First of all, it’s important to point out that you need to have a bank account with Sable. Evidence of Sable as an online bank through the modern mobile app provides a simple way, which allows you to manage your money. In addition, your account will be FDIC insured up to $250,000 per depositor through the Coastal Community Bank, FDIC member.
Minimum Security Deposit, how does it work?
Regarding the minimum security deposit, Sable does not require one! Credit cards of this category require customers to make a minimum security deposit. Almost always they are minimum fixed values starting at $ 200, in many cases this value can be very high, for example: $ 500.
Thinking about the possibility of the applicant not being able to commit $200, $300 or more in advance, the Sable One Secured credit card requires no minimum deposit. Sable has rare flexibility, where it allows deposits of $50 or $100, all to help you get a card.
It is important to remember that even though the bank does not require a minimum deposit, keeping amounts in the account for use will contribute to increasing your credit history. Also, the amount you deposit determines the limit of your card, and the maximum amount that Sable One Secured allows is $10,000.
How to graduate to a secured credit card
Sable allows everyone to graduate to a secured credit card within a few months. However, graduation to this type of card is not guaranteed. But this is an opportunity and the tips are worth checking out. On the Sable website, there are milestones listed that increase the chances of graduating. Check it out:
- Make your Sable One Secured card payments on time;
- Spend at least $250 per month on your credit card;
- Make 16 or more transactions per month on your card;
- Maintain a credit limit of at least $500 for the past 4 months;
- Deposit at least $150 in payroll each month;
- Receive monthly deposits into your Sable bank account of at least $500;
If Sable Bank determines that you are eligible, they will send you a notification that needs your acceptance. The customer will then receive the security deposit back, a credit to their account!
Download the Sable application to follow the progress of your credit whenever you want. Enjoy many personalized advantages and benefits and make your financial life simpler and easier.
- Keep your virtual and physical cards in one place.
- Graduate to traditional unsecured credit in up to 4 months through tangible milestones.
- Have control of your limit in the palm of your hands. Through the app you control your spending and make new deposits.
- Soon you will be able to increase your credit faster than elsewhere.
- Send money instantly to over 54 countries.
- Ensure the best rate when sending money. If you find a lower transfer fee, Sable matches it.
- Schedule your recurring payments. Don’t miss any of your credit card payments, schedule them and avoid delays.
- In case of card loss, block it immediately through the Sable mobile app. Unlock it whenever you want.
So don’t waste time, join more than 400,000 accounts and become part of the bank without borders and get more connected.
How to apply for a Sable ONE secured credit card
Applying for Sable One is very simple. Visit the Sable website, under CREDIT, click on SABLE ONE CREDIT, then click on EXPLORE for more information. The approval rate for this card is higher than 98% and the bank does not perform credit checks.
- As said before, you need to open a Sable account, and this process only takes 5 minutes.
- Then you simply enter your personal data by filling out an application form. Usually you need to provide financial data, monthly income, personal documents, and so on.
- Check that the information is correct, then just confirm the email address and download the Sable application for complete and efficient management of your card.
Sable One Secured Credit Card is available for those who have had difficulty establishing or re-establishing their credit history, so it may not be the best option for someone with a strong credit score.
The Sable One Secured Credit Card has a grace period, and also has a 0% APR for the first 12 months. This is a sign that the card can be structured to give you time to pay off your balance, making it more appealing to people looking for an easy repayment plan.