Digital Federal Credit Union's secured card charges no annual fee, a rarity among secured cards. It also carries a fairly reasonable 11.5% APR.
Anyone who is a member of one of the credit union's more than 700 participating companies and non-profit organizations is eligible for the card.
And there are nine organizations that anyone is able to join to become a member, making the card much more attainable than the secured cards offered by other credit unions, like the Navy Federal's secured card. You can pay $15 to join the American Association of People with Disabilities, for example, or you can join Reach Out for Schools for just $10.
Cardholders must make an initial security deposit of at least $500 -- which becomes their credit limit -- and they are able to earn .05% interest whatever deposit they make -- a perk that's unheard of among most secured cards. They must also have at least $5 to fund the account.
"This is a great option for anyone with bad credit or no credit history who is willing to jump through a few extra hoops in order to become a member of the DCU credit union first," said Heckathorn.
Credit card issuers are starting to ramp up lending to consumers with less than perfect credit, but be careful not to jump on an offer too quickly.
|The steep cost of incarceration on women of color|
|Best Buy launches Cyber Week sales|
|New Amazon drone video, brought to you by Jeremy Clarkson|
|We are witnessing a slow motion unicorn bust|
|Adele's '25' sells record 3.38 million copies in first week|