Secure A Secured Credit Card
A few summers ago Enterprise had a weekend special that was too good to refuse. As usual I reserved my vehicle online with my trusty credit card & everything was smooth sailing. When I made it to the location to retrieve my rental, there was a young black man trying to get a rental himself. I felt so bad for him because he was catching the blues all because he didn’t have a credit card. He was told he was required to pay with his debit card, leave a cash deposit of $300. They also wanted him to provide proof of residence & proof that he had steady income.
I understand a car is an expensive piece of machinery to release to just any ole body but it was rather heart breaking watching him being unable to get a rental. This is where the power of the secured credit card comes in at. I can’t speak for all black people but I wasn’t illuminated on how & why we should maintain decent credit scores. If you suffer from poor to questionable credit, a secured credit card is a solid solution.
They operate just as a regular credit card but they are backed by your own money. Once you find which secured card better suits your needs or situation, you can start one with as little as $200. If you are an income tax recipient or have the extra cash, I suggest depositing $500-$1000. The amount you put in is and same amount you will get out. You will see a nice fica score increase once the credit bureaus find out someone “trusted” you with a $1000 credit card. You can use these cards at every gas station or major retailer. The key to being successful with a secured card is to Never charge more than you are able to pay back at one time. Example. If you charge $500 that month & only bring home $300 per month, you just incited a huge disservice to your self. So keep your balances low & your spending in check.
But wait, it gets better. Some secured cards offer a cash back percentage on most purchases. You may be rewarded pennies for every dollar spent but over time, those pennies become mini treasures. But my favorite part is after 8-12 month of being a responsible card user, these companies will send you the deposited amout back & convert your card into one that is unsecured. Now you have a real credit card in your Wallet as well as your returned deposit.
It’s so much easier to rent cars, book hotel and flights with a credit card. Secured or unsecured. A credit card is a credit card. You will see how easier it is to travel & how flexible moving around becomes. So black people, invest in yourselves and secure you a secured card today.
