Secured Credit Card
Do you want to buy a house? Are you a new immigrant who wants to integrate into American society? Then start with building credit. The United State is a place where credit is used everywhere. If you don’t know how to get started, PCDC can help you get started on this journey – starting with a “Secured credit card”.
What is a secured credit card?
The secured credit card is that you open a card, put deposit in it as your credit limit. If you go to a bank, open a secured credit card and deposit $500 in it, and the $500 is your credit line.
The main purpose of this card is to help you build your credit. The bank will report your monthly consumption amount and repayment information to three credit bureau, which are Experian, Transunion and Equifax. If you use your credit card properly and repay it in time, your credit score will gradually increase.
Here are some resources for you:
|Bank||Card name||Annual Fee||Late Payment Penalty Fees|
|Capital One||Secured Mastercard||$0||Up to $38|
|Bank of America||BankAmericard® Secured Credit Card||$0||Up to $39|
|Citi Bank||Citi® Secured Mastercard®||$0||Up to 29.99%|
You can also go to more banks to ask for information on the Secured credit card. If you need PCDC assist you to apply for it, please call Ms. Peng at 215-922-2156 to make an appointment.