Secured Credit Card

[Tweevil]

Hi everyone!
I recently posted on the transportation board that Enterprise requires a major credit card when you go on an extended mile trip. Well, I don't have one by choice... Everything I do is cash or debit card.

I was ok for this last trip due to my history with them but it was a bit like jumping through hoops. When returning the car the manager said just get a card, any card and they hit it for the deposit security amount.

So, does anyone have any recommendations for a secured card? There are a lot of options out there and I don't know if any of them are a scam.

I don't want a Disney Visa or one through my bank because I absolutely do not want a line of credit. I already have around 5 visa/mastercard debits - one being Disney Chase.

Any recommendations?

 

[Disfamoffour]

Enterprise should be able to run one of your debit cards through as a "credit card". Just make sure you don't need to use that account because they will probably hold a sizable amount of money until about a week after the vehicle has been returned. As long as they accept Visa or Mastercard you shouldn't have any problems.

 

[Tweevil]

Thanks for your reply
That's what they did but I was advised in the future I would need a credit card - not a debit card. Apparently once you go out of a specific area you have to do an auth on a credit card. I can pay when returning with the debit card but the auth has to be on a major credit card.

I usually have one debit reserved for the rental and gas, they put a hold for the amount of the rental and a security deposit - no biggie, as I plan for it and they put the amount over back on the card within a day or two.


They are requiring a major credit card.

Any suggestions on a secure one? I don't mind doing that.. .

 

[brandip22]

I can't help you, but I am in the same boat- also by choice. I just joined a credit union and they have a secured cc. If you belong to one, try there first. If not, try your regular bank. I was a bank manager for 15 years and most banks have them. Let me know what you end up finding though, in case it's better!

 

[sookie]

if you have good credit do not get a secured card. basically, thats where you put down 400, you can charge 400, but you STILL HAVE TO PAY THE FOUR HUNDRED - AGAIN.
I dont even KNOW how you get back your initial 400 bucsk. heck you could be just -giving it away. get a low limit card and use it for stuff like this.

 

[summerrluvv]

Orchard Bank which is an HSBC product offers a decent card. Stay away from First Premier bank though. They charge exhoribant fees and a lot of our clients at work have been burned by them.

 

[MickeyDisneyFan]

I used Orchard Bank many years ago to build my credit, I didnt have any issues with them other than the annual fee. It was around $50 if I remember correctly.

 

[kathie859]

Go to your bank. Ask to open a Secured Credit Card. You will put $XXX.XX in a savings account as a "guarantee". If you want a credit limit of $500 you put $500 in the savings account. If you pay the bill on time, your savings account remains whole and untouched. It's really easy.

 

[CajunDixie]

You really shouldn't get a secured card unless you don't qualify for a credit card. Secured cards have monthly/yearly fees and sometimes activation fees. And they show up on your credit reports the same way a credit card shows up. Nothing shows as it being a secured card. Not to mention your initial deposit is locked up for several months as you have to pay the deposit, then pay whatever you "charge" and then you have to have no activity on the card for a few months before they will close the account and return your initial deposit. When it comes to your credit report it doesn't matter if its secured or not secured...it's still a line of credit.

If you want to make the card work for you try getting one with rewards. I have a Kroger card and receive reward points, fuel points, and coupons in the mail for items I use often.

 

[JB2K]

Bank of America has offered a secured card for a number of years, now.

However, there are some things you should know:

• The security money for your card is held in an interest-bearing BofA savings account -- you won't be able to withdraw any money from that account.
  
• If you are concerned about your credit report, this card will appear as an entry on your credit reports (though it will be identified as a "secured" card).

Hope this helps...

 

[hinodis]

I went out and got a AAA travel money visa card. I load the money on the card before I travel. No fees. I used it for plane tickets, car rental and the hotel. All put holds on my money, but I was prepared for that. I NEVER had an issue with anyone, no one even seemed to notice it was not an actual CC. Maybe you should try renting from a different rental company. We use Alamo or National. Call around and check on their policy's. Be sure to skip calling an 800 number, go straight to the desk where you will be picking up the rental. Good Luck!

 

[bettymae1121]

I'm sure you have very good reasons for not wanting a line of credit, but have you thought about just getting a regular credit card for situations like this? Travel without a CC these days is getting harder to do (possible, but still a bit of a pain). If you've saved for your trip in advance, you can pay off the CC charges immediately and not have to pay any interest, and there are plenty of no-annual-fee cards out there. When not traveling you can just lock the card away someplace.

Just a thought!

 

[ccgirl]

Hi everyone!
I recently posted on the transportation board that Enterprise requires a major credit card when you go on an extended mile trip. Well, I don't have one by choice... Everything I do is cash or debit card.

I was ok for this last trip due to my history with them but it was a bit like jumping through hoops. When returning the car the manager said just get a card, any card and they hit it for the deposit security amount.

So, does anyone have any recommendations for a secured card? There are a lot of options out there and I don't know if any of them are a scam.

I don't want a Disney Visa or one through my bank because I absolutely do not want a line of credit. I already have around 5 visa/mastercard debits - one being Disney Chase.

I'm confused...you say you already have 5 credit cards so why don't you use one of those rather than a secured card?
My bank has my debit card with the visa logo. It comes directly from my checking. Does your bank have that?

The other option is to purchase a Visa/Mastercard gift card. There is a $5 activation but it can be an option.

Good luck with your decision.

 

[Disney-Kim]

Most banks offer secured cards to their customers...ask your local branch.
I have considered doing the same thing for rental cars...my bank offers one iwth a very low annual fee and a decent % rate.
I use Compass.

 

[*pixie*dust*]

if you have good credit do not get a secured card. basically, thats where you put down 400, you can charge 400, but you STILL HAVE TO PAY THE FOUR HUNDRED - AGAIN.
I dont even KNOW how you get back your initial 400 bucsk. heck you could be just -giving it away. get a low limit card and use it for stuff like this.

At a reputable bank or credit union it is simple. The $400 acts as a deposit. It is held in an account for the life of the card. If the card is paid back and closed, the money is returned to the person.

 

[angelat]

I can't offer a suggestion on the credit card. I'm just like you. Don't use them. But I can suggest that perhaps you use Alamo instead of Enterprise. I've used them both in Orlando and Sanford airports. They accept debit cards for rentals and what's better, they DO NOT hold any amount of money on the card as a deposit. When you bring the vehicle back, they charge your card then and there. I've done it a few times now. If you are interested in that, call them and ask about it.
HTH!

 

[Mrs. Charming]

Most banks offer secured cards to their customers...ask your local branch.
I have considered doing the same thing for rental cars...my bank offers one iwth a very low annual fee and a decent % rate.
I use Compass.

I was thinking of doing the same thing for a rental car. I don't want a credit card for any other reason, but I don't want the hassle of trying to rent a car with a debit card.

On average, do you know how much of a deposit/hold a rental car company puts on a credit or debit card?

I'll definitely look into Alamo if I can avoid this completely!

 

[Disney-Kim]

I was thinking of doing the same thing for a rental car. I don't want a credit card for any other reason, but I don't want the hassle of trying to rent a car with a debit card.

On average, do you know how much of a deposit/hold a rental car company puts on a credit or debit card?

I'll definitely look into Alamo if I can avoid this completely!

do a search on this board...I posted about it a while back and got a lot of responses of places that took debit cards and deposit amounts...some were $100...
but a lot of people had used many of the main companies...sorry I don't remember the info...

but...it helped me realize that I could just use my debit and was fine with it


found it: http://www.disboards.com/showthread.php?t=2515331

 

[Mrs. Charming]

do a search on this board...I posted about it a while back and got a lot of responses of places that took debit cards and deposit amounts...some were $100...
but a lot of people had used many of the main companies...sorry I don't remember the info...

but...it helped me realize that I could just use my debit and was fine with it


found it: http://www.disboards.com/showthread.php?t=2515331

Awesome! Thank you!!

 

[Tweevil]

Bank of America has offered a secured card for a number of years, now.

However, there are some things you should know:

• The security money for your card is held in an interest-bearing BofA savings account -- you won't be able to withdraw any money from that account.
  
• If you are concerned about your credit report, this card will appear as an entry on your credit reports (though it will be identified as a "secured" card).

Hope this helps...

This helps out wonderfully! I have a BoA account, I am going to check into TD and Chase too.

I'm sure you have very good reasons for not wanting a line of credit, but have you thought about just getting a regular credit card for situations like this? Travel without a CC these days is getting harder to do (possible, but still a bit of a pain). If you've saved for your trip in advance, you can pay off the CC charges immediately and not have to pay any interest, and there are plenty of no-annual-fee cards out there. When not traveling you can just lock the card away someplace.

Just a thought!

I have thought about it but having come a long way since my "carefree and young" days, I would prefer not to have one. But, I have thought about it - it's hard not to when they keep sending the pre-approved letters.

I'm confused...you say you already have 5 credit cards so why don't you use one of those rather than a secured card?
My bank has my debit card with the visa logo. It comes directly from my checking. Does your bank have that?

The other option is to purchase a Visa/Mastercard gift card. There is a $5 activation but it can be an option.

Good luck with your decision.

My 5 cards are debits with the Visa or MC logo - they aren't CC's. The gift cards don't work either (I asked) because they are generic in ownership.

Most banks offer secured cards to their customers...ask your local branch.
I have considered doing the same thing for rental cars...my bank offers one iwth a very low annual fee and a decent % rate.
I use Compass.

I will check them out. Thanks,

I can't offer a suggestion on the credit card. I'm just like you. Don't use them. But I can suggest that perhaps you use Alamo instead of Enterprise. I've used them both in Orlando and Sanford airports. They accept debit cards for rentals and what's better, they DO NOT hold any amount of money on the card as a deposit. When you bring the vehicle back, they charge your card then and there. I've done it a few times now. If you are interested in that, call them and ask about it.
HTH!

Oh boy, I would love to but in po'dunk where I live they are the only game in town and I drive to and from Orlando. I get killed on the rates (no airport rates for me!).

I was thinking of doing the same thing for a rental car. I don't want a credit card for any other reason, but I don't want the hassle of trying to rent a car with a debit card.

On average, do you know how much of a deposit/hold a rental car company puts on a credit or debit card?

I'll definitely look into Alamo if I can avoid this completely!

The hold for Enterprise here is price of the car plus $150 security deposit. This happens if you rent it to use locally or long distance. When you return the car they give you back the deposit +/- any fees (hours over or gas or whatever).

Thanks everyone for their great info. Of course I came here first before I checked with my current banks (duh!). I will check out the offers on their sites tonight.

Thanks again!