Well, I am about to get my first credit card and I could use some advise...
I think I am going to go with Orchard Bank for my first card. IDK if anyone knows this bank, but I found a few recommendations for it, geared toward credit repair.
So, my question is this: Should I go with Secured or Unsecured?
I found one reference that suggested Secured, because the $200 one would put down as the available credit limit, is equivalent to the fees and charges one would have with an Unsecured card! Plus if one would close a Secured card, they would get the original credit deposit back.
Also, (with this bank in particular) the APR is 7.9% on their Secured card, and 8.9-15.9% on the Unsecured ones. also the Secured card has much lower fees than the Unsecured cards.
So which is better?
Does one build credit better than the other?
Does one's credit limit increase better than the other's?
Is it better to deposit more than $200 as the credit limit on a Secured card?
Is there something I didn't think of?
Well as always, any advise would be greatly appreciated!