...not true at all.

As a former bank employee, I can tell you that a secured card is absolutely the best way to build your credit. Our bankers recommended them all the time. Once an individual is approved for an unsecured line, s/he can pay off the balance of the secured card and get their deposit back.

Capital One has the best secured card product. That’s what I used to rebuild my credit. You can apply online and they’ll give you $150 above your deposit as your credit line.

This post was edited on 8/12/19 at 9:24 pm

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Posted by NATidefan

Two hours North of Birmingham

Member since Dec 2008

36140 posts

Posted on 8/13/19 at 1:48 am to bluestem75

A secured card should only be your route if you have bad credit. If you have no credit you are probably considered to basically have around a 600-630 credit score.

If you have no credit history you can get a capital one (platinum) card. That has no annual fee or deposit required.

If you are a student, like the OP, there are other much better options like the discover student card that actually gives you cash back.

This post was edited on 8/13/19 at 1:51 am

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Posted by iAmBatman

The Batcave

Member since Mar 2011

12382 posts

Posted on 8/13/19 at 12:46 pm to bluestem75

quote:
As a former bank employee, I can tell you that a secured card is absolutely the best way to build your credit. Our bankers recommended them all the time.

So the people making money off these things think they're a great product

Seems totally above board.

quote:
You can apply online and they’ll give you $150 above your deposit as your credit line.

So you're basically loaning someone $150? And I suppose the "deposit" you pay to set up the card is never refunded? So someone pays you $500 for the ability to borrow $150? Yeah I can see why your "bankers" recommend them all the time.

Sounds more like fricking robbery to me