Find guaranteed credit cards with Comparewise. These cards are easy to get with instant approval. Plus they can be great for boosting your credit score if you can't get approved for another card yet.
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A guaranteed credit card is similar to a secured card in some ways. The primary difference between the two comes down to the security deposit. With a guaranteed credit card, it's optional to put down a deposit, whereas, with a secured card, it's always required. Also, you often don’t have to match the security deposit with the credit line of your guaranteed credit card. With a secured card, your security deposit must equal the credit line.
Anyone who has poor or non-existent credit. A guaranteed credit card offers a chance to build your credit, with near-instant approval available for all applicants. You can then enjoy all the conveniences of owning a credit card.
Yes, it can. As long as you use your card responsibly and make payments on time, your credit score will improve. Your credit card provider will report your payment history to the credit bureaus every month.
Your credit card provider will store your security deposit in a separate collateral account. Depending on the company, they may pay a small amount of interest on your security deposit. This interest earned is often credited to your account.