The Sable ONE Credit Card is a secured credit card for building and rebuilding bad credit scores. What is a secured credit card? Most credit cards, even if they are secured, make a credit score check when you apply. The unusual feature of Sable ONE card is that there is no credit check when you apply.
The good thing about Sable Credit card is that it has a $0 annual fee. I believe it is a must for a secured credit card. Having an annual fee for a secured card defies the goal of a good credit score which is to earn or save you money.
Cashback of Secured Credit Card
Other benefits that are rarely offered by secured cards include 2% cash back on purchases made on Amazon, Uber and Whole Foods. There is only 1% cashback everywhere else. However, you get a match cashback at the end of first year. So you effectively double your cashback with Sable ONE Credit Card
Sable One Credit Card has Graduation
Graduation is a nice feature of Sable One Card. Graduation means your secured credit card is converted to unsecured and you receive your security deposit back. You can get your security deposit back as early as 4 months. However, often it happens much later.
Cell phone protection
Cell phone protection is one of the a misleading benefit of the Secured Sable ONE Credit Card. The coverage is $100 with $50 deductible. Sure it is better than nothing, but it sounds better than it actually is. If you pay your cell phone bill with the credit card you are covered for potential theft or other damages. I should mention that this benefit is provided by MasterCard.
Extended warranty
Extended warranty covers up to $10,000 in repairs of items that have a warranty less than 12 months. Which is quite rare in products that are sold in the US. There are also a number of items and conditions that are excluded from coverage. So having this benefit of Sable ONE card is good, but taking advantage of it is rather hard.
Price protection
Price protection of Sable card covers the difference in your purchase and advertised price. The minimum claim amount is $25 or $50 up to $250, $500 or $1,000. Plus you are limited to 4 claims per year.
Rental car insurance
Rental car insurance covers 15 days when you rent a car that has MSRP below $50,000. Also it is worth mentioning that Sable One Card provides secondary insurance. Which means it covers damages after your own insurance and insurance of rental agencies.
The Sable card one more benefits that is called purchase protection.
As all credit cards Sable reports how you use credit to the credit bureaus every month. If you use the card responsibly and make payments on time you will see improvements in your credit score. Keep in mind, that credit score takes time to build, so be patient.
To get this secured credit card you need a Sable bank account from which you can make the security deposit. Although there’s no minimum deposit required, your spending limit equals the amount of your deposit.
Overall secured Sable ONE Credit card sounds like a good deal to me.