Secured Credit Cards

Secured Credit Cards Are Excellent for Establishing or Reestablishing Your Credit

If you have a damaged (bad) credit rating, or no credit, a secured credit card may be your ticket. Secured credit cards are easy to get, and are therefore a very good option for people who need to build or rebuild their credit.

Rates and terms subject to change. For the current rates and terms of Centennial MasterCard®/ Visa®,

New Millennium Bank Secured Platinum Visa® or Mastercard®
		A Platinum card can be yours for the taking. New Millennium Bank can approve you for up to $10,000** in secured credit regardless of your income or credit history. Choose a Visa or MasterCard. Reports to ALL 3 Bureaus No Credit Check Be Approved Regardless of Credit History Special High Introductory Savings Rate Bonus $3,000 credit line with My Computer Club * Terms and conditions apply
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfers Credit Needed N/A N/A 19.50% $59.00 No Bad

New Millennium Bank Secured Gold Visa® or Mastercard®
		New Millennium Bank is now offering secured Gold Visa® and Gold MasterCard® credit cards for those individuals wishing to establish or repair their credit. With credit lines secured by their savings account in amounts between $300.00 and $5,000.00, these cards can be used just as you would any credit card at over 10 million establishments worldwide. People CAN apply to get both cards and they can even add a co-applicant name and get additional cards. 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 * Terms and conditions apply
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfers Credit Needed N/A N/A 19.50% $59.00 No Bad

New Millennium Bank Secured Black Diamond Visa® or Mastercard®
		New Millennium Bank is now offering secured Black Diamond Visa® and MasterCard® credit cards for those individuals with less than perfect credit. With credit lines secured by their savings account in amounts between $300.00 and $5,000.00, these cards can be used just as you would any credit card at over 10 million establishments worldwide. People CAN apply to get both cards and they can even add a co-applicant name and get additional cards. 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 *Terms and conditions apply
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfers Credit Needed N/A N/A 19.50% $59.00 No Bad

What Is a Secured Credit Card?

The way these secured credit cards work is you put a certain amount of money in a saving account that is used specifically to secure your credit card. You will get a card with a line of credit, usually equal to the amount of money in your account. A secured credit card thus does not provide you with new credit, but does give you the convenience of credit card. If you set aside $1,000 in the account, the Visa or MasterCard you get will have a $1,000 credit limit. Some secured cards make you have an extra 25 percent or so over and above the card limit in your savings account.

The reason the bank is willing to give you a major credit card in spite of your bad or no credit history is that the bank is holding the money to make sure it gets paid. If you default on the paying the balance on your secured credit card, you have given them prior permission to dip into the account to pay it.

Most secured card companies will take people with poor credit histories, no credit histories, or folling bankruptcy. Some companies do not request credit records at all. Most, however, require a minimum monthly income.

You Payment History Will Be Reported to Major Credit Bureaus

Since the main purpose of secured credit cards is to reestablish credit, most of these companies report to all three major credit bureaus - Equifax, Experian and TransUnion. Some card issuers also offer programs whereby the secured card will automatically convert to an unsecured card offer after a certain period of time (usually 2 years), suring which payment has been made in a timely way. Then you are back in the mainstream of the credit world.