the Navy FCU nRewards Secured Card, but points expire in four years.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/christina-majaski">Christina Majaski</a> of <a href="http://www.wisebread.com/5-best-secured-cards-with-rewards">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-8"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-secured-credit-cards-with-low-aprs">5 Best Secured Credit Cards with Low APRs</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-secured-credit-cards-that-don-t-require-credit-checks">5 Best Secured Credit Cards that Don’t Require Credit Checks</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-secured-credit-cards-with-low-minimum-deposit">5 Best Secured Credit Cards with Low Minimum Deposit</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-secured-cards-with-low-or-no-foreign-transaction-fees">5 Best Secured Cards with Low or No Foreign Transaction Fees</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-secured-cards-with-no-annual-fee">5 Best Secured Cards with No Annual Fee</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Credit Cards best credit cards building credit secured cards Sat, 01 Aug 2015 04:25:55 +0000 Christina Majaski 1507330 at http://www.wisebread.com U.S. Bank Secured Visa Credit Card Review http://www.wisebread.com/us-bank-secured-visa-credit-card-review <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/us-bank-secured-visa-credit-card-review" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/000047595258.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="141" /></a> </div> </div> </div> <p>As the fifth largest bank in the United States, U.S. Bank offers a wide variety of financial products, including a large selection of secured credit cards. Secured card options range from cards that award airline miles with <a href="http://www.wisebread.com/aeromexico-visa-secured-card-rebuild-your-credit-while-you-travel?ref=internal">AeroMexico</a> to points that can be redeemed for <a href="http://www.wisebread.com/for-riders-only-harley-davidson-visa-secured-card?ref=internal">Harley-Davidson</a> merchandise. (See also: <a href="http://www.wisebread.com/the-5-best-secured-credit-cards?ref=review">5 Best Secured Cards</a>)</p> <p>If you just prefer a standard secured credit card for making purchases that also <a href="http://www.wisebread.com/a-secured-credit-card-can-repair-your-credit-score-heres-how-to-pick-the-best?ref=internal">helps you rebuild a credit rating</a>, the U.S. Bank Secured Visa Card is a solid option.</p> <h2>Why We Like This Card</h2> <ul> <li>Security deposit earns interest</li> <li>Qualify for an unsecured card after 12 months</li> </ul> <h2>How This Card Works</h2> <p>When you are approved, you can send in your security deposit online using a checking or savings account or mail it with a cashier&rsquo;s check or money order. The security deposit can be $300 to $5,000, which is held in a savings account that earns interest for the duration of the account. You receive a credit card with a limit in the amount of your security deposit, but you can add to the limit by sending additional deposits. Your account activity is reported to the three major credit bureaus and through responsible management of your account, you can increase your credit rating. After 12 months, you could be moved to an unsecured credit card with U.S. Bank.</p> <h2>Other Benefits</h2> <p><strong>Auto rental insurance.</strong> If you use your card for car rentals, you can decline the rental company&rsquo;s collision damage waiver option. The card covers damage due to collision or theft.</p> <h2>Costs</h2> <ul> <li>$29 Annual Fee</li> <li>19.24 APR (purchases and balance transfers)</li> <li>3% Balance Transfer Fee</li> <li>3% Foreign Transaction Fee</li> </ul> <h2>Pros</h2> <p><strong>Competitive annual fee. </strong>The annual fee is competitive when compared to other secured credit cards. Most secured credit cards charge an annual fee of approximately $25 per year, but this fee can be as much as $50 per year depending on the card issuer.</p> <p><strong>Lower APR.</strong> It&rsquo;s difficult to avoid the high APRs associated with secured credit cards and although the APR of 19.24% is by no means considered a &ldquo;low&rdquo; APR, it is actually lower than it once was at 20.99%, and competitive when compared to other secured options. APRs with secured cards can be as high as 25%, which can quickly snowball into huge amounts of debt if you consistently carry a balance from month to month. If you&rsquo;re looking for a secured card with a low APR, you might want to consider the <a href="http://www.wisebread.com/first-choice-bank-primor-secured-visa-gold-card-review?ref=internal">primor Secured Visa Gold</a> with a 9.99% APR or the <a href="http://www.wisebread.com/usaa-secured-card-american-express?ref=internal">USAA Secured Card American Express</a> with an APR that starts at 9.90.</p> <p><strong>Security deposit earns interest. </strong>Not all secured credit cards allow you to earn interest while your security deposit is being held. Usually, when you cancel the card or close the account, your deposit is returned to you in the exact amount you deposited (less any fees or outstanding balance). Other secured cards that offer interest on the security deposit is the <a href="http://www.wisebread.com/first-choice-bank-primor-secured-visa-classic-card-review?ref=internal">primor Secured Visa Classic</a> and the <a href="http://www.wisebread.com/usaa-secured-card-platinum-mastercard-review?ref=internal">USAA Secured Card Platinum Visa</a>.</p> <p><strong>Graduate to unsecured.</strong> If you manage your account responsibly by making your payments on time and staying within your credit limit, you not only build a positive credit rating, but you could qualify after 12 months to graduate to an unsecured credit card. This is not an option provided by all secured card issuers, which means after you have established a positive credit rating, you will have to reapply and find an unsecured credit card with a completely different card issuer. The <a href="http://www.wisebread.com/capital-one-secured-mastercard-the-best-option-for-repairing-your-credit?ref=internal">Capital One Secured MasterCard</a> also can be graduated to an unsecured card and it has no annual fee.</p> <h2>Cons</h2> <p><strong>No rewards</strong>. Secured credit cards aren&rsquo;t typically known for rewards programs, but if you prefer an opportunity to earn points or miles, you do have options with cards such as the <a href="http://www.wisebread.com/suntrust-secured-credit-card-with-cash-rewards-review?ref=internal">SunTrust Secured with Cash Rewards</a>. It is important, however, that you don&rsquo;t choose a card exclusively for its rewards program, as many secured cards carry much higher fees and APRs if they include rewards.</p> <p><strong>Foreign transaction fee.</strong> If you frequently travel abroad, be aware that purchases may cost an additional 3%. In order to save money on foreign purchases, it is best to use a <a href="http://www.wisebread.com/5-best-secured-cards-with-low-or-no-foreign-transaction-fees?ref=internal">secured card with a lower or no foreign transaction fee</a>. A good option is the <a href="http://www.wisebread.com/capital-one-secured-mastercard-the-best-option-for-repairing-your-credit?ref=internal">Capital One Secured MasterCard</a>.</p> <h2>Who This Card Is Best For</h2> <p>The U.S. Bank Secured Visa Credit Card is ideal for those who are just starting out and have no credit, or have had credit issues in the past and are on the path to repairing their credit. It is currently offering a lower APR and annual fee than it did previously, which along with the opportunity to graduate to an unsecured credit card and earn interest on your deposit, makes it highly competitive among other secured credit cards.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/christina-majaski">Christina Majaski</a> of <a href="http://www.wisebread.com/us-bank-secured-visa-credit-card-review">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-5-best-secured-credit-cards">The 5 Best Secured Credit Cards</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/lifemiles-visa-secured-credit-card-earn-miles-as-you-rebuild-your-credit">LifeMiles Visa Secured Credit Card: Earn Miles as You Rebuild Your Credit</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/lanpass-visa-secured-credit-card-review">LANPASS Visa Secured Credit Card Review</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/for-riders-only-harley-davidson-visa-secured-card">For Riders Only: Harley-Davidson Visa Secured Card</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/a-secured-card-with-rewards-navy-federal-credit-union-nrewards-secured-card">A Secured Card with Rewards: Navy Federal Credit Union nRewards® Secured Card</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Credit Cards building credit credit card review u.s. bank Sat, 01 Aug 2015 01:53:44 +0000 Christina Majaski 1506329 at http://www.wisebread.com 5 Best Secured Cards with Low or No Foreign Transaction Fees http://www.wisebread.com/5-best-secured-cards-with-low-or-no-foreign-transaction-fees <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/5-best-secured-cards-with-low-or-no-foreign-transaction-fees" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/000054017096.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="141" /></a> </div> </div> </div> <p>Because <a href="http://www.wisebread.com/a-secured-credit-card-can-repair-your-credit-score-heres-how-to-pick-the-best">secured credit cards</a> are often the last resort for people working on their credit, they don't always offer ideal options. Many secured credit cards are known for having lots of fees and extremely high APRs. Almost all secured cards have foreign transaction fees around 3%, which can become a burden for travelers who are also working on increasing their credit ratings. (See also: <a href="http://www.wisebread.com/5-best-secured-cards-with-travel-rewards?ref=seealso">Best Secured Card with Travel Rewards</a>)</p> <p>If you frequently travel abroad or need to use your card for foreign purchases, foreign transaction fees on your credit card are going to add up. For those who travel outside of the United States often, the foreign transaction fee for purchases is one of the most important fees to consider when choosing a credit card. Whether you are just starting out and building your credit, or <a href="http://www.wisebread.com/how-to-rebuild-your-credit-in-8-simple-steps">repairing past credit problems</a>, you can still save money with secured cards that, although rare, have either a low foreign transaction fee, or none at all. Here are the 5 best secured cards to use for foreign transactions.</p> <h2>Capital One&reg; Secured MasterCard&reg;</h2> <p><a href="http://ct.wisebread.com/click.php?pg=13&amp;pid=29&amp;pp=1&amp;uv=xcard"><img width="154" border="0" src="http://www.imgsynergy.com/191x120/capital-one-platinum-and-secured-071515.png" alt="" class="img-exempt" style="float:right;margin:0 10px;" /></a>The <a href="http://ct.wisebread.com/click.php?pg=13&amp;pid=29&amp;pp=1&amp;uv=xname">Capital One&reg; Secured MasterCard&reg;</a> is considered one of the best secured credit cards not only for those who want to improve their credit ratings, but for those who travel as well. It is one of only a few secured cards without a foreign transaction fee. Additionally, the card has no balance transfer fee and no annual fee.</p> <p>Other benefits of the card that travelers would appreciate include auto rental insurance, travel accident insurance, 24/7 travel assistance services, and 24/7 roadside assistance. Furthermore, while most secured cards require adding to the security deposit in order to increase your credit limit, you can qualify for higher credit limit by making your first 5 monthly payments on time without the need to add more funds to your deposit. This will allow you to have more freedom to spend while on the road.</p> <p><a href="http://ct.wisebread.com/click.php?pg=13&amp;pid=29&amp;pp=1&amp;uv=xend"><strong>Click here to learn more and apply for the Capital One&reg; Secured MasterCard&reg; today!</strong></a></p> <h2>Discover it&reg; Secured Credit Card - No Annual Fee</h2> <p><a href="http://ct.wisebread.com/click.php?pg=13&amp;pid=95&amp;pp=2&amp;uv=xcard&amp;fot=1259" rel="nofollow" target="_blank"><img width="154" border="0" height="97" src="http://www.imgsynergy.com/191x120/discover-it-secured-credit-card-020116.png" alt="" style="float:right;margin:0 10px;" class="img-exempt" /></a>The <a href="http://ct.wisebread.com/click.php?pg=13&amp;pid=95&amp;pp=2&amp;uv=xname&amp;fot=1259" rel="nofollow" target="_blank">Discover it&reg; Secured Credit Card - No Annual Fee</a> provides numerous benefits usually not offered to secured card members. This secured card allows you to earn 2% cash back at restaurants and gas stations on up to $1,000 in combined purchases each quarter, and 1% cash back on all other purchases. Additionally, for new cardmembers, Discover will match all the cash back you've earned at the end of your first year. There is no foreign transaction fee and no annual fee.</p> <p><a href="http://ct.wisebread.com/click.php?pg=13&amp;pid=95&amp;pp=2&amp;uv=xend"><strong>Click here to learn more and apply for the Discover it&reg; Secured Credit Card - No Annual Fee today!</strong></a></p> <h2>USAA Secured Card&reg; Platinum Visa&reg;</h2> <p><a href="http://ct.wisebread.com/click.php?pg=13&amp;pid=91&amp;pp=3&amp;uv=xcard&amp;fot=1259" title="USAA Secured Card&reg; Platinum Visa&reg;" alt="USAA Secured Card&reg; Platinum Visa&reg;" rel="nofollow" target="_blank"><img width="154" border="0" height="97" src="http://www.imgsynergy.com/191x120/usaa-secured-card-platinum-visa-062915.png" style="float:right;margin:0 10px;" class="img-exempt" alt="" /></a>The <a href="http://ct.wisebread.com/click.php?pg=13&amp;pid=91&amp;pp=3&amp;uv=xname&amp;fot=1259">USAA Secured Card&reg; Platinum Visa&reg;</a> provides military personnel and their family members a low cost credit card to help rebuild credit. The annual fee is $35 and the variable APR can be as low as 10.15%. They've also removed their foreign transaction fee. Card benefits include rental car insurance, travel accident insurance as well as special military benefits. You must be a USAA member to apply for the card.</p> <p><a href="http://ct.wisebread.com/click.php?pg=13&amp;pid=91&amp;pp=3&amp;uv=xend&amp;fot=1259" target="_blank" rel="nofollow"><strong>Click here to learn more and apply for the USAA Secured Card&reg; Platinum Visa&reg; today!</strong></a></p> <h2>SDFCU Savings Secured Visa Platinum</h2> <p>Besides not having a foreign transaction fee, the <a href="http://www.wisebread.com/sdfcu-savings-secured-visa-platinum-credit-card-review">SDFCU Savings Secured Visa Platinum</a> card stands out from other secured cards for a number of reasons. There is no annual fee or balance transfer fee, plus you can qualify for an APR as low as 6.99%. Additionally, the card includes a rewards program for earning rewards when you use your card &mdash; all features which are extremely rare with secured credit cards.</p> <h2>Navy Federal Credit Union nRewards Secured Card</h2> <p>The <a href="http://www.wisebread.com/a-secured-card-with-rewards-navy-federal-credit-union-nrewards-secured-card">Navy FCU nRewards Secured Card</a> has no annual fee and no balance transfer fee, which depending on your circumstances, could make up for the 1% extra you are charged when you use your card for foreign purchases. Furthermore, you can qualify for an APR as low as 8.99%, and you earn a point for each dollar spent which can be redeemed for gift cards and merchandise. Like other credit unions, you do need to become a Navy FCU member in order to qualify for the credit card. There are, however, a number of ways to become a member including being a member of the U.S. Armed Forces.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/christina-majaski">Christina Majaski</a> of <a href="http://www.wisebread.com/5-best-secured-cards-with-low-or-no-foreign-transaction-fees">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-9"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-secured-credit-cards-with-low-aprs">5 Best Secured Credit Cards with Low APRs</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-secured-credit-cards-that-don-t-require-credit-checks">5 Best Secured Credit Cards that Don’t Require Credit Checks</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-secured-credit-cards-with-low-minimum-deposit">5 Best Secured Credit Cards with Low Minimum Deposit</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-secured-cards-with-no-annual-fee">5 Best Secured Cards with No Annual Fee</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-secured-cards-that-pay-interest-on-your-deposit">5 Best Secured Cards That Pay Interest on Your Deposit</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Credit Cards best credit cards building credit secured cards Sat, 01 Aug 2015 01:43:59 +0000 Christina Majaski 1506325 at http://www.wisebread.com 5 Best Secured Cards with Travel Rewards http://www.wisebread.com/5-best-secured-cards-with-travel-rewards <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/5-best-secured-cards-with-travel-rewards" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/000057953502.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>The primary purpose of <a href="http://www.wisebread.com/what-are-secured-credit-cards">secured credit cards</a> is to repair or establish a credit history that results in a better credit score. If you have less than stellar credit, it can be difficult qualifying for <a href="http://www.wisebread.com/top-5-travel-reward-credit-cards">good travel rewards credit cards</a> &mdash; many of which require an &quot;excellent&quot; credit rating, but there are secured cards which offer travelers a little more than other cards on the market. (See also: <a href="http://www.wisebread.com/the-5-best-secured-credit-cards?ref=seealso">5 Best Secured Cards</a>)</p> <p>Travelers often look for perks and benefits from credit cards that enhance their travel experience, provide awards for purchases made with the card, or just allow them to <a href="http://www.wisebread.com/5-best-secured-cards-with-low-or-no-foreign-transaction-fees">save a little money in foreign transaction fees</a>. Whether road tripping across the country or traveling overseas, there could be a number of reasons you need to travel, and poor or no credit shouldn't mean missing out on rewards and savings. If you need a good secured card that meets your traveling needs, consider these.</p> <h2>AeroMexico Visa Secured Card</h2> <p>U.S. Bank offers several co-branded airlines secured cards that allow you to earn miles. If you like to travel with AeroMexico, the <a href="http://www.wisebread.com/aeromexico-visa-secured-card-rebuild-your-credit-while-you-travel">AeroMexico Visa Secured</a> card provides a great opportunity to earn miles for your purchases while establishing or repairing your credit. Earn two miles for each dollar you spend on gas and grocery store purchases, and one mile for each dollar spent on all other purchases. Redeem your miles for AeroMexico flights, or with SkyTeam airlines such as Delta, Air France and Korea Air. You also get a free checked bag, travel accident insurance, and a companion certificate each year. The annual fee is $25, waived for the first year, and the APR for purchases and balance transfers is 23.24%.</p> <h2>LANPASS Visa Secured Card</h2> <p>Another offering from U.S. Bank is the <a href="http://www.wisebread.com/lanpass-visa-secured-credit-card-review">LANPASS Visa Secured Card</a>, which offers 1 mile for every dollar you spend, with no caps on miles and a 5,000 mile bonus when you make your first purchase. There is also a 10% discount on your first LAN purchase each year. The APR for purchases and balance transfers is 23.24% and the annual fee is $0 for the first year and $25 after that.&nbsp;</p> <h2>Korea Air SKYPASS Visa Secured Card</h2> <p>The <a href="http://www.wisebread.com/skypass-visa-secured-credit-card-review">SKYPASS Visa Secured Card</a> allows you to earn 1 mile for every $1 spent on purchases, with 5,000 bonus miles after your first purchase. Additionally, you get 1,000 bonus miles at renewal each year. Miles can be redeemed for flights and upgrades on Korean Air and SkyTeam partners. Other benefits include travel accident insurance, EMV chip technology, auto rental insurance, and travel &amp; emergency assistance. The APR for purchases and balance transfers is 16.49% and the annual fee is $50.</p> <h2>Best Western Rewards Secured Card</h2> <p>The only secured card that offers rewards on hotel stays, the Best Western Rewards Secured MasterCard offers 3x points for each dollar spent at Best Western and 1 point for each dollar spent elsewhere. There is no limit to the number of points you can earn. Get 5,000 bonus points for your first purchase. Points are redeemable for Best Western stays and upgrades. There is a $40 annual fee for this card, and the APR for purchases and balance transfers is 20.99%.</p> <h2>SunTrust Secured Credit Card with Cash Rewards</h2> <p>The <a href="http://www.wisebread.com/suntrust-secured-credit-card-with-cash-rewards-review">SunTrust Secured Card</a> isn&rsquo;t normally considered a travel rewards credit card. If, however, you find yourself on the road often, it is one of the rare secured cards that allow you to earn cash rewards on your gas purchases. You can receive 2% cash back on the first $6,000 spent yearly on gas and grocery store purchases, and 1% cash back on all other purchases.</p> <p>As an additional bonus, if you have a SunTrust checking, savings, or money market account, you receive a 10% bonus on the cash back deposited. This can add up to a significant savings on gas if your traveling involves filling up at the pump. The card is also chip-enabled, which is convenient when traveling, and provides additional travel benefits such as travel accident insurance up to $250,000. The annual fee is $32.</p> <h2>Avianca LifeMiles Visa Secured Card</h2> <p>The <a href="http://www.wisebread.com/lifemiles-visa-secured-credit-card-earn-miles-as-you-rebuild-your-credit">LifeMiles Visa Secured Card</a> earns one mile for every dollar you spend, with a 5,000 miles bonus after your first card use. Additional benefits include 15% baggage fee redemption discount and travel accident insurance. Redeem miles for Avianca flights. The APR for purchases and balance transfers if 23.24%. The annual fee is $25, waived for the first year.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/christina-majaski">Christina Majaski</a> of <a href="http://www.wisebread.com/5-best-secured-cards-with-travel-rewards">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-8"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-secured-credit-cards-with-low-aprs">5 Best Secured Credit Cards with Low APRs</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-secured-credit-cards-that-don-t-require-credit-checks">5 Best Secured Credit Cards that Don’t Require Credit Checks</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-secured-credit-cards-with-low-minimum-deposit">5 Best Secured Credit Cards with Low Minimum Deposit</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-secured-cards-with-low-or-no-foreign-transaction-fees">5 Best Secured Cards with Low or No Foreign Transaction Fees</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-secured-cards-with-no-annual-fee">5 Best Secured Cards with No Annual Fee</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Credit Cards Travel best credit cards building credit secured cards Sat, 01 Aug 2015 01:39:28 +0000 Christina Majaski 1504328 at http://www.wisebread.com