As you search for cards to rebuild your credit, it's important to find one that helps your increase your FICO score. Secured cards like the Applied Bank Card, Public Savings Bank, or the New Millennium Bank Platinum can be used to establish a positive payment history. These cards functions just like any normal card. They report your payments to the three major bureaus so you can rebuild your score. These cards can also be used for car rentals, travel, online purchases, and works great for students looking to establish their credit. Let's compare the unique features of each card:
Applied Bank Card
This card has a minimum deposit of $ 200 to open an account, but you can deposit a maximum of $ 5,000. Your initial card limit is equal to the amount you deposit but over time, you'll have the opportunity to increase your limit with special promotional programs. This card does not pay any interest on your deposit, but your deposit is FDIC insured. The annual fee for this card is $ 50. When your card is first set up, they'll bill the annual fee to your account so be aware that your initial credit line will be decreased by $ 50. If you sign up for any optional benefits such as Applied Advantage, your credit line will also be reduced accordingly. Account related fees continue to accrue on this card, even if you're over the limit.
There is no grace period for purchases and the minimum finance charge assessed is $ 0.50. This card features a low fixed APR of only 9.99%. Finance charges are computed using the Average Daily Balance, even for new purchases. Another important feature to know is your annual APR won't increase, even if you're late.
Public Savings Bank Visa Card
To open an account, you can deposit as little as $ 300 to as much as $ 1,500. The lifetime deposit limit of this card is $ 10,000. For deposit balances between $ 5,000-10,000, your account limit is 90% of the deposit amount.
New purchases incur a 0% introductory APR for the first 6 months. After the introductory period, your APR changes to 7.99% + Prime Rate. As the Prime Rate changes your APR changes. This card offers you a 25 day grace period for new purchases. If you pay your balance off each month, you won't incur interest charges. There is a minimum monthly finance charge of $ 10 or 2% of the total balance on the card, whichever is higher. This card has no annual fee, but you do have to pay a one time setup fee of $ 79.
New Millennium Bank Platinum Card
Your minimum deposit to open an account is $ 300. Maximum deposit is up to $ 5,000. As you make responsible payments, you'll have the ability to increase your limit by depositing more money. Your account limit is equal to the balance you deposit.
This card features a fixed APR of 19.5% for purchases and cash advances. The Average Daily Balance method is used to calculate finance charges, including new purchases and cash advances. The minimum finance charge is $ .50 / month. This NMB card features an annual fee of $ 59. When you first apply, you'll have to cover a $ 99.95 processing fee for one card or $ 129.95 for both Visa and Mastercard.
One feature you need to be aware of is there is no grace period for new purchases or cash advances so finance charges accrue immediately.