Myreviewsnow Looks At No Credit Credit Cards

These no credit credit cards are a secured variety of card where you put up collateral to secure the deal. Most credit cards are unsecured lines of credit which are based simply on your promise to repay the debt. Well, if your credit is poor, you have not lived up to your promise. Fortunately, this no credit credit cards will be reported to the major credit agencies on a monthly basis and allow you to establish positive credit.

What are the costs to sign up for the card? The largest cost to obtain one of the no credit credit cards is the security deposit. The security deposit is roughly equal to the amount of credit that you wish to have. A 300 dollar credit line would require a 300 dollar security deposit for example. There is also a 39 dollar a year fee to have the card. This fee is taken out of your available credit line.

The no credit credit cards also come with an APR of 14.99 percent, or 19.99 APR for cash advances. A cash advance fee of ten dollars, or 3 percent of the amount, is also charged. The fee will be whatever amount is greater.

This is on par, or below, a lot of major unsecured credit cards. These cards also come with all the features of a typical unsecured credit card. The only thing to keep in mind is that the credit payments are typically not processed for up to 10 days. Make sure you can tide yourself over in the meantime so that you don't have problems ultimately paying that amount.

Who would benefit from the no credit credit cards? Anyone who has had a spotted credit history would be able to benefit from one of these cards. If your credit has been less than stellar, it can be a great option as opposed to a payday loan. It is much cheaper than a payday loan and will leave you in better standing with the credit agencies. You could bum money from your friends, but they probably don't want to wait forever to be repaid either.

One of the conditions is that you have to be a resident of a US state. The program is currently not available outside the United States. A handful of states are excluded including Alaska, Arkansas, Iowa, Maine, New Jersey, New York, Wisconsin and West Virginia. If you are a resident of any other state you will be eligible for one of the no credit credit cards.

There are many routes you can go if your credit is less than stellar. You can decide that you are going to simply save up cash, or you could always ask your parents for money. Payday loans are another option, but a secured credit card will be much cheaper in the long run. If unsecured credit is something you cannot get, why not try for one of those no credit credit cards. You will be glad that you gave it a shot.

For further information regarding the First Progress Secured MasterCard, please visit MyReviesNow.net Shop At Home.

By: chickie maxwell

Article Directory: http://www.articledashboard.com

Visit Our Credit And Home Loan Store Today!