Secured credit cards provide an excellent way to build – or rebuild – credit. Because these cards are designed for credit building and credit repair, they often lack the signup bonuses that come with other, unsecured credit cards. One particular signup bonus is popular among new applicants: The 0% APR offer. This introductory promotion waives any interest charges for a period ranging a few months to over a year. But are there any secured credit cards with 0% APR offers?
Do Secured Cards Offer Rewards?
Secured cards get their name from the security deposit their issuers require to open a new account. This deposit acts as both collateral and the line of credit. Most secured cards require a minimum deposit of around $200, with a maximum deposit of approximately $1,000 to $3,000.
The combination of these modest credit limits and the focus on credit repair mean most secured cards lack an intro bonus. Other cards – especially rewards credit cards for people with excellent credit – come with signup perks like extra points and 0% intro APRs.
What Secured Cards Offer Signup Bonuses?
Just because you have bad credit, however, doesn’t mean you can’t enjoy signup bonuses like no interest on purchases. There is, in fact, one secured card that offers 0% intro APR when used for transactions.
Assent Platinum 0% Intro Rate Mastercard Secured Credit Card
The Assent Platinum 0% Intro Rate Mastercard® Secured Credit Card is unique in that it offers a (relatively) lengthy 0% intro APR offer. All new cardholders receive six months with no interest on purchases after they are approved. This means all purchases made with the card are interest-free for the first six months, which is an excellent bonus for those looking to finance a purchase – or who simply want the peace of mind that they won’t have to worry about interest payments for half a year.
The Assent Platinum Mastercard is far more than just a great introductory offer, however. The card also provides an exceptional APR once the first six months end. The rate is over 6% lower than the average interest rate for a secured card – and lower than the APR expected of a credit card by those with good credit.
Other features of the Assent Secured Card include:
- Regular reporting to the major credit bureaus: Equifax, Experian, and TransUnion
- 24/7 online account access
- Mastercard security and global acceptance
Assent Platinum 0% Intro Rate Mastercard® Secured Credit Card
Enjoy 0% APR on Purchases for Six Months!
- Full-Feature Platinum Mastercard* Secured Credit Card
- Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
- Good for Car Rental, Hotels: Anywhere Credit Cards Are Accepted!
- 24/7 Online Access to Your Account
- Credit Line Secured by Your Fully-Refundable Deposit of $200 – $2,000 Submitted with Application
- Intro Purchase APR: 0% for 6 months from account opening date
- Regular Purchase APR: 12.99% variable based on the Prime Rate
- Cash Advance APR: 18.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Annual Fee: $49
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $29
- Minimum Deposit Required: $200
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Tips for Using Secured Cards to Build Credit
While a card like the Assent does offer a signup bonus, secured cards are designed for repairing bad credit scores and establishing credit for the first time. To accomplish these goals, there are certain best practices that you must get into the habit of using every day. These include:
- Using your card for smaller purchases. This habit will help you avoid maxing out the credit line and make your payments easier to meet.
- Making your payments on time each month. Payment history is the most important factor when it comes to your credit score, which means missed payments can really hurt it.
- Paying off the balance in full each month. This good habit frees up your credit line for the next month and thus keeps your credit utilization ratio down. Plus, you’ll avoid activating that high interest rate.
For more information on rebuilding your credit, please visit our dedicated Bad Credit card listings and resource page.
Related Article: 7 Reasons Why You Should Consider Getting the OpenSky Secured Visa