Question:
I lost my job and wasn’t able to find a new one for nearly a year. Because of that I racked up a lot of credit card debt that I couldn’t pay, my credit score is in the low 500’s now and I want to start building it up again. My plan is to get a secured credit card and make all of my payments on time. What’s the best secured credit card for rebuilding credit? Tracy – Michigan
Answer:
Thanks for the question, Tracy. When you’re looking for secured credit cards you should be looking for a card that has a low annual fee and doesn’t require a large security deposit (this keeps more of your crash free for emergencies). There are six cards with no annual fees in the first year and three of those have no annual fees ever.
Of the three that don’t have an annual fee at all, only one of them is available to the general public (one requires you to be a member of DCU and the other requires you to be an active or ex military member). It has a high APR of 22.99%, but you should be paying your card balance in full every month so this should not be an issue. The name of this card is Harley-Davidson® Visa® Secured Card and ranks as our #1 secured credit card.Â
[Read: Secured credit cards compared]
