Welcome to our blog post on the best debit cards that build credit! Are you tired of juggling multiple credit cards and struggling with high interest rates? Look no further, because we’ve scoured the market to bring you the top-ranked debit cards that not only let you spend as much as your balance allows, but also help improve your credit score.
In today’s world where good credit is paramount for securing loans, mortgages or just getting approved for a rental apartment, having a debit card that positively impacts your financial standing is more important than ever. So without further ado, let’s dive into our list of the best debit cards that build credit in 2023!
Discover it® Secured
If you’re looking for a credit card that can help you build your credit, the Discover it® Secured is a great option. This card offers a number of features that can help you improve your credit score, including cash back rewards and no annual fee. Plus, you’ll get a 0% APR on purchases for the first 14 months.
Citi Secured Mastercard®
If you’re looking to build your credit, a secured credit card is a great option. A secured card is backed by a deposit you make when you open the account, which is usually equal to your credit limit. This means that if you don’t make your payments, the issuer can take the money from your deposit.
The Citi Secured Mastercard® is a great option for those looking to build their credit. It offers a low APR on purchases and balance transfers, as well as no annual fee. Plus, you’ll get access to your FICO® Score for free so you can track your progress.
Capital One® Secured Mastercard®
If you’re looking for a secured credit card to help you build your credit, the Capital One® Secured Mastercard® is a great option. With this card, you’ll get a credit limit of at least $200 (up to $1,000), which is based on your security deposit. You can make your deposit online or over the phone, and it’s fully refundable if you close your account and pay off your balance in full.
This card also offers a few perks that can help you save money and stay on top of your finances. For example, there’s no annual fee, and you’ll get access to Capital One’s CreditWise® tool, which lets you track your progress and see how your credit score is trending over time. Plus, you can get up to 20% cash back on select purchases made with the card. Overall, the Capital One® Secured Mastercard® is a great option for anyone who’s looking to build their credit history and improve their financial standing.
Wells Fargo Business Secured Credit Card
If you’re a business owner looking to build your credit, the Wells Fargo Business Secured Credit Card is a great option. This card offers a variety of benefits including cash back rewards, no annual fee, and a low APR. You can also get an additional employee card at no extra cost.
BB&T Bright Banking Visa® Credit Car
There are a lot of credit cards out there that claim to help you build credit, but not all of them are created equal. The BB&T Bright Banking Visa® Credit Card is one of the best options out there for people looking to build their credit score.
Here’s what makes the BB&T Bright Banking Visa® Credit Card great for building credit:
- It reports to all three major credit bureaus (Experian, Equifax, and TransUnion). This is important because you need to have your activity reported to all three bureaus in order to maximize your chances of improving your credit score.
- It has a relatively low APR for a card designed for people with bad or no credit. The APR on this card is just 21.24%, which is lower than many other similar cards.
- It offers a decent amount of credit (up to $1,000), so you can use it for everyday purchases without having to worry about maxing out your limit.
- It doesn’t have any annual fees or hidden charges. This is pretty rare for a card aimed at people with bad credit, so it’s definitely worth considering if you’re looking to rebuild your credit score.
SunTrust Secured Visa® Credit Card
SunTrust Secured Visa® Credit Card is one of the best debit cards that help you build credit. It offers a low APR and a high credit limit, which can help you pay off your debt quickly. Additionally, there is no annual fee and you can earn cash back on all your purchases.
USAA® Secured Visa® Platinum Card
If you are looking for a credit card to help you build your credit, the USAA® Secured Visa® Platinum Card is a great option. This card requires a refundable security deposit equal to your credit line, which means that you can get started with a https://luckylife.in/how-to-withdraw-money-on-betstarexch/. There is no annual fee, and you will earn interest on your deposited funds. Plus, you can take advantage of USAA’s many benefits, including 24/7 customer service, online banking, and more.
How to Use a Secured Credit Card to Build Credit
If you’re looking to build credit, using a secured credit card is one of the best ways to do it. With a secured credit card, you put down a deposit that becomes your line of credit. This means that if you default on your payments, the issuer can take your deposit. However, as long as you make your payments on time and keep your balance low, you’ll be able to build up your credit score and eventually qualify for an unsecured card.
Here’s how to use a secured credit card to build credit:
1. Choose the Right Card: When you’re shopping for a secured credit card, look for one with low fees and a reasonable interest rate. You’ll also want to make sure that the issuer reports to the major credit bureaus so that your activity will be reflected on your credit report.
2. Use it Wisely: Once you have your secured credit card, use it responsibly by making small purchases and paying off your balance in full each month. This will help show creditors that you’re capable of handling credit responsibly and help improve your credit score over time.
3. Monitor Your Progress: Keep an eye on your credit score to see how using a secured credit card is helping improve your credit standing. If you see positive results after using the card responsibly for a few months, you may be ready to apply for an unsecured card with better terms.
Also Read: What Kind of Banks Give Out Student Loans?
With so many credit cards available, it can be hard to determine which one is best for you. However, the debit cards listed above have been ranked among the top choices in 2023 due to their potential to help build your credit score. Whether you’re looking for a low-cost card with rewards or simply want something that will help you establish good credit history, these are some of the best options available today. Investigate each card’s features and rates carefully and make sure to read any fine print before signing up then enjoy all the benefits that having good credit has to offer!