Where can I get a secured credit card in the UK?

rilufunu

I have pretty poor credit and I can't get a credit card.

I want a secured credit card similar to the ones in the US where you leave a deposit with the lender and that becomes your credit limit and in addition, the lender needs to report my payment history to a credit reference agency.

This is NOT the same as a prepay card where you reload it once you spend it as that it useless to me and does nothing for your credit rating.


Update : Card MUST be UK-issued or reportable to UK credit reference agencies.

dzug1

Not heard of such a thing in the UK. At a wild guess I would say an Islamic bank is the best place to try, but I could be way out there


Normally try for a bad credit credit card:


http://www.moneysavingexpert.com/credit-cards/bad-credit-credit-cards

20aday

rilufunu wrote: »

I have pretty poor credit and I can't get a credit card.

I want a secured credit card similar to the ones in the US where you leave a deposit with the lender and that becomes your credit limit and in addition, the lender needs to report my payment history to a credit reference agency.

This is NOT the same as a prepay card where you reload it once you spend it as that it useless to me and does nothing for your credit rating.


Update : Card MUST be UK-issued or reportable to UK credit reference agencies.

Capital One used to offer a secured MasterCard; when I had financial difficultly 10 years ago they offered me one with a £200 deposit.

It's not listed on their website but you could contact them to see if they still offer it.

BIB: Cashplus offer a pre-paid MasterCard that is reload able and can improve your credit files; they put the annual fee on as an interest fee loan; taking the monthly payment and then reporting back to the credit agencies.

I know that isn't what you want but the option is there if Capital One are unable to help you....

http://www.mycashplus.co.uk/cashplus-extras/creditbuilder.aspx

thebritishbloke

Capital One do still offer this, they just don't show it on their website as far as I know. If you apply for their Classic card, if you're rejected for it it should offer you the secured card. They did this for me when I first started with credit, I didn't take them up on it though, I went with Vanquis instead.

john1002

just as a side caution they may and it needs to be stressed may offer you the secure card but no guarantee they will.

It will still depend on your credit score and the cut off point for the secured card, the security fee will also vary between 75 and 200 with a minimum credit limit of 200.

just dont want you thinking that a fail for the classic will mean an automatic acceptance for the secure card.

john

PaulW922

Why not go to the Capital One eligibility checker? I believe it will include the secured card...

https://www.capitalone.co.uk/creditcards/secure/find-my-card.jsf

john1002

PaulW922,

Problem with this checker and others is again just because they say you are eligible doesn't always mean you will get card.

I had excellent chance with the barclaycard one, then got declined so no guarantee, lots of posts on this forum of people who got declined but the checker said good chance or 80% plus.

John