Secured credit cards are often used by people who are attempting to establish or repair their credit. The Neo Financial Secured Credit Card and the HomeTrust Secured Visa are two examples of well-liked secured credit cards. Despite their similarities in design, there are important ways in which their relative values are measured that are not the same.
To assist its customers develop or reestablish credit, Neo Financial offers the Neo Financial Secured Credit Card. Credit lines up to $500 are available for a one-time activation cost of $39 plus $4.50 per month. Signup incentives, cash back, or a points system are not offered.
As an alternative, it provides benefits such as a lower APR (14.99% vs. the average of 16.24%) than competing cards. Additionally, there is no yearly charge and users get free access to both credit score monitoring and fraud detection.
HomeTrust Secured Visa is another option for consumers who need a credit card but are still working to establish or repair their credit histories. There is a $5 monthly charge and a $35 yearly fee with a minimum credit limit of $500. The Neo Financial Secured Credit Card doesn’t have a signup bonus, but this card does, at $50 after the first transaction. The standard annual percentage rate is 14.99%, while the cash advance APR is 19.99%. It also includes free credit monitoring and fraud protection services.
The welcome bonus is one area where the Neo Financial Secured Credit Card and the HomeTrust Secured Visa diverge. A signup incentive is not available with the Neo Financial Secured Credit Card, however a $50 reward is available with the HomeTrust Secured Visa after the first transaction. This boosts the allure of the HomeTrust Secured Visa among those seeking instant gratification.
There is also a distinction between the two cards in terms of the associated costs. There is a $39 activation charge for the Neo Financial Secured Credit Card, and then $4.50 every month. For the HomeTrust Secured Visa, you’ll pay $5 per month plus $35 per year. As a result, the HomeTrust Secured Visa saves money over time.
To sum up, both the Neo Financial Secured Credit Card and the HomeTrust Secured Visa are great solutions for anyone who are working to build or repair their credit. While the annual cost and monthly charge for the HomeTrust Secured Visa are cheaper than those of the Neo Financial Secured Credit Card, the latter also comes with a signup incentive. Everyone has different requirements, therefore it’s up to them to choose the card that’s perfect for them.