gLOSSARY
A fee paid to your credit card company, once per year.
What is Annual Fee?
This is like a membership fee that you pay once a year to your credit card company for using their card. Not all credit cards have an annual fee.
So, if your credit card has an annual fee of $60, that means you'll pay $60 per year, usually added to your credit card bill, just for the benefit of using that card.
It's important to see whether the benefits you get from the credit card, like reward points or cash back, are worth more than the cost of the annual fee. If you don't use the card much, the annual fee might be more than the benefits you receive.
3 things to know about Annual Fees
- They Can Be Waived: Sometimes, credit card companies might waive the annual fee for the first year as a part of a promotion to attract new customers. Also, if you're a long-term good standing customer, you may be able to negotiate a fee waiver with your credit card company.
- Vary Widely: Annual fees can vary widely in amount. Some credit cards might have an annual fee of $25, while others could go up to $500 or more, usually for luxury cards that offer more perks and benefits. It's important to consider whether the value you get from the card offsets the annual fee.
- Not Always Bad: While paying an annual fee might not seem ideal, sometimes the benefits offered by the card can more than make up for it. For example, a card might have a $95 annual fee, but offer travel rewards, discounts, or insurance policies that would cost much more if purchased separately. In these cases, the annual fee can be worth it for some people.
Disclaimer: Yendo is not a provider of financial advice. The material presented on this page constitutes general consumer information and should not be regarded as legal, financial, or regulatory guidance. While this content may contain references to third-party resources or materials, Yendo does not guarantee the accuracy or endorse these external sources.
FAQs
Yes, Yendo helps you build your credit score with responsible usage. We report your activity to Experian, Equifax, and TransUnion. Is it an actual credit card? Yes, and it's powered by Mastercard.
Is it possible to get denied for a secured credit card? ›
But even if you have the money for a deposit, you can be denied a secured card if your credit profile is deemed too risky to a lender. Each lender, or card issuer, has a set of standards as to what an ideal borrower looks like. This includes your credit score, your income and your current and former debts.
Is it easier to get approved for a secured credit card? ›
The deposit protects the issuer from losing money if you don't pay your bill, so secured credit cards are easier to get for people with bad credit or no credit history.
Does it matter how much money you put on a secured credit card? ›
If you want to use your secured card to make bigger purchases during the month, you might make a larger deposit. With a smaller deposit, you'll have a lower credit limit, which might make it impossible to make many larger purchases.
How much is the Yendo monthly payment? ›
The Yendo credit card requires a minimum monthly payment of $50 or 3% of the statement balance, whichever is greater.
What credit cards are like Yendo? ›
Companies like Yendo include CircleUp , SavvyMoney , and Credit Genie .
What is the easiest secured credit card to get? ›
Why We Like It: The OpenSky® Plus Secured Visa® Credit Card is the easiest secured credit card to get because it has no credit check. This means there's no hard inquiry into your credit history when you apply, and approval does not depend on how responsible you've been as a borrower in the past. As...
What are 2 downsides of getting a secured credit card? ›
Secured credit cards tend to have: High fees and interest rates. Secured credit cards may charge high application, processing or annual fees. Additionally, these types of cards typically have high interest rates because credit card issuers may expect high default rates from people with lower credit scores.
How much will my credit score go up with a secured card? ›
There isn't an exact number for how much a secured credit card may raise your credit score. The improvement of your score depends on how you use your card, how long you use it and the starting point of your credit. Being approved for a secured credit card won't improve your score automatically.
Is there a credit card that approves everyone? ›
First Progress Platinum Elite Secured Mastercard: The First Progress Platinum Elite Secured Mastercard requires no credit history or minimum credit score for approval. Your security deposit is refundable, and the card is accepted nationwide.
The Citi Double Cash Card is one of the best cash-back credit cards with no annual fee. Normally, you'd need a good to excellent credit score to be approved for the top credit cards, but you can get the Citi Double Cash Card with fair or average credit.
What credit score is needed for a secured credit card? ›
There is no credit score required to get a secured card, since secured credit cards are designed for people with bad or limited credit. Secured credit cards are the easiest type of credit card to get, some won't even check your credit score when you apply.
How fast do secured cards build credit? ›
If you have no credit history, getting your first credit score with a secured card may take up to six months. If you have poor credit, you can usually expect to see the effect of your new secured card on your credit score in a month or two.
How much to use on a $200 secured credit card? ›
Credit scoring models tend to penalize utilization over 30%, so if your credit limit is $200, you won't want your balance to exceed $60. When using a secured credit card to build credit, it's a good idea to keep your credit utilization below 30%. Keeping it below 10% is even better.
Can I put $10,000 on a secured credit card? ›
You can put $10,000 on some secured credit cards and get a $10,000 limit in return.
How do you know if a credit card is real? ›
9 Must-Know Ways to Spot a Fake Credit or Debit Card
- Symmetry. First, look at the numbers to ensure they are evenly spaced and aligned. ...
- Correlation. Next, check to see if the account number matches the card name. ...
- Magnetic Strip. ...
- Receipt Match. ...
- Hologram. ...
- Signature Strip. ...
- UV Logos. ...
- Microprint.
The Capital One Quicksilver Cash Rewards Credit Card is a simple cash-back credit card that offers 1.5% Cash Back on every purchase, every day. Plus, new cardholders can earn a one-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening.
Are virtual credit cards real? ›
Virtual credit cards are digital credit cards that function like physical credit cards—but without the plastic. Rather than providing the same card number to multiple vendors, companies can limit their exposure to potential fraud by generating different 16-digit card numbers and expiration dates for each transaction.
Is Revi credit considered a credit card? ›
REVI Credit is the first-of-its-kind all-in-one revolving credit line that provides Filipinos easy access to credit and financial flexibility at their fingertips! Your credit line can also be used for other services available in the CIMB Bank PH App, such as Bills Payment and Balance Transfer.
