Rebuilding your credit is as simple as using a credit card. However counterintuitive, there are credit cards available to consumers with poor credit, as well as cards designed to strengthen your credit to get you back to financial solvency. With the right secured card, you can build up your credit score quickly and safely.
Luckily for Pittsburgh residents struggling with their credit scores, there are several secured credit cards available to improve your situation. Here are the top five picks for consumers in Pittsburgh:
1. Clearview Federal Credit Union’s Secured Card
Sometimes it is best to get your secured card through your local federal credit union. There are many advantages of going through a credit union rather than a bank. For example, Clearview Federal Credit Union, offers its members a secured card with $250 or $500 credit lines. This amount might seem low for big spenders, but remember the goal is to build up your credit score and get out of debt, not stay in debt forever.
This secured card also offers all of the same benefits as the credit union’s Visa Platinum card, such as no annual fee, $1 million in travel accident insurance and auto rental insurance. There are several Clearview Federal Credit Union locations throughout Pennsylvania, with two in Pittsburgh.
2. Digital Federal Credit Union’s Visa Platinum Secured Card
Digital Federal Credit Union’s Visa Platinum Secured card comes with no annual fee, making it another great choice for a secured credit card. This card offers competitive benefits, such as optional overdraft protection on your Digital Federal Credit Union checking account, as well as travel and auto rental insurance.
3. Capital One’s Secured MasterCard
You have probably heard the slogan, “What’s in your wallet?” There is no doubt that Capital One is one of the largest credit card companies in the world, which might make it seem like the company cares more about money than its consumers. However, its Secured Mastercard comes with many benefits to help individuals with bad credit get in the green again.
With this card, you can obtain a credit line ranging from $200 to $3,000, and obtain a free CreditInform membership to help you monitor and understand your credit. This card does come with an annual fee of $29 and a high interest rate at 22.9 percent, but if you want to one day qualify for an unsecured credit card through Capital One, then starting with the Secured Mastercard will help you get there.
4. The Unity Visa Comeback Card
A new secured credit card has been making a few headlines with its desire to help rebuild credit. The Unity card offers a competitive APR for a secured credit card of 17.99%. This rate is fixed, meaning that it will remain stable until the expiration of the card, whereas many other secured card have variable rates that can rise within a year.
5. Dollar Bank Secured Visa
With 25 locations in Pittsburgh alone, the Dollar Bank’s Secured Visa should be at the top of your list when considering credit card options. Unlike many of the secured cards offered by national banks, Dollar Bank offers a low annual fee of $15, as well as a low APR of 12.99%. You do need a security deposit like many of the other secured cards, but your saved balance can earn interest. This card is definitely a win-win when it comes to rebuilding your credit.
It will take time, but eventually you will improve your credit score, so long as you’re diligent and take steps to put yourself on the right financial path. Most secured credit cards will grant you access to credit monitoring. However, you will know when your credit score is getting stronger when you start receiving more credit card offers in the mail.
It can be tempting to sign up for a new credit card that is not secured, but it is best to do your research. Find a credit card with a low interest rate, as well as a reward program so you can make your purchases go further. For loyal Pittsburgh sports fans, there is always the Pittsburgh Steelers Extra Points Card to work your way toward.