I have been looking into some secured cards and with so many out there I have no idea who is legit and who is not. I just received an offer from Sterling Bank which seems good. Resonable rate, 25 day grace period and 120% of the balance. They also claim to process it quickly. Does anyone have any track experience with this company? I also received a letter from Direct Merchants Bank.... I am waiting from Providian and FCNB to come in the mail as well. Is sterling ok, if not who should I look at (I am looking to get 2 cards). Thanks.
If you are in a credit union, check it first. You probably won't get more than your security deposit for a credit limit, but the rates should be better and there might not be an annual fee. My credit union will issue a fully secured Visa without pulling a credit report. It has no annual fee, a 11.2% interest rate and reports to all 3 CRAs. I also have a FCNB MasterCard, which is pretty good as well (though there is an annual fee and a higher interest rate). You can get up to 300% credit limit on your deposit. My card reports promptly and does not report as secured. Payments also post quickly.
dont forget capitalone, they have $49 for $400 and $99 for $500 . I got the $99 for $500 limit, after a years its at 1100 limit, plus i have a gold unsecured for $600 limit. They are stingy, but have both great customer support, and excellent online access.
Also.... The Capital One $99 for $XXX offer isn't the only offer!!! They also have the $199 for $200 limit offer (which I got!).
Re: Also.... Capital One, First Consumers National Bank, Sterling Bank are legit secured card issuers.
