Things You'll Need:
- At least $300 to $500
- List of secured credit card issuers
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Step 1
Save at least $300 to $500. You will need this as a deposit to secure your credit card. Although you can save more if you want a higher credit limit, the minimum is usually in the $300 to $500 range. When you have bad credit, the card issuer will require you to open an account and put the money in it to act as collateral in case you default on your payments.
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Step 2
Find a bank that offers secured credit cards. Start with your own bank or credit union where you already have an established relationship. Pat Curry of Bankrate says that such places might offer a better interest rate than other card issuers, and they might waive any annual fee. If your current financial institutions don't offer an appropriate card, search a site such as Bankrate to get a list of issuers.
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Step 3
Compare interest rates, annual fees and other charges among your list of secured card issuers, and make sure you have enough money for the minimum deposit required. Interest rates vary widely, with some banks offering single-digit rates while others charge nearly 20 percent.
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Step 4
Find the card with the best terms and fill out your application for that card. As long as you have the money to act as collateral, you should have no problem getting approved.
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Step 5
Deposit the money to secure your account. Once your application is approved, you will be required to open an account in which the money will be kept. The card issuer will direct you on the process by which you send the money.
