The best secured credit cards with no credit checks from Eastwood Bank? You upgrade. As your credit moves from bad to average to good, you’ll be in a position to qualify for better cards: Some issuers automatically review your account for potential upgrade to an unsecured card. For example, Discover does this with the Discover it® Secured after eight months. Navy Federal Credit Union starts automatic reviews after six months when you have the Navy Federal Credit Union® nRewards® Secured Credit Card. When your issuer moves you to an unsecured card, you get your deposit back. With other issuers, you may have to specifically request an upgrade. That might mean converting your secured account to unsecured or closing your secured card and opening a new unsecured account. Either way, you get your deposit back.

Get the most value from OpenSky Secured Visa Credit Card? OpenSky’s secured credit card offers a lot of flexibility for funding an account, which makes it a great option for those who have thin or less-than-optimal credit files. You can choose from using a debit card, writing a check, or for the unbanked, a Western Union transfer or mailing in a money order. Get the most value from it by using it responsibly. That means paying your balances in full each month so you don’t accrue interest, making payments on time and monitoring your credit score periodically to track your progress.

Like other secured credit cards for people building or rebuilding credit, the Discover it® Secured requires a cash security deposit. Unlike most others, it offers rewards. But what really makes it stand out from the competition is its upgrade possibilities. The issuer has a process in place for automatically reviewing accounts for possible transition to an unsecured card. The Capital One® Secured Mastercard® requires a security deposit, as do all secured credit cards. But while most cards require you to put down a deposit equal to your credit line, this one allows some qualifying applicants to get a $200 credit line with a deposit of $49 or $99. Further, if you make your first five payments on time, you might get access to a higher credit line with no additional deposit.

The Wells Fargo Business Secured Credit Card is our pick for best business secured card, which is an obvious choice since it appears to be the only secured business card in the market. It offers the flexibility of earning cash back or points rewards and the ability to have a credit line up to $25,000. The Wells Fargo Business Secured Card is ideal for small business owners needing to build their business credit or have experienced business credit challenges in the past.

What Are The Advantages Of Secured Credit Cards? In the vast majority of cases, you will be able to obtain a credit card without a credit check. So your previous financial history is of no concern; if you are able to make the deposit, then you will be able to obtain a card. This card will work exactly as a standard credit card would. You will also be able to build your credit history and potentially improve your credit score, with a secured card. What Are The Disadvantages of Secured Credit Cards? The APR on secured credit cards is often high. If you’re going to use one, then it’s imperative you try to clear your balance in full every month. Discover extra info at More @ www.eastwoodbank.com.