Building Credit makes more financially responsible
This card has gotten me through the tough times of trying to rebuild my credit. When I first joined the military there were issues with my lease not being aid on time and it dragged me down before I had found out about the issue. I wasn’t able to get consolidation loans, personal loans, or even some store cards. This card helped me establish credit because it allowed be to put a secured balance and then pay on the card like a normal credit card. The annual fee, I thought at time was a little steep, but with good use of the card the annual fee came down to around $50 before I no longer used the card. The APR was really high, I think at 24.9%, and never really came down. So even though I only used the card for smaller purchases when needed it still cost me a bit more in the long run.
After using the card for about two years I started getting new card offers with better rates and some even with an annual fee. This card helped my build my credit rating back up to the point that I was able to purchase a car without a down payment. I think that using the card also helped me to become more financially knowledgeable. I kept track of my credit rating and used the websites to ind out what things to not do when building credit, such as don’t apply for store cards, apply for bank loans, etc. The more inquiries the better. It made me more self-sufficient because I knew that while I still had a back up just in case, I didn’t need to use it to get something that I could otherwise need or could save up for.