Bank Better With A Rate Advantage Secured Visa® Credit Card
What Is A Secured Credit Card?
A secured credit card is backed by a cash deposit from the cardholder. Essentially, the cash deposit is a collateral on the account, so that the card issuer can use that money if the cardholder can't make payments. With a secured credit card, your credit limit will be determined by the amount of the cash deposit.
The lower interest rate credit card you've been looking for.
Need Help Managing Your Credit Cards?
There's no doubt that managing your credit cards can be challenging if you don't keep up with it. Thankfully, at Coastal we’ve partnered with EverFi, a financial education leader to provide a variety of training modules to help you manage your finances. From credit cards to consolidating debt, these learning tools are full of valuable information that’s easy to access.
Learn How To Manage Your Credit Cards
How Does A Secured Credit Card Work?
Once your first cash deposit is made, a secured credit card works just the same as a regular credit card. However, a secured credit card can help borrowers that have no credit or would like to rebuild their credit. Making the payment each month will help build a strong credit history as it reports to the credit bureaus.
Here's How A Secured Credit Card Can Help You Bank Better:
Here are just some of the benefits of a secured credit card at Coastal:
- Take control of your credit card needs with rates as low as 15.25% APR1
- Could help you establish or rebuild a healthy credit score by allowing you to use your savings as collateral
- No annual fee or penalty rate
- Amounts held as collateral will be released if card is closed, or transfered to another product