TOP 5 Credit Reporting Cards

Establishing or re-establishing your credit can be challenging, especially if you have no history with any of the credit reporting bureaus. It’s the same for those looking to re-establish: the absence of good credit can complicate efforts of rebuilding. Some credit reporting cards are better than others.

Editor’s Choice

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We wanted to be sure our Editor’s Choice was a strong one. After all, if you’re looking for a credit reporting card, you want to be sure your payment history is actually reported to the three credit bureaus. If not, you’re just spinning your wheels. Taking that into consideration, here’s our Editor’s Choice.

4 More Credit Reporting Cards

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Many of these credit card offers require matching deposits, which means you’re required to secure the card with your own cash for a period of time. Frankly, for many, it’s the best way to begin strengthening your credit. Not only that, but usually after a period of time, many of these credit cards come with offers to drop the secured dynamic, thereby making it more of a traditional credit card.

Many Benefits of Cards Reporting Credit

Millions of Americans continue to struggle to pick up the pieces after a few challenging years when it comes to their finances. As banks and other lenders began reining in their qualification guidelines, there were many other options that soon filled those gaps, including the secured credit card as well as prepaid debit cards. Because it all starts with the credit scores, these credit card offers are attractive to those wishing to improve those scores.

What makes these credit card offers worth your consideration is that you’re able to rebuild your credit, regardless of what kind of financial problems you’ve had in the past. Most include all of the benefits of a traditional card, including zero fraud liability and around the clock customer service. You’re able to secure hotel rooms and rental cars as well as book flights usually.

Many secured credit cards are now coming complete with their own benefits and perks. Some offer rewards points and even cash back programs.

Also, because your funds are tucked away in a savings account, you’re likely earning a bit of interest on that account. If that’s the case with your card, you’ll be able to watch your initial investment grow a bit.

Downside of Credit Reporting Cards

Consumers should understand that even though they’re securing their credit card with their own funds, they’re expected to adhere to the contracts of the banks or credit networks. Late payments, APR and annual fees are often part of the deal. If you fail to keep your end of the deal, the money used to secure the card will be returned but only after all of the fees are deducted, including the outstanding balance, any early termination fees and late fees.

Consumers are sometimes confused about the difference in prepaid cards and secured credit cards. Prepaid cards are simply debit cards that require you to deposit your own funds that you actually spend. With a credit reporting or secured card, you secure the account with a savings account, but you’re actually extended a credit line. Prepaid debit cards are not credit reporting cards.

The fee structures often vary from traditional credit card offers, too. You’ll want to carefully review the terms and conditions so you’re not hit with any surprises after you’ve established the account.

Also, like anything else, there are few predatory offers out there that are less interested in helping customers strengthen their finances and more interested in lining their own coffers. Due diligence counts and it’s up to you to ensure you’ve made the best choice for your needs. Our Editor’s Choice or any of the other offers showcased here are a great place to start as we’ve done the research on what are a few of the best offers available.

Conclusion

These credit cards have grown in popularity and remain in big demand as more American consumers turn their attention to repairing the damage from the recession that began in 2008. Credit reporting cards are worth the time and investment. Not only are you rebuilding your credit, but you’re setting up the dynamics to ensure a much stronger financial outlook.

Have you had any personal experience with Credit Reporting card offers?

Advertiser Disclosure

CREDIT DAD is an independent, advertising-supported website. Many debit cards, credit cards and other financial offers that appear here are from companies from which CREDIT DAD Websites receive compensation. This compensation may impact how and where products appear on this website (including, for example, the order in which they appear). CREDIT DAD Websites do not include all card offers in the marketplace.

Advertiser Disclosure

CREDIT DAD is an independent, advertising-supported website. Many debit cards, credit cards and other financial offers that appear here are from companies from which CREDIT DAD Websites receive compensation. This compensation may impact how and where products appear on this website (including, for example, the order in which they appear). CREDIT DAD Websites do not include all card offers in the marketplace.