Why we recommend it...

The Orchard Bank Secured MasterCard is consistently the highest rated secured credit card by Credit Karma users. The Orchard Bank secured credit card has no processing fee and the annual fee is waived the first year. It has been reported that Orchard Bank has good customer service. Members have also reported healthy credit limit increases and upgrades to unsecured cards with responsible payment history.

It is important to note that Orchard Bank does have a unique application process. When you apply, Orchard Bank will perform a soft credit inquiry (does not lower credit score) to determine the best product for you. If you have strong credit, they will provide an unsecured card. The secured MasterCard has an APR of 7.9%, an annual fee of $35 that is waived the first year, and no processing fee for people with poor or no credit. The minimum security deposit is $200

Why we recommend it...

Getting a credit card with poor credit can be next to impossible in this economic environment. Virtually all credit card companies have increased their credit score requirements to hedge against defaults in this poor economy. For people with poor credit, the only options are pre-paid or secured credit cards. The bad thing about pre-paid cards is that they don't help build your credit since they don't report to the credit bureaus.

When it comes to secured credit cards, the Public Savings Bank Secured Visa looks like a great option. It has a low one time of fee of $79 with no annual fee. It also boast a credit limit based on your deposit up to $25,000. This is a great way to rebuild your credit while gaining the benefits of a credit card.