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Building
Good Credit with Secured Credit Cards
What is a secured credit card?
A secured credit card is where you pay a bank an amount of money,
say $500 and receive a credit card with a $500 limit on it. You use
the credit card in exactly the same way as any other credit card and
make regular monthly payments to pay off any money that you spend
using the card.

The credit card is secured against the money you have in the bank so
there is no risk for the lender because they simply take this
balance if you don’t pay the balance on your credit card. Most banks
will even give you interest on the initial payment you make to
secure the credit card.
How this helps to build credit:
This is a great way for people with bad credit to build up their
good credit. Firstly there is no risk for the bank so there should
be no problem in them giving you a secured credit card.
Secondly if you are making regular and consistent repayments on your
card then you are building a positive credit history on you credit
report that shows you consistently pay off your debts.
What to watch out for:
You must repay your monthly amounts without fail or you’ll just be
damaging your credit more. Also make sure you don’t go over your
limit on purchases. This can be easy to do because secured credit
cards do not allow large credit limits.
Secured credit cards don’t make a big financial impact on repaying
interest rates because at the low credit limits, even with high
interest rates your repayment interest will be low.
Many secured credit cards will be free to open, so be wary if a
company offers you low interest rates but a high annual fee or
start-up costs.
Building good credit
If you use your secured credit card often and make regular payments
then you will build a thread of good credit history. After a year or
so you can apply for other credit, such as a non-secured credit
card. If you manage this properly too then you are well on the way
to establishing good credit. But remember that you must avoid
penalties for late payment.
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New Millennium Bank Platinum Visa® or MasterCard® |
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- No CREDIT CHECK
- Approved REGARDLESS OF CREDIT HISTORY
- Credit Limits UP TO $10,000*
- Reports to ALL 3 BUREAUS
- Get CASH AT OVER 740,000 ATMs
- Emergency CASH TRANSFERS
- Auto RENTAL INSURANCE
- $100,000 TRAVEL ACCIDENT INSURANCE
- Extended WARRANTY PROTECTION
- Special HIGH INTRODUCTORY SAVINGS RATE
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| Intro APR |
Intro Period |
Annual Fee |
| 19.5% |
n/a |
$59 |
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The BuyRIGHT Prepaid MasterCard® |
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- Get cash at over 900,000 ATMs worldwide
- Pay your bills online or over the phone
- Eliminate payday hassles with free direct deposit
- Accepted at millions of MasterCard locations worldwide
- NO credit checks
- NO employment verification
- NO monthly or annual fees
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| Intro APR |
Intro Period |
Annual Fee |
| 0% |
n/a |
None |
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Orchard Bank Gold MasterCard® |
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- Enjoy the prestige of a Gold MasterCard
- Receive Gold card privileges and benefits
- Great credit card to strengthen or rebuild your credit
- Reports to all 3 credit bureaus monthly, which can help improve your credit score
- Free Online 24-hour Account Access and Bill Pay
- Periodic credit limit increases
- 4 Plastic Designs to choose from
- Choose your own Plastic
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| Intro APR |
Intro Period |
Annual Fee |
| 14.9% |
n/a |
$79 |
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Orchard Bank Platinum MasterCard® |
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- Enjoy the prestige of Platinum with no up front fees
- Premium Platinum benefits including Purchase Protection
- Great credit card to strengthen your credit
- Reports to all 3 credit bureaus monthly, which can help improve your credit score
- Free Online 24-hour Account Access and Bill Pay
- Periodic credit limit increases
- 4 Plastic Designs to choose from
- Choose your own Plastic
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| Intro APR |
Intro Period |
Annual Fee |
| 14.9% |
See website |
$39-59 |
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Orchard Bank Secured MasterCard® |
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- Reports to all 3 credit bureaus monthly, which can help improve your credit score
- Free Online 24-hour Account Access and Bill Pay
- Complete your application, including your security deposit, online
- Set your own credit limit
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| Intro APR |
Intro Period |
Annual Fee |
| 14.9% |
See website |
$35 |
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Orchard Bank Silver MasterCard® |
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- Great credit card to strengthen your credit
- Reports to all 3 credit bureaus monthly, which can help improve your credit score
- Free Online 24-hour Account Access and Bill Pay
- Periodic credit limit increases
- 4 Plastic Designs to choose from
- Choose your own Plastic
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| Intro APR |
Intro Period |
Annual Fee |
| 14.9% |
See website |
$49 |
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NMB Secured Black Diamond Visa® |
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New
Millennium Bank has guaranteed your credit approval for up to $10,000*
(with both cards) in secured credit! Build or rebuild your credit the
SMART way with a NMB Secured Black Diamond Visa® or Mastercard® credit
card!
- Approved regardless of credit history
- Credit limits up to $10,000*
- Reports to all 3 bureaus
- Get cash at over 740,000 ATMs
- No credit check
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| Intro APR |
Intro Period |
Annual Fee |
| 19.5% |
None |
59 |
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NMB Secured Black Diamond Mastercard® |
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New
Millennium Bank has guaranteed your credit approval for up to $10,000*
(with both cards) in secured credit! Build or rebuild your credit the
SMART way with a NMB Secured Black Diamond Visa® or Mastercard® credit
card!
- Approved regardless of credit history
- Credit limits up to $10,000*
- Reports to all 3 bureaus
- Get cash at over 740,000 ATMs
- No credit check
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| Intro APR |
Intro Period |
Annual Fee |
| 19.5% |
None |
59 |
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Orchard Bank Low APR Platinum MasterCard |
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- Low 8.9% APR on all card offers, including Gold, Silver and Secured
- Exact fees dependent upon creditworthiness
- Your choice of payment due date to fit your lifestyle
- Flexible payment options
- 100% Fraud Liability Protection
- Other great benefits included
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| Intro APR |
Intro Period |
Annual Fee |
| 8.9% |
None |
39 |
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My Custom Card by Orchard Bank |
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- Finally! YOU determine what rates you’ll pay
- Choose your card design
- Pick your own payment due date to fit your schedule
- Manage your account your way online 24/7
- Get email and text messages to alert you when your payment is due
- Shown rates are for Platinum. Gold, Silver and Secured cards also available.
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| Intro APR |
Intro Period |
Annual Fee |
| 6.9% |
None |
39 |
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Horizon Gold Credit Card |
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- Guaranteed Approval!
- Bad Credit Accepted!
- No Employment Check!
- Reports to Major Bureau!
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| Intro APR |
Intro Period |
Annual Fee |
| 0% |
See Website |
See Website |
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