How was your first credit card application experience?

If you live in the United States, you probably know by now that most things revolve around having a good credit score. Without a credit history, it becomes very difficult to qualify for lines of credit, a mortgage or a personal loan. Some job applications are also contingent upon a satisfactory credit check. So how do you get started building credit? 

If you are new to the United States, you probably was declined a line of credit the first time you applied. This is because you were considered to be non-creditworthy. Having fairly new or no credit history can make it a challenge while trying to acquire your first credit card. That’s why there are secured credit cards. Trying to get an unsecured credit card with limited to no credit history is very difficult.

When I first applied for my first credit card, I was rejected several times. I later found out it was because of applying for an unsecured credit card while having limited credit history in the United States. Later on when I went shopping for my first car, I paid dearly in high interest rates for having limited credit history. It is therefore wise as an immigrant or international student, to start building credit early. To get started;

How is a secured credit card different from a prepaid card?

Unlike a prepaid card, a secured card is an actual credit card that reports to the three major credit bureaus providing the opportunity to build your credit, with responsible use. Prepaid cards on the other hand are more like debit cards and cannot help you build your credit because they do not report to the major credit bureaus.

Can you be declined for a secured credit card?

As with any credit card, there are certain conditions that could cause your secured credit card application to be declined.

Here are the 10 Best Secured Credit Cards to Build Credit for Immigrant Women

Chime Credit Builder Visa Secured Credit Card

The Chime Credit Builder Visa Secured Credit Card is designed for people with bad credit or no credit. It requires no minimum security deposit and no credit check to apply. Even better, it charges no annual fee or interest, secured credit card that helps you build your credit. Additionally, unlike other secured credit cards, no minimum security deposit is required. The card also offers a safer credit building where you turn on the Safer credit building and your balance will be automatically paid on time, every month. Your credit card use is also reported to the major credit bureaus.

How this credit card works:

1. Move money. The money you move into the Credit Builder secured account is the amount you can spend on your card.
2. The money you spend with your Credit Builder credit card gets paid off with the money you’ve moved over. (Seems to work like a credit card. No money in the account, no money to spend).

Is the Chime Credit Builder Credit Card a good secured credit card for immigrant women?

The Chime Credit Builder Credit Card is a great option  for immigrants and international students to start building credit or rebuild credit. The no fee, no interest or security deposit features are to me a plus for getting started. However, you need a direct deposit account with Chime to get started. Also, you can’t get a credit limit greater than your deposit, and there is no option to graduate to an unsecured card.

Discover it Secured Credit Card

The Discover it Secured CreditCard is designed for people new to credit as well as people looking to rebuild their credit. To apply for the credit card, you will need to be at least 18 years of age, have a Social security number, a U.S. address and a U.S. bank account, and provide all the required information in the online application. Your credit history is reported to all 3 major credit bureaus, unlike most debit cards or prepaid cards.

You provide a refundable security deposit when you apply and your credit line will equal your deposit amount, starting at $200. Starting eight months after you’ve been a secured credit card member, your account will be reviewed monthly to see if you qualify to convert to a standard, ‘unsecured’ card and get your deposit back. These reviews will look for your responsible credit use across all your cards and loans, not just with Discover.

The Discover it Secured Credit Card earns 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter and unlimited 1% cash back on all other purchases. The credit card also offers Cashback Match where you get an unlimited dollar-for-dollar match of all the cash back you’ve earned at the end of your first year.

Is the Discover it Secured Credit Card a good credit card option for immigrant women?

If you are building a credit history, or looking to rebuild your credit, the Discover it Secured Credit Card may be right for you,of course with credit responsible use.

OpenSky Secured Visa Credit Card

The OpenSky Secured Visa Credit Card requires no credit check to apply, therefore there’s no impact on your credit score. It requires a refundable security deposit of as low as $200 up to $3000, which determines your credit limit. The deposit is held in an FDIC-insured account, and the full amount is refunded to you after your account is closed. The security deposit will be held for as long as the account is open.

Your credit use is reported to all three major credit bureaus. Simply use your card for everyday purchases like gas or groceries, or for recurring bills like your phone and make your payment on time each month. There is an annual fee of $35.

Is the OpenSky Secured Visa Credit Card a good option for immigrant women?

If you have poor credit or no credit history at all, this credit card is a good option to start building credit right away. However, this credit card does not upgrade to an unsecured credit card. While it is still a good option to start building credit, it would be better to check if you qualify for other secured credit cards that upgrade you to a regular unsecured card after months of responsible use and don’t charge an annual fee.

Citi Secured Mastercard

The Citi® Secured Mastercard is a credit card designed specifically for people who are new to credit or want to build their credit. There is no annual membership fee and has a purchase APR of 22.49%.

To qualify for the Citi Secured Mastercard, you must meet the credit qualification criteria, which includes a review of your income and your debt. If approved, a security deposit between $200 and $2500 is required which will equal the amount of your credit limit.

Your credit history will be reported to credit bureaus, therefore by paying at least the minimum due on a timely basis each month, this credit card may help you to build credit.

The Citi Secured Mastercard also comes with account protection features, like fraud alerts, $0 liability on unauthorized charges, and identity theft protection..

Is the Citi Secured Mastercard a good credit card option for immigrant women?

The Citi Secured Mastercard is a good option for people with little or no credit history and can help you build your credit when used responsibly. Unlike a debit card, this is a real credit card that helps build your credit history with monthly reporting to all the three major credit bureaus.

Secured Mastercard from Capital One

The Secured Mastercard from Capital One is designed to help people build credit with responsible use by regularly reporting your credit status to the three major credit bureaus. The card has no annual fee and has an APR of 26.99 which is variable.

To open a Secured Mastercard from Capital One, you need to make a refundable minimum security deposit of $49, $99 or $200 which you can pay all at once or over time. When you’ve made your minimum required security deposit, your account will be opened. Access to an authorized bank account is required to make your security deposit. There are two ways your security deposit can be refunded. First, you can earn back your deposit as a statement credit by using your card responsibly or second, it will be refunded it when you close your account and pay your balance in full. Make the minimum required security deposit and you’ll get an initial credit line of $200. Plus, deposit more money before your account opens to get a higher credit line. 

Credit One offers automatic credit line reviews where you will be automatically considered for a higher credit line in as little as 6 months. Therefore, as you use your card responsibly, such as, making on-time payments, you may be able to earn back your deposit as a statement credit.

With the Secured Mastercard from Credit One, you also get virtual card numbers from Eno. this offers a layer of protection as you pay for online purchases with virtual card numbers and keep your actual card number to yourself.

You can also lock your card in the Capital One Mobile app if it’s misplaced, lost, or stolen. Capital One will alert you if unusual activity is detected in your account. If your card is lost or stolen, you will not be responsible for unauthorized charges. With CreditWise, you will get alerts when your TransUnion or Experian credit report changes.

Is the Secured Mastercard from Credit One a good credit card option for immigrant women?

If you are trying to build or rebuild credit, the Secured Mastercard from Credit One is a good option as it has no annual fee, requires a low security deposit and reports to the three credit bureaus. However, it offers no cash rewards on purchases and has a relatively high annual APR.

First Progress Platinum Select Mastercard Secured Credit Card

First Progress offers three Platinum Secured Credit Cards designed for people looking to build or improve their credit. 

1. First Progress Platinum Prestige Mastercard Secured Credit Card
2. First Progress Platinum Select Mastercard Secured Credit Card
3. First Progress Platinum Elite Mastercard Secured Credit Card

The only difference between each card is their APR and annual fee. The First Progress Platinum Elite Mastercard Secured Credit Card has the highest APR of 19.99% (variable) and the lowest annual fee of $29, and the First Progress Platinum Select Mastercard Secured Credit Card has an APR of 13.99% (variable) and annual fee of $39. The First Progress Platinum Prestige Mastercard Secured Credit Card has the lowest APR of 9.99% (variable) and the highest annual fee of $49.

No credit history or minimum credit score is required to apply. A deposit of $200 to $2,000 is required and the deposit amount is your credit limit.

Is the First Progress Platinum Select Mastercard a good credit card option for immigrant women?

For most immigrants including international students with limited credit history, either of the  First Progress Platinum Select Mastercard can be a good option to start building credit. This is because it requires no credit history or minimum credit score to apply.

First PREMIER Bank Secured Credit Card

The First PREMIER Bank Secured Credit Card is designed for people with little or no credit. No credit history required to apply, and a refundable security deposit. The refundable security deposit means you get your money back if you have a zero balance and the account is closed.

It has an APR of 19.9%, $200 credit limit and $50 annual fee. Once open, you may have the opportunity to increase your credit limit upon request, after you’ve had the card for 13 months and have kept your account in good standing (on-time payments and spending within the credit limit). It also offers a cash advance which cannot exceed current available credit.

Is the First PREMIER Bank Credit Card a good deal for immigrants?

If you are new to the United States and have little to no credit, the First PREMIER Bank Credit Card is an option to get started with building credit history as no credit history is required to apply. Your performance is reported directly to the major credit bureaus and you’ll receive your free credit score monthly.