Are you looking for a secured card with a high credit limit or no credit check?
The Wells Fargo Secured Visa® Card and the OpenSky® Secured Visa® Credit Card are both middle-of-the-road cards that could be suitable for someone trying to establish or rebuild their credit.
While the Wells Fargo Secured Visa® Card comes with a higher credit limit and a cheaper annual fee, the OpenSky® Secured Visa® Credit Card boasts availability for people who have no credit background whatsoever.
Which card should you choose?
The Wells Fargo Secured Visa® Card’s annual fee is $25 — which is cheaper than most other secured credit cards on the market. In order to be approved, you’ll need to front a $300 minimum security deposit. And if you’re looking for a card to build credit, you’ll be happy to know that all of your Wells Fargo Secured Visa® Card activity will be reported to the three major credit bureaus.
The OpenSky® Secured Visa® Credit Card is a great contender if you’ve never had any form of credit in the past. Compared to the Wells Fargo Secured Visa® Card, this card offers a lower APR at 18.89% variable and a smaller minimum security deposit of $200. To make the application process easier, you can use a debit card, wire transfer or money order to fund the security deposit for your OpenSky® Secured Visa® Credit Card.
What’s next?
Does the Wells Fargo Secured Visa® Card or the OpenSky® Secured Visa® Credit Card seem like a match for your wallet? If you said yes, then apply for the secured credit card that’s most suitable for your needs.
However, if you’re not too crazy about either card, compare features of other secured cards out there until you find the one that’s right for you.
