5 Best Credit Cards for Rebuilding Credit in Austin

Did you resolve to get your financial situation under control this year? You are in luck. Whether you want to repair bad credit or raise your credit score to improve your purchasing power, then we have five Austin credit cards that will help you do that.

5 Austin Credit Cards That Will Improve Your Credit

Bank of Texas Secure Visa Card

For those who need to improve their credit history, the Secure Visa Card from Bank of Texas is a great option. To qualify for this credit card, you must open a savings account with the Bank of Texas. This account will act as security measure for your credit card account. A minimum security deposit of $300 is required, with $5000 being the maximum. Retailers and merchants will not know that your card is secured when you make purchases. The annual fee is $35, which is average among secured credit cards. At 20.99% APR, you will want to use this card wisely and pay it off each month if possible. One benefit of this card is that you will be able to earn interest on your savings account while establishing credit.

Capital One Secured Mastercard

The Capital One Secured Mastercard is flexible in terms of your line of credit, which is based off of your refundable security deposit.The minimum deposit of $49 will get you a $200 line of credit. The APR is 22.9%, and the annual fee is $29. However, this card promotes credit rebuilding. With this card, you gain free membership to CreditInform, a credit monitoring and information service. The line of credit will increase with responsible use without any additional deposit required.

LifeMiles Visa Secured Card

If you spend time traveling, then the US Bank LifeMiles Visa Secured Card is one to consider. You will earn 5,000 miles with your first purchase and 1 mile for each $1 spent. The first year’s fee is waived, and is just $25 annually each year after. Two other benefits for travelers include:

  • 15% Excess Baggage Redemption Discount
  • $500,000 Travel Accident Insurance

Credit One Bank Gas Rewards Credit Card

Most secured credit cards do not offer rewards programs, but with the Credit One Bank Gas Rewards Credit Card, you will earn 1 percent off all gas purchases. The card does not have any enrollment fees and does not require a security deposit. However, the annual fee for this card is higher, ranging from $35 to $99. However, this fee can be withdrawn in small, monthly installments.

Wells Fargo Secured Visa Card

For the Wells Fargo Secured Visa Card your credit limit is determined by how much money you put in a Collateral Account. The annual fee is low at only $25, and the APR is currently 18.99%. This is a safe, no-frills or fuss card that will give you many different credit card options once your credit score improves. It is also nice that there are 25 Wells Fargo bank and ATM locations in Austin, making this bank easily accessible.

Rebuilding your credit takes time, but with the right credit card, you can accelerate the process. It is very easy to qualify for a secured credit card, but you need to do your research. Many companies will prey on you, knowing you are desperate for a credit card. Choose the company that best fits your financial situation.