UK Secured MasterCard & Visa Credit Cards Secured credit cards work just like regular MasterCard & Visa credit cards, except that you must surrender a deposit to the credit card issuer before they will issue you with a credit card. This 'secured' deposit is there simply to remove all risk from the credit card issuer should you default on any repayment. You cannot touch these funds while your credit card account is open. Credit card limits are set at a percentage of the amount deposited, sometimes up to 100%. If you have read our UK poor credit history unsecured credit card page then you will know that if you have some form of bad credit and cannot obtain any of these unsecured credit cards that we tell you about then there are 2 alternative solutions open to you, secured credit cards (offshore / non-UK) and prepaid credit / debit cards. On this page we tell you about the secured credit card options available to you if you have the required security deposit. If you live in the US there are plenty of (sometimes very expensive) secured credit cards but as far as we know there are currently no financial institutions in the UK that offer real secured credit cards. Stop Press - It seems that one of the main issuers of credit cards for those with an impaired credit rating, Capital One are offering their secured credit card again to the UK market! Invitation only, though. The trend, however, does seem to be towards prepaid cards. In fact, there are relatively few places for anyone in the UK, Europe or indeed Internationally to go for secured credit cards. Listed below are some of the secured credit cards that are available to those in the UK and International (worldwide) who do not want or cannot get a normal unsecured credit card or prepaid credit card. These secured cards generally come attached to offshore bank accounts. We present this secured credit card list (in no particular order) for informational purposes only. We make no claims about any of the secured credit card accounts presented and take no responsibility for the services offered by the financial institutions and banks listed. It is up to you to take all the necessary precautions and make all necessary enquiries should you wish to apply for any of these secured credit cards. Vanquis Bank Visa Credit Card If you have a bad credit history and do not wish to apply for a secured credit card abroad then this is a popular unsecured UK Visa card worth applying for. It is not guaranteed but is one of the best unsecured alternatives to a secured MasterCard or Visa card. Credit limits start at £250. Vanquis Visa credit card review | 
Representative Example: Purchase annual interest rate 39.94% (variable). Amount of credit £1000. Representative 39.9% APR (variable) |
The Secured MasterCard / Visa Credit Card List: (secured credit card information last checked & updated 26th January 2012) Rietumu Banka (Latvia) Rietumu Banka - Secured Visa / MasterCard Credit Cards These secured credit cards are accepted globally. Security deposits start from US$300. Annual fees start from US$45. A copy of your passport is required. A Rietumu private persons current account must be opened with the bank first. The opening fee for the bank account is €150. No minimum balance is required. Internet banking is also available. | | Aizkraukles Banka (ABLV) (Latvia) ABLV - Secured Visa / MasterCard Credit Cards This Latvian bank provides secured Visa or MasterCard credit card accounts to private persons abroad on the basis of a "deposit guarantee that will serve as credit security" (i.e. they are secured). Annual fees are from 30 Euros. These credit cards can be used globally. This bank also provides bank accounts to private persons abroad. There is no minimum opening deposit. Online banking is available. | | SMP Bank (formerly Multibanka) (oldest commercial bank in Latvia) SMP Bank - Secured MasterCard Credit Cards This Latvian bank can provide MasterCard secured credit cards. The annual fee is US$60. You must open a payment account with the bank first which requires a copy of your passport and a notarised signature specimen. Although no minimum deposit is needed to open the payment account, an opening fee of €100 is required which you can pay from the first money transfer to your account. Security for the credit cards can come from frozen assets on the payment account. Online banking is provided. | | Norvik Banka (formerly Lateko Banka) (Latvia) Norvik Banka - Secured Visa / MasterCard Credit Cards This bank can provide secured Visa & MasterCard credit cards to those who have a settlement account with the bank. The minimum pledge deposit is 2000 Euros with a credit line of 80% of this. Annual maintenance fees are from 50 Euros. Please note that accounts are opened only in Norvik (Lateko) Banka head office in Riga after client identification is carried out and all the required documents are submitted in order and in suffice.
| | PrivatBank (was Paritate Bank) (Latvia) PrivatBank - Secured Visa Credit Cards This bank provides a variety of secured Visa credit cards for International customers. Annual fees from US$150 / 100 Euros. Security deposits start at US$1500. The annual interest rate is 14%. | | Trasta Komercbanka (TKB) (Latvia) Trasta Komercbanka (TKB) - Secured MasterCard Credit Cards This Latvian bank offers secured MasterCards to non-residents. You must open a current account with the bank first. Annual fees start at 35 LVL (about £44). The minimum security deposit is 150 LVL (about £187). The annual interest rate is 16%. | | British Caribbean Bank International Ltd British Caribbean Bank International Ltd - Secured Visa Cards This bank based in Belize can offer secured Visa credit cards. There is a minimum credit card limit of US$2500 with a security deposit of 150% of the credit limit required. | |
More secured MasterCard & Visa credit card accounts to follow. Back to UK bank account, prepaid credit cards or business bank account page. Sitemap | 
