The
Secured Sable ONE Credit Card is a good credit card for rebuilding damaged credit because there’s no credit check when you apply, account ownership is inexpensive, and you get rewards. The card has a
$0 annual fee, gives rewards of
1 - 2% cash back on purchases, and reports to the credit bureaus monthly. You can even get your deposit back, plus a bonus, for using your account responsibly and improving your credit score.
One potential downside is that you need a Sable bank account to fund your deposit. Technically, there’s no minimum deposit required, but your spending limit equals the amount of your deposit, so you’ll need to put something down for the card to work. You can find out more below.
Sable ONE Card Review Highlights
$0 Annual Fee
When you’re trying to build or rebuild your credit, the most important thing to look for in a credit card is a low annual fee. The
Secured Sable ONE Credit Card checks that box with its
$0 annual fee, making it significantly cheaper than unsecured credit cards for people with bad credit and putting it on par with the best secured cards.
1 - 2% Cash Back on Purchases
Rewards should be a tiebreaker among no annual fee credit cards for rebuilding credit, and the Sable Card’s offer certainly makes it a contender. Cardholders earn
2% on purchases made with Amazon, Hulu, Netflix, Spotify, Uber and Whole Foods, as well as
1% everywhere else. Plus, you get a dollar-for-dollar rewards match the first year, doubling whatever you earn.
Unique Security Deposit Requirement
With the
Secured Sable ONE Credit Card, your spending limit equals the amount of your security deposit, which you need to transfer from a Sable bank account. That’s what makes the issuer’s claim of no minimum security deposit a bit curious. You need to deposit something to be able to use the card. And the more you deposit, the better it is for your credit score – assuming you spend responsibly.
Can Graduate to Unsecured in 4 Months
This is not guaranteed. Although you can get your deposit back as soon as four months after you open an account, you need to meet a list of requirements to be eligible.
• Pay the bill on time every month
• Make 15+ purchases per month, including at least one of $250+
• Have a credit limit of $500+ for the last 4 months
• Receive monthly payroll direct deposits of $500+ into a Sable account in the last 4 months
13.24% Variable APR
The
Secured Sable ONE Credit Card has a fairly low interest rate, at
13.24% Variable. This could save you a bit of money if you’re unable to pay the bill in full at some point. However, carrying a balance from month to month with a secured card generally is not a good idea, since you can only spend up to the amount you put down as a deposit. You’d basically be paying interest on a loan you’ve given yourself.
For what it’s worth, the average APR among secured credit card offers right now is
22.83%.
Cell Phone Protection and Other Perks
Unlike most credit cards these days, especially those for people with below-average credit, the
Secured Sable ONE Credit Card has a slew of notable benefits. For starters, if you pay your monthly cell phone bill with the card or simply buy your phone with it, you’re covered for damage or theft. That even includes a cracked screen.
Other Sable credit card benefits include price protection, purchase protection, extended warranty coverage, and car rental insurance. You even get a satisfaction guarantee on most purchases, allowing you to avoid paying if you decide you don’t want an item within 60 days of buying it.
2% Foreign Transaction Fee
The
Secured Sable ONE Credit Card does charge a foreign transaction fee of
2%, so it will cost you extra if you travel internationally or make online purchases through foreign merchants.
No Credit Check
Applying for the
Secured Sable ONE Credit Card will not affect your credit score and getting approved is pretty easy, considering there’s no hard inquiry into your credit history. As long as you’re at least 18 years old and capable of affording monthly bill payments, you should be able to get this card.
Credit-Building Capabilities
The
Secured Sable ONE Credit Card can help you build credit because account information will be reported to the major credit bureaus each month. That said, other major secured credit cards report the same info. You can
track your progress for free on WalletHub.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.