For those struggling with poor or nonexistent credit, there is still hope. And that is through secured credit cards which seems to be a feasible option.

So what is it exactly? It is a credit card secured by a deposit ranging anywhere from 10% to 100%. Or, even more. Considering that one of the dangers of secured credit cards is the higher interest rates often associated with them, it is only understandable and fair for banks to charge a higher APR when a consumer has poor credit.

Think of this as a risk on their part.

On your part though, you should only apply for a secured credit card with the intention of using it as a tool to improve your credit score. If you have bad credit, this is definitely one good option to consider to be able to rebuild your credit.

While it is not always a convenient option since it requires you to deposit your own money into the escrow account, you won’t be able to find any other good option to help clear out your bad credit.

There are many list of secured credit card applications online. You can find them at Extra Credit Cards and if you are one of those who need a secured credit card, you should take this opportunity to browse through the various listings.

The portal is free to use.