4 Best Credit Cards for Improving Your Credit in Fort Lauderdale

by Shelton on May 30th, 2014

filed under Secured Credit

One of the most effective ways to rebuild your credit history is to establish good credit through the responsible use of a low-interest credit card. This is not to say that if you have a credit card and you pay what you owe promptly and consistently your credit will be rebuilt fast, its a gradual process.

There is no quick remedy for damaged credit. However, you can choose to commit to responsible personal-finance management to avoid or minimize your chances of being in the same situation again.

Much has been written about the effectiveness of secured credit cards to rebuild credit. A secured credit card has a fixed credit limit and is linked to a savings account. As financially sound as it is, the product earned a bad reputation following events wherein companies offered secured cards to prey on the credit-burdened market, charging hefty interest rates and outrageous fees.

Considering the fact that people with poor credit often struggle to obtain a credit card, the ability to qualify for a secured credit card will likely come as a relief. To help you get your credit back in shape, here are four credit cards in Fort Lauderdale that will actually help you rebuild your credit safely:

1. BrightStar Credit Unions Secured MasterCard

BrightStar Credit Union Secured MasterCard is not a credit card youll have to worry about.

With 8.99% APR when you open your account based on your creditworthiness and 3.99% introductory APR for balance transfers on new accounts, BrightStar Credit Unions Secured MasterCard gives you a great opportunity to rebuild your credit without necessarily having any credit at all.

Because there is a low APR on balance transfers, you can move money from a high-interest credit card to this secured card to save money in interest payments with this lower APR.

2. City County Credit Unions Secured Visa

If you want to enjoy extra perks while rebuilding your credit, City County Credit Unions Secured Visa is what you have in mind. With up to a $2,000 credit limit, City County Credit Unions Secured Visa also offers automatic payments from your savings or checking account. It comes with a 16.9% APR on purchases, cash advances and balance transfers, an annual fee of $50, and penalty fee of up to $35 for late payments.

It is important to note that late payments are likely one of the major reasons you have poor credit in the first place. City County Credit Unions late-payment fee should serve as a form of deterrence, dissuading you from missing payments and hurting your credit further.

3. Tropical Financial Credit Unions Visa Platinum Secured

One of the keys to rebuilding credit is to acquire a card from a financial institution that reports to credit bureaus without imposing unreasonably high fees. With 17.99% APR and 3 percent on cash advances, Tropical Financial Credit Unions Visa Platinum Secured card is a great vehicle for rebuilding credit.

Tropical Financial Credit Union’s Visa Platinum Secured card has no annual, application and balance transfer fees. However, it charges up to $25 for the first late payment and up to $30 each if you miss two or more payments within six months. The credit union also charges an additional $25 if payment is returned for any reason.

4. Florida Community Banks Secured Visa Card

Florida Community Banks Secured Visa Card offers a high 20.99% APR for purchases and a $35 annual fee, which will hopefully work to deter you from not paying your balances off in full. It has a minimum security deposit of $300 and a credit limit of $5,000 .

There is no quick fix to rebuilding credit, but if you are serious about your getting your credit history and score back to full strength you will want to make sure youre using the best credit card available to you.

Showing the credit bureaus and your prospective lenders that you can be trusted with their money starts with the responsible use of a credit card. Discipline and patience are required to improve your score and unlock major savings in the form of lower interest rates.  With a credit card that offers a low interest rate, you will be able to rebuild even the lowliest credit history.

City County Credit Union and Tropical Financial Credit Unions are clients of GOBankingRates.

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