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The is a no-frills secured card option with a moderate annual fee and limited cardholder benefits. You can use it to build or rebuild credit, but you might be better off with a different secured credit card.
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| Pros | Cons |
|---|---|
| Reports to all three major credit bureaus | Has an annual fee for the first year, then an ongoing monthly fee |
| Making on-time monthly payments may qualify you to double your credit limit | Foreign transaction fees |
| The annual fee structure could help with budgeting | Few cardholder benefits |
Experian Review
If you're looking for a secured card to help you build or repair your credit, the hits a few of the right marks. It'll report your payments to the three major credit bureaus (Experian, TransUnion and Equifax), ensuring you're building credit across the board. While it's easy to get approved for the card, you'll pay an annual fee and reap few cardholder benefits.
Easy to Qualify With Any Credit History
There's no minimum credit score for the , and you can even get approved with bad credit or no credit history at all. You will need to meet a few qualifications, however: You must be at least 18 years old, have a valid Social Security number and U.S. address, and not have a pending bankruptcy filing or outstanding tax obligations.
Once your application gets approved, you'll need to provide a refundable security deposit before will open your account. The deposit, which will also serve as your credit limit, is set at $200.
Once you start using your card, will report your account and payment information to all three major credit bureaus. Your on-time payments can help build and improve your credit, while paying late or not at all could hurt it.
The Annual Fee Arrangement Could Work in Your Favor
Some of the best secured cards don't charge an annual fee, while others charge application fees as well as monthly and annual fees. The falls somewhere in the middle.
You'll pay a annual fee when you first open your account. After the end of the first year, will transition your bill to $3 per month to keep the card open.
Paying a monthly fee rather than a full year's fee could save you money. If, for example, you find that your credit has improved enough to qualify for an unsecured card after 18 months, you could close the and stop paying the monthly fee. Still, a secured card without an annual fee would alleviate the expense altogether.
Extra Features and Mobile App Convenience
The offers a few beneficial features and security protections, including:
- Possible credit limit increase after the first year without an additional security deposit
- Mobile app that helps you manage your account while on the go
- Zero liability for unauthorized purchases
- Get your FICO® Credit Score for free each month
- Customizable account alerts and notifications
- Your credit limit can be doubled if you responsibly manage your payments
Many credit cards offer similar protections and account management options, but the ability to get a credit limit increase on a secured card without an additional security deposit isn't particularly common. A higher limit can be helpful if you want to regularly use your card while keeping your credit utilization rate low, which can help your credit scores.
In addition to the annual (then monthly) fee, there is a fee on foreign transactions of each transaction in U.S. Dollars and a (or minimum) cash advance fee. While these aren't abnormal nor extraordinarily high, compare them with fees on other cards you're considering.
Authorized-User Policy
doesn't allow you to add an authorized user to the . If you have a friend or family member who also wants help building credit, you could recommend they review Experian's list of best secured cards (broken down by different features) to find a card that fits their needs.
Is the Right for You?
The can help you build or rebuild your credit. It's easy to qualify for, reports to all three major bureaus, and has an annual fee policy that could save you money. A secured card that doesn't have an annual fee, however, could be a better option if you want to minimize your expenses while building credit.