Secured Credit Cards
Help build your credit. Help secure your future.
Whether you need to establish or rebuild credit, secured credit cards from BB&T can help you reach your goals.
Low APR secured credit card
Save money by paying less interest with BB&T Bright, our lowest annual percentage rate secured credit card
- Build your credit as you pay for your purchases
- Earn interest on your security deposit in a BB&T Secured Credit Card Savings account
- Competitive rates and a low annual fee1, 2
Cash rewards secured credit card
Earn rewards like cash back as you shop for the items you need every day with a BB&T Spectrum Cash Rewards secured credit card
- Strengthen your credit as you earn 3% cash back on gas, 2% cash back on utilities and groceries, and 1% cash back on all other eligible purchases3, 4
- Get 10% bonus cash when you redeem rewards into your BB&T checking or savings account
- Enjoy flexible rewards you can use for cash back, statement credit, gift cards and more
Travel rewards secured credit card
Get 2x miles on your travel purchases as you enjoy a number of additional benefits for travelers with a BB&T Spectrum Travel Rewards secured credit card
- Build your credit as you earn 2x miles on air/hotel/car rentals and 1x miles on all other eligible purchases4
- Earn 20,000 bonus miles when you spend $2,000 in the first 90 days ($200 value)
- Get an $85 credit for TSA Pre✓® or Global Entry5
- Use your annual $50 airline incidental credit toward check bag fees, in flight purchases, and more5
How do I build credit?
Establishing a solid credit history will become one of your most powerful financial assets as you progress throughout life. It can impact your ability to get a job, purchase insurance, finance a car or rent an apartment.
When it comes to your credit score, you're most likely familiar with your FICO® score. FICO scores helps lenders determine your likelihood of repaying credit on time. FICO scores consider five different areas of financial history to determine creditworthiness: current debts, payment history, new credit accounts, length of credit history and types of credit used. However, if you have limited credit history it can be difficult for lenders to extend credit based on your FICO score.
So what can you do to help build your credit? Here are some tips:
Pay your bills on time
While your FICO score is a key component in determined credit worthiness, there are other helpful ways to track your credit score and visualize how you are building credit. One way is through your VantageScore. VantageScore is a scoring model developed by the three major credit reporting agencies that can provide a reliable picture of your creditworthiness as well.1
Both FICO and VantageScore take late payments into consideration. VantageScore also incorporates non-credit related bills, like rent and utilities. This is why it is very important to pay all your bills on time, every month. It will help to avoid late fees and negative marks on your credit report, and help increase your VantageScore.
Become a co-borrower
Asking a trusted friend or family member to open a joint credit card with you will give you access to credit and enable you to start building a credit history. As a co-borrower, you’ll receive a credit card in your name and you are legally responsible for the debt associated with the account.
Being a co-borrower can have its advantages and disadvantages, as you'll inherit the other cardholder's credit habits. If you and the other borrower make consistent on-time payments and keep your balances below the credit limit, this can be a great option for you. If you or the other borrower misses payments or often lets your balances reach or exceed the credit limit, you risk damaging your own credit score.
Apply for a secured credit card or store credit
A great option to help you establish or rebuild credit is to start with a secured credit card. They're just like other credit cards, but require a security deposit to "secure" the card. Your credit limit is typically the amount of your security deposit. Just as with a regular credit card, you can build credit with a secured card through responsible use and making your payments on time. Plus secured cards can offer incentives like travel or cash rewards.
Major department stores are often more lenient in giving credit to someone with limited credit history. This comes with a price, however, in the form of a much higher interest rate. So if you're able to get a store card, be sure to pay off your balance each month to avoid hefty interest rate charges.
The bottom line
Building a positive credit history will take some time. But when it comes time to buy your first home, finance a car or apply for a bank loan, you’ll be glad you built a solid credit history first.
A credit report is a detailed account of your individual credit history, compiled by one of the three major credit reporting companies (Experian, TransUnion, Equifax). Creditors use these reports to evaluate an individual's ability and willingness to repay debt. Banks, department stores, the IRS, the court system, doctors, hospitals, utilities, and other companies all submit payment information directly to the credit reporting companies.
Why should I monitor my credit report?
Your credit history may change frequently. One step to ensure that no one has stolen your financial identity or established fraudulent credit in your name is to review your credit report. Monitoring your credit history on a regular basis will alert you to potential fraudulent activity. Whenever you see unusual items in your report, you should contact the credit companies immediately.
What information is included in my credit report?
Your credit report contains basic personal information, such as your full name, names you may have used in the past, your age or date of birth, Social Security number, address and employment information. It will also list previous addresses and employers.
Your credit report will also contain any public records such as collections, liens, judgments or bankruptcies. Your report will list all open accounts or charge cards which must be paid in full each month, other revolving accounts or credit cards, and installment loans. Each account will have a rating which shows whether it's paid to date or is past due, as well as a 24-month history of late payments. Accounts that have been closed by creditors will also be noted.
How can I get a copy of my credit report?
Effective September 1, 2005, you're eligible for a free copy of your credit report under the Fair and Accurate Credit Transactions Act (FACT Act). The FACT Act requires the three major credit reporting companies to provide consumers with a free copy of their own credit report each year.
To obtain a free credit report, send your request to:
Annual Credit Report Request Service
PO Box 105281
If you're a victim of identity theft, you may be eligible to receive additional free credit reports.
You can also call the credit reporting companies directly, but there may be a charge.
Who do I contact if there are errors on my credit report?
If you've noticed inaccuracies on your credit report, you'll need to contact the company that provided the report and request that the errors be corrected.
Enjoy a BB&T credit card with competitive rates and cash back options.
With customizable card controls, you choose when, where and how your BB&T credit and debit cards get used.
U by BB&T
Our mobile and online banking experience, U by BB&T, lets you see the big picture and take control of your finances.