If you are looking for a secured credit card, you might find that the Shared One Secured Linkcard is one of the better secured credit cards on the market. Depending on your credit, you could pay the lowest deposit offered by a secured credit card.
Shared One Secured Linkcard Perks
The Shared One Secured Linkcard does not pay any premiums on purchases unlike the Discover Secured Card, but that doesn’t mean it’s no less attractive.
Perhaps the best feature of the Shared One Secured Linkcard is the deposit. If you are familiar with secured credit cards then you know you will be able to use a credit card to pay a deposit against the credit limit.
The deposit goes into a savings account and serves as security in case you ever default on your credit card balance. If you do not default, the deposit will be returned to you.
With most secured credit cards, your credit limit equals your deposit. Here’s where the Shared One Secured Linkcard shines. If you qualify based on your credit rating, you can pay a lower deposit of $ 49 or $ 99 and still get a $ 200 credit limit.
And even if you don’t qualify for one of the lower deposits, you can get a minimum deposit of $ 200 to get the credit card. You can pay a higher deposit if you prefer. One Capital allows you to make a deposit of up to $ 3,000, but you must make the deposit before your account opens.
Once you are approved, you can use the credit card to start re-creating your credit history. Shared One automatically reports the history of your payment to the credit bureaus, so your credit card will wisely help you improve your credit so that you can qualify for better credit cards in the future.
If you make your first five payments on time, Shared One says there will be an automatic credit limit increase and you won’t have to pay an additional deposit to get it.
Many secured credit cards free of charge an annual fee, but not the Shared One Secured Linkcard.
The card has a steep April of 24.99 percent on purchases and cash withdrawals, but you will find this APR equal or higher on many credit cards aimed at consumers with poor, no or little credit. If you pay your balance in full each month and avoid cash advances, you will not have to pay interest on your balance.
Cash advances have a fee of $ 10 or 3 percent, whichever is larger. Late payments are subject to a fee of up to $ 35.
It is important to understand that you cannot skip your monthly payment just because you have made a deposit. Think about how the deposit you pay for an apartment you rent.
The deposit is held in the event of damage, but you are still responsible for your monthly rent payment. As long as you pay your rent on time every month and the return the apartment without damage, you will get your deposit back.
While Shared One will only need you to make your minimum payment to keep your account in good standing, it is best to pay the balance in full to avoid interest and stay out of debt. Whether you are paying the minimum, the full balance, or something in between, make sure that it is always on time.