Credit unions have the best deals on this special type of card designed for consumers who can't qualify for a standard credit card because of a bad or limited credit history.

With some heavily-promoted secured cards imposing $99.95 "processing fees" and other outrageous costs, finding the right one can literally save you hundreds of dollars a year.

The cards issued by credit unions usually have:

• No application fee.
• No annual fee.
• Reasonable interest rate of 14% or less for purchases.
• Late fees of $30 or less.

Click here to learn more about finding an affordable secured credit card.