Guaranteed approval credit cards available as of November 2015 include the Primor Secured Visa Gold Card, the Primor Secured MasterCard Classic Card and the First Progress Platinum Select MasterCard Secured Credit Card, according to MarketProSecure. The minimum requirements are that the applicants must be 18 years of age, reside in the United States with a valid address and have a valid social security number.
Most secured credit cards require a cash collateral deposit, as Bankrate explains, and the deposit becomes the customer’s credit line for their guaranteed approval account. Secured credit cards are often the only option for individuals with bad credit. Secured credit cards are also a good choice for individuals just starting to build their credit and for people who suffered through major life events, such as divorce or job loss.
The primary purpose of secured credit cards is to build credit, and secured credit card issuers report to the three main credit bureaus, according to Bankrate. Guaranteed approval credit cards, such as secured credit cards, carry higher interest rates and fees than unsecured credit cards, but after a year of making on-time payments, most card issuers qualify account holders for unsecured credit cards. The best way to build credit by using guaranteed approval credit cards is to buy a few things before consistently paying the card off each month.