US
Prepaid & Secured MasterCard & Visa Credit Cards
Although
our site is primarily aimed at the UK market we
do get some visitors from the US. As
a
result we
have decided to create a page for those US visitors
who have some form of adverse
credit
and who require either a prepaid debit card, secured credit card
(or even an unsecured
credit
card).
Prepaid
debit cards allow you to add funds when you require them
(if they are reloadable) and
secured cards require
you to submit a security deposit to the lender before
they will issue you
with a card to protect themselves
against
any repayment default. Credit limits for
secured credit
cards
are usually
set at a
percentage of the
deposit, sometimes
up to
100%.
Unsecured
credit cards require no security deposit and to
some extent the lender is taking a risk particularly
with someone who has a history of bad credit. This
is why starting credit limits are
low, interest rates
are high and, with the US cards in particular, fees
are also generally high.
Some
prepaid cards are not reloadable and these
are generally referred to as gift cards. You
can
even buy some of these prepaid gift
cards in
retail outlets.
All
of these
card types are available to those with adverse credit
as they present a lower risk
to
the lender
unlike
the standard low interest rate unsecured credit card.
The
only problem with these cards is that they can be prohibitively expensive to obtain and use.
If you live in the US there is a large
selection of either prepaid or secured cards to choose
from,
more
so than in the UK where, although there are now plenty
of prepaid credit cards, there are no secured
credit cards. The only place a UK citizen can
really get a secured credit card is through an offshore
bank account. A few prepaid
debit cards of various types including MasterCard,
Maestro
and
virtual are also available to those outside the
US or the UK.
To
obtain one of these US secured, prepaid (or unsecured)
cards you will need a verifiable
US address and
a US social security
number.
As
a result of the Patriot Act 2001, US credit cards of
any shape or form (unsecured, secured or prepaid)
are not available to those
with
an International
billing address and/or those
without a
US SS
(social security) number.
Listed
below are a few of the prepaid (stored value) debit,
secured credit and unsecured credit
cards that are
available to those in the US irrespective of whether or
not
you have any bad credit.
Fees
for these cards are generally high but a price some
people are prepared to pay to get them
back
into the credit world where they are able to rebuild
their credit history.
We present this unsecured,
secured and prepaid credit and debit
card list (in no particular order)
for your
information only.
We make no claims about any
of the unsecured, prepaid or secured
credit and
debit card accounts presented. It
is up to you to make
all necessary
enquiries about
these
accounts.
The
US Specific (US Residents ONLY) Prepaid, Secured & Unsecured
MasterCard
& Visa
Credit And Debit Card List:
(US
prepaid, secured and unsecured credit card information
last checked & updated
27th September
2012)
|
Capital
One
Secured
MasterCard
This
card has an APR of 22.9%, an annual
fee of US$29
and
a minimum credit limit of US$200 with
a security deposit
of
either US$49, 99 or 200 required depending on
your credit.
|
|
|
Applied
Bank
Secured
Gold Visa Credit Card
This
card has an annual account
fee of US$50 but no setup fees. It also reports your credit repayment
history. The APR is only 9.99% and you
can choose your credit limit from US$200
to US$5000 which must be matched by
your security deposit.
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|
More
US prepaid, secured and unsecured credit cards to
come.
If
you live in the UK then see our main prepaid card
page
for details of UK prepaid credit cards.
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