5 Best Credit Cards for Rebuilding Credit in Atlanta

According to a recent Atlanta Business Chronicle article, credit card activity has lately shown that consumer confidence in the economy is rising. As William Johnson, CEO of the Atlanta-based Citi Regional Services, a white label or private label credit card provider to retailers, told the Chronicle:

“It appears that as consumer confidence has risen, their spending has risen. When things happen like the sequestration you will see a pullback in the spend but it has recovered since then. Early indications are that the spend is going to rise with consumer confidence. We are optimistic about consumer spending.”

But along with that confidence comes an influx of consumers applying for cards — ones that they might not be qualified for. For Atlanta residents who need to build or rebuild their credit, there are several options available.

We’ve found the five best secured credit cards available in the Atlanta region to help repair credit.

1. USAA Secured American Express or MasterCard

If you are a veteran, or a direct family member or spouse of a veteran, consider the USAA Secured Credit Card, which carries the rare combination of both a low annual fee and an extremely low variable APR.

USAA has established an interest-bearing two-year certificate of deposit to hold the card’s security deposit. Members are able to make additional deposits to the CD as well as request a credit limit increase.

Notable USAA Secured Credit Card features:

  • Annual fee
  • Variable APR
  • Credit limit of $250 to $5,000
  • Security deposit held in USAA CD

2. Capital One Secured MasterCard

Capital One offers its secured MasterCard for just a nominal $29 annual fee. The flip side is the card has a relatively high variable APR, which could be counterproductive if you’re trying to rebuild your credit, particularly if you’re carrying a balance. It’s recommended that you pay off the balance in full every month. The security deposit is held in a collateral account that does not earn interest.

Notable Capital One Secured MasterCard features:

  • $29 annual fee
  • Variable APR of 22.9% on purchases
  • Your security deposit can get you a line of credit up to $3,000

3. First Progress Platinum Prestige MasterCard

First Progress offers three secured credit cards with no minimum credit score requirement. Because of its low variable of 11.99%, the secured First Progress Platinum Prestige MasterCard was selected even though it comes with an annual fee of $44. The low APR is an incentive if a balance will be kept on the card. The security deposit is held in a non-interest-bearing account.

Notable First Progress Platinum Prestige MasterCard features:

  • $44 annual fee
  • Variable APR of 11.99%
  • Credit limit of $300 to $5,000

4. First Progress Platinum Elite MasterCard

With a 19.99% APR, the secured First Progress Platinum Elite MasterCard is pretty steep. Nonetheless, it does have a low annual fee of $29 despite its APR. In short, those who don’t expect to carry balances on this card can benefit from it. Security deposits are held in a non-interest-bearing account.

Notable First Progress Platinum Elite MasterCard eatures:

  • $29 annual fee
  • Variable APR of 19.99%
  • Credit limit of $300 to $5,000

5. Wells Fargo Secured Visa Card

The Wells Fargo Secured Visa Card offers a large credit limit, which makes it a very good option toward repairing your credit, with a low annual fee of $25 and a credit limit as high as $10,000. But, as always, there’s a catch, which with this card is the extremely high 18.99% APR.

The security deposit is placed in a simple, non-interest-bearing collateral account. While Wells Fargo periodically reviews secured credit card accounts to determine whether cardmembers are eligible for unsecured credit cards, the card is available only by applying at a Wells Fargo branch.

Notable Wells Fargo Secured Visa Card features:

  • $25 annual fee
  • Variable APR of 18.99%
  • Credit limit of $300 to $10,000