Depending on the card issuer's policy, you can typically increase your limit on a secured credit card by using your card responsibly and/or making an additional security deposit.

With Firstcard, there is no credit limit as we don't extend a credit line and no locked security deposit. Instead, what you deposit is what you can spend on your secured credit card. This makes it easy to increase or decrease your credit limit anytime you want! Additionally, with Firstcard's secured credit card, there's no need to worry about your credit utilization negatively impacting your credit score as we don't report high utilization even if you use all the money deposited.

The biggest difference between a secured credit card and an unsecured credit card is that typically a secured credit card has a significantly higher APR%, little to no card benefits, and is difficult to get approved if you have no or bad credit. Secured credit cards also require you to make a locked deposit upfront which serves as collateral in case you are unable to pay back your balance.

With Firstcard the amount you deposit becomes your credit limit (what you can spend). This is different from unsecured credit cards which extend a credit line and usually involve overspending risk and high interest rates. While unsecured credit cards can hurt your credit if not managed properly, secured credit cards help ensure safe credit building by requiring an upfront deposit so you can't spend more than you have.

It's also easier to get approved for Firstcard compared to an unsecured credit card. Firstcard doesn't check your credit history or require a good credit history to qualify which makes Firstcard a better option for people who have no credit history or poor credit.

Secured credit cards help to build your credit score safely. Secured credit cards require a cash deposit upfront which helps reduce the risk of being unable to pay your bills on time later on. By using a secured credit card like Firstcard for purchases and making timely payments, your on-time credit activities are reported to the major credit bureaus and can help improve your credit score over time.

Many secured cards require a deposit, usually between $200 and $500. This amount becomes your credit limit and can be refunded if you close the account in good standing.

With Firstcard's secured credit card, there is no minimum deposit requirement. What you deposit into your Firstcard bank account is what you are able to spend on your Firstcard secured credit card. Any amount deposited into your Firstcard account can be withdrawn unless spent.

The cost of a secured credit card depends on the card issuer. Different secured credit card issuers have different fees, and sign up costs. At Firstcard you can start building credit with a secured credit card for just $4.99/month. Firstcard does not have any additional fees other than the subscription cost. Some secured credit cards require you to make a locked deposit that serves as collateral and have APR fees. With Firstcard there is 0% APR and 100% of what you deposit is what you can spend.

• In order to qualify for a secured credit card in the United States you need to:
  • Be 18 years of age or older
  • Reside in the US be able to provide proof of address
  • Have a SSN, ITIN, or Passport
  • Have funds available (usually $200-$500) for the initial security deposit

• To be eligible for the Firstcard® Secured Credit Builder Card, you'll need to be at least 18 years old and be able to provide:
  • Your full legal name and date of birth
  • Your U.S. residential address
  • A valid government-issued ID (passport, drivers license, etc.)
  • An SSN or ITIN*

*If you are an international student and do not have an SSN, you will need to provide your passport information to qualify for a secured credit card.

The easiest way to get a secured credit card is to apply online. Firstcard is an excellent option for those looking to open a secured credit card online since Firstcard doesn't check your credit history or require a good credit score to qualify.

• Easier access - for individuals looking to build or repair credit, the approval process is much more flexible for secured credit cards than traditional credit cards
• Safer spending- with many secured credit cards you are required to make an upfront security deposit which acts as your credit limit and serves as collateral in case you are unable to pay your bill off on time. This deposit helps ensure you don't spend more than you have and encourages responsible spending habits.
• Credit building - as you use your secured credit card, payment activity is reported to major credit bureaus. As you make on time payments, this demonstrates creditworthiness and can help build your credit score overtime
• Firstcard Benefits- When you sign up for a secured credit card with Firstcard, you can grow your savings faster with up to 4.00% APY. There's also no need to worry about credit utilization negatively impacting your credit score as Firstcard does not report high utilization even if you use all the money deposited in your account. With the Firstcard® Secured Credit Builder Card, you'll also earn up to 15% cashback when you make purchases at any of Firstcard 29,000+ partner merchants!

A secured credit card works similarly to an unsecured credit card with a few key differences. Here's how it works:

1. Security Deposit Requirement- When approved for a secured credit card, typically you'll need to make a security deposit ranging from $200-$500 upfront. This deposit is locked and acts as collateral in the case you fail to pay off your bill.

2. Using the Card - Once you activate your secured credit card, you can use it just like a regular credit card for purchases, online transactions, and bill payments.

3. Building Credit - Secured credit cards, like Firstcard, report your account activity to the major credit bureaus (Equifax, Experian, and TransUnion). As you use your secured credit card and make on-time payments, your responsible credit use is reported to the major credit bureaus which can help build or improve your credit score over time.

How Firstcard Works Differently - Firstcard works a bit differently than traditional secured credit cards. There is no locked deposit required upfront which means 100% of what you deposit is what you can spend. Firstcard does not extend a credit line so we are able to offer 0% APR. Firstcard helps you grow your savings faster by offering a higher than average 4.00% APY on the money saved in your Firstcard bank account. You can also earn up to 15% cashback any time you make a purchase at one of our 29,000+ partner merchants and earn unlimited 1% cashback on all purchases with Firstcard Premium!

A secured credit card is a type of card that is designed to help people build or rebuild their credit. Secured credit cards are like training wheels for managing credit. Secured credit cards require you to put down a deposit which acts as your credit limit and serves as collateral in case you are unable to pay your bill off on time. At Firstcard, this deposit becomes your credit limit and helps to create safe credit-building habits by ensuring you don't spend more than you have.