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On Merrick Bank‘s site

Best Secured Credit Card to Build Credit

Compare 59 Secured credit cards on Myfin.us.

By Myfin Team
Reviewed by Anastasia Staples
Updated August 12, 2022

Best Credit Cards for Secured in August 2022

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Merrick Bank Double Your Line® Secured Mastercard®
Annual Fee:
$36 the first year. Billed $3 per month thereafter
Regular APR:
19.70% Variable
Our Rating:
3.98
scorer
Сredit score
No Credit History to Fair (0-669)
    • Issuer name:
      Merrick Bank
    • Details:

      The Merrick Bank Double Your Line® Secured Mastercard® is a good card for people looking to build or rebuild credit.

      The card has an annual fee of $36 for the first year (billed $3 per month thereafter).

      The APR for purchases is 19.70% (Variable).

      Double your $200 credit line by making at least your minimum payment on time each month for the first 7 months your account is open.

      Read full review

    • Pros:
      • Double your credit limit
      • Free monthly FICO Score access
    • Cons:
      • Annual Fee
      • Foreign Transaction
    • Benefits:
      • $0 Fraud Liability;
      • Double Your Line®;
      • Reports to 3 Major Credit Bureaus.
    View all Double Your Line® Secured Mastercard® details
    Apply now
    On Merrick Bank‘s site
    Card detail
    First Progress Platinum Prestige Mastercard® Secured Synovus Bank
    Annual Fee:
    $49 annually
    Regular APR:
    12.24% Variable
    Our Rating:
    3.8
    scorer
    Сredit score
    No Credit History to Fair (0-669)
      • Issuer name:
        Synovus Bank
      • Details:

        The First Progress Platinum Prestige Mastercard® Secured Credit Card is a secured credit card for people with a limited credit history.

        The First Progress Platinum Prestige Mastercard® doesn’t earn a welcome bonus.

        The First Progress Platinum Prestige Mastercard® comes with an annual fee of $49. The card's APR: 12.24% (Variable for purchases), 21.24% (Variable for cash advances).

        First Progress reports to all three major credit agencies, so even if you have bad credit, you’ll be able to improve on your credit standing provided you use your card responsibly.

        Read full review

      • Pros:
        • Low APR for Purchases
        • No Minimum Credit Score Required
        • Reports to Three Major Credit Bureaus
        • Suitable Range of Credit Limit
      • Cons:
        • High Annual Fee
        • High Transaction Fees on Cash Advance
        • High Penalty Fees
        • No Bonuses or Rewards
        • Foreign Transaction Fees
        • Unavailability of Card for Certain Geographies in the US
      • Benefits:
        • Accepted Nationwide;
        • No Minimum Credit Score;
        • No Credit History Required.
      View all First Progress Platinum Prestige Mastercard® Secured details
      Apply now
      On First Progress’s site
      Card detail
      First Progress Platinum Elite Mastercard® Secured Synovus Bank
      Annual Fee:
      $29 annually
      Regular APR:
      22.24% Variable
      Our Rating:
      3.3
      scorer
      Сredit score
      No Credit History to Fair (0-669)
        • Issuer name:
          Synovus Bank
        • Details:

          The First Progress Platinum Elite Mastercard® Secured credit card is among the best secured credit cards that have an annual fee. The card has a 22.24% variable APR and a $29 annual fee.

          This card comes with other extra fees, including a 3% foreign transaction fee, a $10 or 3% cash advance fee, a late payment fee up to $40, and a returned payment fee up to $29.

          This card requires no credit history or minimum credit score for approval, which means you can qualify without any credit history. There's no credit check required during application.

          You need to put down a minimum refundable deposit of $200 for a $200 credit line, but you can increase your credit limit up to $2,000, backed with an equal deposit amount.

        • Pros:
          • Qualify with any credit: You don't need credit history or minimum credit score to get approved, which is good for borrowers with negative items on their credit reports.
          • Reports to all three major credit bureaus: This can help you build and improve your credit score faster.
          • Expedited processing: You can opt for expedited application processing at a $19.95 fee.
          • Real-time access to your credit score: You get real-time access to your credit score and ongoing credit monitoring from Experian.
          • Choose your credit limit: You can choose to put down $200 to $2,000 as a deposit which will become your credit line.
        • Cons:
          • Relatively high APR: With a 22.24% APR, your costs may increase considerably if you carry a huge balance on your card.
          • Foreign transaction fee: You’ll incur a 3% transaction fee on purchases made outside the U.S.
          • $29 annual fee: The card charges an annual fee of $29.
          • Additional fees: Extra fees like cash advance, late payment, and returned payment fees may add to the card’s cost.
        • Benefits:
          • No Minimum Credit Score;
          • No Credit History Required;
          • Accepted Nationwide.
        View all First Progress Platinum Elite Mastercard® Secured details
        Apply now
        On First Progress’s site
        Card detail

        Applied Bank® Secured Visa® Gold Preferred® Credit Card best for 18 year old

        Gold Preferred® Secured Visa® Applied Bank
        Annual Fee:
        $48 annually
        Regular APR:
        9.99% Fixed
        Our Rating:
        4.23
        scorer
        Сredit score
        No Credit History to Poor (0-579)
          • Issuer name:
            Applied Bank®
          • Details:

            The Applied Bank® Secured Visa® features a fixed-rate 9.99% APR on purchases.

            The Applied Bank® Gold Preferred® Secured Visa® Card charges several fees in addition to the $48 annual fee. Fees include an up to $38 late payment fee, an up to $38 returned payment fee, a $30 stop payment fee, a $12.95 fee for each optional payment, a $30 fee for additional or replacement cards a $50 reinstatement fee, and a 3% foreign transaction fee.

            Read full review

          • Pros:
            • Lower than average APRs
            • Theft Protection
          • Cons:
            • Annual Fee
            • No Intro APR on purchases and balance transfer
            • Foreign Transaction Fee
            • No rewards
          • Benefits:
            • Reports to All Three National Credit Bureaus;
            • Zero Fraud Liability;
            • Refundable Security Deposit;
            • Global acceptance;
            • Emergency card replacement and cash disbursement.
          View all Secured Visa® Gold Preferred® Credit Card details
          Apply now
          On Applied Bank®‘s site
          Card detail
          Synovus Bank The First Latitude Platinum Mastercard® Secured Credit Card
          Annual Fee:
          $25 for the first year; after that $35.00 annually
          Regular APR:
          21.49% Variable
          Our Rating:
          1.22
          scorer
          Сredit score
          No Credit History to Poor (0-579)
            • Issuer name:
              Synovus Bank
            • Details:

              The Synovus Bank First Latitude Platinum Mastercard® Secured Credit Card is a full-feature Platinum Mastercard® with a credit line based on a security deposit rather than on a credit score.

              The First Latitude Platinum Mastercard® Secured charges an annual fee of $25 for first year; after that $35 annually. The APR for Purchases is 21.49% (26.49% for cash advances). These APRs will vary with the market based on the Prime Rate.

              Read full review

            • Pros:
              • Available to people with limited credit history
            • Cons:
              • Foreign Transaction Fee
              • Balance transfers are not available
            • Benefits:
              • Choose a Credit Line Secured by Your Fully Refundable Deposit - from $100 to $2,000;
              • Reports Monthly to All 3 Consumer Credit Bureaus to Establish Credit History;
              • Quick and Easy Online Application.
            View all First Latitude Platinum Mastercard® Secured details
            Apply now
            On Synovus Bank‘s site
            Card detail
            Secured Mastercard® Merrick Bank
            Annual Fee:
            $36 for first year. Billed $3 per month thereafter
            Regular APR:
            19.70% Variable
            Our Rating:
            3.2
            scorer
            Сredit score
            No Credit History to Poor (0-579)
              • Issuer name:
                Merrick Bank
              • Details:

                The Merrick Bank Secured Mastercard® credit card is a card designed for building or rebuilding credit. The cardholder’s initial credit line will be equal to the amount of their security deposit, which can be between $200 and $3,000.

                The Annual Fee is $36 the first year. Billed $3 dollars per month thereafter.

                The Card's APR: 19.70% Variable for purchases.

                The Secured Mastercard® credit card reports to all three major credit bureaus.

                Read full review

              • Pros:
                • Up to $3000 credit limit
                • Reports to three major credit bureaus
                • You don’t need a bank account to apply
                • Access to FICO score
                • Low APR
              • Cons:
                • No rewards or intro offers
                • $200 minimum deposit
                • Extra fees
                • $36 annual fee
              • Benefits:
                • Monthly Reporting to the 3 Major Credit Bureaus;
                • $0 Fraud Liability;
                • Low interest;
                • FICO® Score for Free Each Month.
              View all Secured Mastercard® details
              Apply now
              On Merrick Bank‘s site
              Card detail
              First Progress Platinum Select Mastercard® Secured Synovus Bank
              Annual Fee:
              $39 annually
              Regular APR:
              16.24% Variable
              Our Rating:
              3.5
              scorer
              Сredit score
              No Credit History to Fair (0-669)
                • Issuer name:
                  Synovus Bank
                • Details:

                  The First Progress Platinum Select MasterCard® Secured is designed to help cardholders build credit with no credit check or minimum credit score required to apply.

                  The First Progress Platinum Select MasterCard® Secured doesn’t come with any welcome offers, sign-up bonuses or reward rates.

                  The card's APR: 16.24% (Variable for Purchases), 22.24% (Variable for Cash Advances).

                  The First Progress Platinum Select MasterCard® has an annual fee of $39. Plus, the card has a foreign transaction fee of 3%.

                  Read full review

                • Pros:
                  • No credit history required
                  • No Minimum Credit Score needed
                  • Low Annual Percentage Rates
                • Cons:
                  • Annual Fee
                  • Foreign Transaction Fee
                • Benefits:
                  • Accepted Nationwide;
                  • No Minimum Credit Score;
                  • No Credit History Required.
                View all First Progress Platinum Select Mastercard® Secured details
                Apply now
                On First Progress’s site
                Card detail
                Surge Secured Mastercard® Celtic Bank
                Annual Fee:
                $69 annually
                Regular APR:
                19.99% Variable
                Our Rating:
                3.3
                scorer
                Сredit score
                No Credit History to Poor (0-579)
                • Rewards Rate:
                  • 1% Cash Back rewards for each $1 spent using your Surge Mastercard.
                • Issuer name:
                  Celtic Bank
                • Details:

                  The Surge Secured Mastercard® is a credit card designed for people with poor credit or none at all. The card earns 1% Cash Back rewards.

                  The card's APR: 19.99% (Variable).

                  The Surge Secured Mastercard® has an annual fee of $69. There’s also an additional one-time card fee of $30 (if applicable). Plus, the card has a foreign transaction fee of 3%.

                  Read full review

                • Pros:
                  • Cash Back rewards
                  • Free automatic account reviews for credit limit increases
                • Cons:
                  • Annual Fee
                  • Foreign Transaction Fee
                  • No welcome bonus
                  • No Intro APR offer
                • Benefits:
                  • 1% Cash Back Rewards;
                  • Potential Credit Limit Increase;
                  • Report to All 3 Major Credit Bureaus.
                View all Surge Secured Mastercard® details
                Apply now
                On Celtic Bank‘s site
                Card detail

                Capital Bank OpenSky® Secured Visa® best for 18 year old

                Secured Visa® OpenSky®
                Annual Fee:
                $35 annually
                Regular APR:
                17.39% Variable
                Our Rating:
                3.82
                scorer
                Сredit score
                No Credit History to Good (0-739)
                  • Issuer name:
                    Capital Bank
                  • Details:

                    The OpenSky® Secured Visa® Credit Card doesn't require a credit check for approval, making it one of the best secured credit cards for borrowers with a poor credit history or a past bankruptcy. The card has a 17.39% variable APR, a $35 annual fee, and a 3% foreign transaction fee.

                    Users can get started with a minimum security deposit of $200 for a $200 credit line, but upon approval, you can increase your credit limit up to $3,000, backed by an equal security deposit.

                    The OpenSky® Secured Visa® Credit Card reports repayments to all three major credit bureaus, which can help you improve your credit score faster if you make minimum monthly payments on time.

                  • Pros:
                    • Relatively low APR: The card has a 17.39% variable APR, which is relatively low compared to some secured credit cards.
                    • No credit check required: OpenSky® doesn't pull your credit score when you apply, so there’s no impact on your credit profile.
                    • Reports to all three major credit bureaus: OpenSky® reports card activity to Experian, TransUnion, and Equifax, which helps you improve your score faster.
                    • Set alerts: Set up automatic email alerts to stay on top of your spending and monthly repayments.
                    • Flexible payment: You can fund the security deposit with a debit card, check, Western Union or money order. You can also change your due date once per year.
                  • Cons:
                    • Annual fee: The card has an annual fee of $35.
                    • Foreign transaction fee: You'll incur a 3% transaction fee for any purchases made outside the U.S.
                    • Additional fees: A late payment fee of up to $38, and returned payment fee of up to $25 applies. There's also a $6 or 5% cash advance fee, whichever is greater.
                    • No rewards: You won't earn cash back rewards, points, or miles on purchases.
                  • Benefits:
                    • No credit check necessary to apply;
                    • Reports to three major credit bureaus;
                    • Build credit quickly;
                    • Doesn't require a bank account.
                  View all OpenSky® Secured Visa® details
                  Apply now
                  On Capital Bank‘s site
                  Card detail

                  Capital One® Secured Mastercard® best for Single mom, Without SSN

                  Secured Mastercard® Capital One
                  Annual Fee:
                  $0
                  Regular APR:
                  26.99% Variable
                  Our Rating:
                  2.49
                  scorer
                  Сredit score
                  No Credit History to Poor (0-579)
                  • Balance Transfer APR:
                    26.99% Variable
                  • Issuer name:
                    Capital One®
                  • Details:

                    The Secured Mastercard® from Capital One® is the best credit card with a low low deposit requirement, with no annual fees. Depending on your credit score, you could get approved for an initial credit limit higher than your security deposit.

                    The card features a purchase interest rate of 26.99% variable APR, and a minimum security deposit of $49, $99, or $200 for an initial credit line of $200. You can raise your initial credit line to a maximum of $1,000 if you deposit more than the minimum amount.

                    You'll be automatically considered for a higher credit limit within six months. If you maintain responsible card use, you can upgrade to a standard, unsecured Platinum card and get back your security deposit.

                  • Pros:
                    • $0 annual fee: The card has an annual fee of $0.
                    • Low security deposit: With as little as $49, you can qualify for an initial credit line of $200.
                    • Automatic credit line reviews: You could qualify and get approved for a higher credit line within six months.
                    • No foreign transactions fees: No fees charged on purchases made outside the U.S.
                    • Flexible due dates: You can choose the due date that best fits your monthly budget.
                    • Reports to all three major credit bureaus: This can help you build credit faster if you make on-time monthly repayments.
                    • Credit report alerts: You get alerts from CreditWise when your credit report changes.
                  • Cons:
                    • High variable APR: The card has a high regular APR of 26.99%. Interest costs can increase if you carry a huge balance on the card.
                    • No rewards program: You won't earn ongoing cash back rewards, points, or miles on purchases.
                    • No intro offers: The card doesn't offer a sign-up bonus or an intro APR on purchases and balance transfers.
                  • Benefits:
                    • $0 Fraud Liability;
                    • Refundable Deposit;
                    • Capital One CreditWise;
                    • Eno®, your Capital One assistant;
                    • Virtual Card Numbers from Eno;
                    • Emergency Card Replacement;
                    • ATM Location Services;
                    • MasterRental Coverage;
                    • 24/7 Customer Service.
                  Card detail

                  Citi Secured Mastercard® best for First time applicants

                  Secured Mastercard® Citi
                  Annual Fee:
                  $0
                  Regular APR:
                  22.49% Variable
                  Our Rating:
                  2.94
                  scorer
                  Сredit score
                  No Credit History to Fair (0-669)
                  • Balance Transfer APR:
                    22.49% Variable
                  • Issuer name:
                    Citi
                  • Details:

                    The Citi Secured Mastercard® is one of the best secured credit cards with no annual fee. It comes with a 22.49% variable APR, a 3% foreign transaction fee, and a minimum security deposit of $200 for a $200 credit line.

                    Citibank reviews your income and debt to determine your credit qualification, and you can increase your credit line to up to $2,500, with a security deposit equal to the amount of your credit limit.

                    The card offers a lot of payment flexibility, and you can choose to clear your monthly bill on any available dates at the beginning, middle, or end of the month.

                    Citibank reports to all three credit bureaus, and you can get free access to your credit score online.

                  • Pros:
                    • $0 annual fee: The Citi Secured Mastercard® has an annual fee of $0.
                    • Flexible payment dates: You can choose to pay your bill on any available due dates at the beginning, middle, or end of the month.
                    • Automatic alerts: You can set up automatic account alerts on your phone or by email to see payments due, balance levels, or when you exceed your credit limit.
                    • Reports to all three major bureaus: You can build credit faster if you make on-time monthly repayments.
                  • Cons:
                    • High APR: The card has a 22.49% regular APR, which can be costly if you carry a huge balance month to month. A penalty APR of 29.99% also applies on late or returned payments.
                    • Foreign transaction fees: The Citi Secured Mastercard® charges a 3% fee on purchases made outside the U.S.
                    • Additional fees: Extra fees include a $10 or 5% cash advance fee and a $5 or 5% balance transfer fee (whichever is greater).
                  • Benefits:
                    • $0 Liability;
                    • Digital Wallets.
                  Card detail

                  Discover Bank Discover it® Secured best for Cash Back, No Annual Fee, Young couples, For bad credit

                  Discover it® Secured Discover Bank
                  Annual Fee:
                  $0
                  Regular APR:
                  22.99% Variable
                  Our Rating:
                  4.07
                  scorer
                  Сredit score
                  No Credit History to Poor (0-579)
                  • Rewards Rate:
                    • 2% Cash Back at gas stations and restaurants on up to $1,000 in purchases each quarter.
                    • 1% Cash Back on all other purchases.
                  • Intro Offer:
                    • 2x Discover will automatically match all the cash back you’ve earned at the end of your first year.
                  • Balance Transfer APR:
                    10.99% The APR for 6 months from date of first transfer 22.99% The APR after 6 months from date of first transfer
                  • Issuer name:
                    Discover Bank
                  • Details:

                    The Discover it® Secured Credit Card is one of the best secured credit cards that offers cash back rewards on purchases. You'll earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, and 1% cash back on all other purchases.

                    Plus, Discover offers an unlimited Cashback Match. At the end of your first year, you'll get a dollar-for-dollar match of all the cash back you've earned.

                    The Discover it® Secured Credit Card has a minimum deposit of $200 for a $200 credit line, a 22.99% variable APR, and a $0 annual fee. Discover performs automatic account reviews after eight months, and if you qualify for a standard, unsecured card, you get back your deposit.

                  • Pros:
                    • Cash back program: Earn 1% cash back on all purchases and 2% cash back on gas stations and restaurants (on up to $1,000 in combined purchases per quarter).
                    • Welcome bonus: You'll get a dollar-for-dollar match on cash back rewards earned in your first year.
                    • $0 annual fee: You don't have to spend a certain amount on the card to offset a fee.
                    • Reports to all 3 major credit bureaus: This can help you build credit faster if you make full or on-time minimum repayments each billing cycle.
                    • Upgrade & refund: With responsible card use, you can qualify for a standard unsecured card in eight months and get your deposit back.
                  • Cons:
                    • High APR: The card has a 22.99% regular APR which can be costly if you carry a balance month to month.
                    • Additional fees: Late payment fee of up to $40 (waived the first month), cash advance fee of $10 or 5%, and a balance transfer fee of 3 - 5%.
                  • Benefits:
                    • Refundable security deposit;
                    • $0 Fraud Liability;
                    • No Foreign Transaction Fees;
                    • 2% Cash Back at gas stations and restaurants;
                    • 1% Cash Back on all other purchases;
                    • Unlimited Cashback Match;
                    • 99% nationwide acceptance.
                  Card detail

                  Bank of America BankAmericard® Secured best for Secured

                  BankAmericard® Secured Bank of America
                  Annual Fee:
                  $0
                  Regular APR:
                  22.99% Variable
                  Our Rating:
                  2.89
                  scorer
                  Сredit score
                  No Credit History to Poor (0-579)
                  • Balance Transfer APR:
                    22.99% Variable
                  • Issuer name:
                    Bank of America
                  • Details:

                    The BankAmericard® Secured Credit Card is one of the best secured credit cards for borrowers seeking to get approved for a higher credit line. The card has a 22.99% variable APR and a $0 annual fee, but comes with a 3% foreign transaction fee and a 3% cash advance fee (or $10, whichever is greater).

                    You can get the card with a minimum refundable deposit of $300, but you can increase your credit limit to $4,900. How much you get comes down to the security deposit you provide, your income, and your ability to pay the credit line.

                    Bank of America performs periodic credit reviews of your account, and you may qualify to get your security deposit back based on your overall credit history.

                    Other perks include a $0 liability guarantee for fraudulent transactions, overdraft protection, contactless chip technology, free monthly FICO® score updates, and account alerts via email or text.

                  • Pros:
                    • $0 annual fee: The card has no annual fee.
                    • Higher credit limit: You could get approved for a maximum credit line of $4,900, which gives a lot of spending flexibility.
                    • Deposit return: With responsible use of the card, you could get your deposit returned while keeping the account open.
                    • Monthly FICO® score updates: Opt-in to access free monthly credit score updates, key factors affecting your score, and important information to help you keep healthy credit via the bank's mobile banking app or online banking.
                    • Account alerts: You can set up email or text alerts to stay on top of your balances and due dates.
                  • Cons:
                    • High APR: The BankAmericard® Secured credit card has a 22.99% APR, which could be costly if you carry a balance month to month.
                    • Fees: The card has a 3% foreign transaction, a $10 or 3% cash advance fee, and $10 or 3% cash transfer fee (whichever is greater).
                    • Relatively high security deposit: The $300 security deposit could be a turnoff for some borrowers.
                    • No specific review period: The issuer doesn’t state a specific review period to get your deposit back or get a credit card upgrade.
                  • Benefits:
                    • $0 Liability Guarantee;
                    • Overdraft Protection;
                    • Digital Wallet Technology;
                    • FICO® Score for Free.
                  Card detail

                  US bank Secured Visa® best for Secured

                  Secured Visa® US bank
                  Annual Fee:
                  $0
                  Regular APR:
                  23.99% Variable
                  Our Rating:
                  2.88
                  scorer
                  Сredit score
                  Good (670-739)
                  • Balance Transfer APR:
                    23.99% Variable
                  • Issuer name:
                    US bank
                  • Details:

                    The US bank Secured Visa® is among the best secured credit cards with no annual fee. The card features a 23.99% variable APR, a 2% to 3% foreign transaction fee, a $10 or 5% cash advance fee (whichever is greater), a $5 or 3% balance transfer fee (whichever is greater), and up to $40 late payment and returned payment fees.

                    The minimum deposit is $300 for a $300 credit line, and you can increase your credit limit up to $5,000 with an equal deposit amount. The card offers a few perks, including fraud protection, $0 fraud liability, autopay, and contactless payment for a streamlined checkout experience.

                  • Pros:
                    • $0 annual fee: The card has no annual fee.
                    • High credit limit: With an equal deposit, you can get a maximum of $5,000 credit line.
                    • Free credit score: Get real-time access to your credit score in the mobile app or online banking.
                    • Payment flexibility: Make payments via the U.S. Bank mobile app or online banking, or select an automatic payment option to avoid late fees. You can also pick a payment due date that best suits your budget.
                    • Earn interest as you build credit: Your security deposit is placed in an interest-bearing account.
                    • Reports to all the three credit bureaus: Card activity is reported to TransUnion, Equifax, and Experian to help you build credit faster.
                  • Cons:
                    • High APR: A 23.99% APR can increase your balance-carrying costs.
                    • Foreign transaction fee: When shopping outside of the U.S., you’ll incur a 2% fee for charges made in U.S. dollars and a 3% fee for purchases in foreign currency.
                    • Additional fees: The card charges cash advance, balance transfer, and late or returned payment fees.
                    • No rewards program: Unlike the Discover it® Secured card, US bank Secured Visa® card doesn’t offer cash back rewards on purchases.
                  • Benefits:
                    • Zero fraud liability;
                    • Mobile wallet;
                    • Free Credit Score;
                    • Auto Pay.
                  Card detail

                  Best Secured Credit Cards

                  If you've got a poor credit score or no credit history, a secured credit card can help you build or rebuild your credit profile and improve your FICO score. You pay the card issuer an upfront deposit equal to your card's credit limit that acts as collateral if you default on monthly payments.

                  Your credit card issuer reports card activity to credit bureaus, which helps you improve your credit score if you make on-time monthly payments. Your security deposit is fully refundable if you remain responsible, pay your balance in full, and close your account in good standing, or upgrade to an unsecured card.

                  We've compiled a list of the best secured credit cards so that you can choose the one that best fits your needs.

                  Short Review of Best Secured Credit Cards

                  NameBest forRewards RateAPRApply
                  Merrick Bank Double Your Line® Secured Mastercard®
                  3.98
                • This card doesn't offer cash back, miles or points.
                • 19.70% VariableApply now
                  On Merrick Bank‘s site
                  Synovus Bank First Progress Platinum Prestige Mastercard® Secured
                  3.8
                • This card doesn't offer cash back, miles or points.
                • 12.24% VariableApply now
                  On First Progress’s site
                  Synovus Bank First Progress Platinum Elite Mastercard® Secured
                  3.3
                • This card doesn't offer cash back, miles or points.
                • 22.24% VariableApply now
                  On First Progress’s site
                  Applied Bank® Secured Visa® Gold Preferred® Credit Card
                  4.23
                  18 year old
                • This card doesn't offer cash back, miles or points.
                • 9.99% FixedApply now
                  On Applied Bank®‘s site
                  Synovus Bank First Latitude Platinum Mastercard® Secured
                  1.22
                • This card doesn't offer cash back, miles or points.
                • 21.49% VariableApply now
                  On Synovus Bank‘s site
                  Merrick Bank Secured Mastercard®
                  3.2
                • This card doesn't offer cash back, miles or points.
                • 19.70% VariableApply now
                  On Merrick Bank‘s site
                  Synovus Bank First Progress Platinum Select Mastercard® Secured
                  3.5
                • This card doesn't offer cash back, miles or points.
                • 16.24% VariableApply now
                  On First Progress’s site
                  Celtic Bank Surge Secured Mastercard®
                  3.3
                • 1% Cash Back rewards for each $1 spent using your Surge Mastercard.
                • 19.99% VariableApply now
                  On Celtic Bank‘s site
                  Capital Bank OpenSky® Secured Visa®
                  3.82
                  18 year old
                • This card doesn't offer cash back, miles or points.
                • 17.39% VariableApply now
                  On Capital Bank‘s site
                  Capital One® Secured Mastercard®
                  2.49
                  Single mom, Without SSN
                • This card doesn't offer cash back, miles or points.
                • 26.99% VariableLearn more
                  Citi Secured Mastercard®
                  2.94
                  First time applicants
                • This card doesn't offer cash back, miles or points.
                • 22.49% VariableLearn more
                  Discover Bank Discover it® Secured
                  4.07
                  Cash Back, No Annual Fee, Young couples, For bad credit
                • 2% Cash Back at gas stations and restaurants on up to $1,000 in purchases each quarter.
                • 1% Cash Back on all other purchases.
                • 22.99% VariableLearn more
                  Bank of America BankAmericard® Secured
                  2.89
                  Secured
                • This card doesn't offer cash back, miles or points.
                • 22.99% VariableLearn more
                  US bank Secured Visa®
                  2.88
                  Secured
                • This card doesn't offer cash back, miles or points.
                • 23.99% VariableLearn more

                  Who should apply

                  Synovus Bank First Progress Platinum Elite Mastercard® Secured

                  Though the First Progress Platinum Elite Mastercard® Secured credit card comes with a relatively high APR and a number of fees, you may want to consider this card if you have a history of unpaid debts. You won't have to deal with minimum credit score or credit history requirements, or credit check during the application process. However, you’ll need to use the card responsibly and do your best to avoid the different fees charged on the card.

                  Read more about Synovus Bank First Progress Platinum Elite Mastercard® Secured

                  Capital Bank OpenSky® Secured Visa®

                  The card doesn't require a credit check to apply and has a low APR. Thus, it can be a good choice for borrowers with poor credit or no credit who want to benefit from a lower interest rate. As long as you can spend $3,600 annually to justify the fee, this card will work for you and help you improve your credit score faster as card activity is reported to all three major bureaus.

                  Read more about Capital Bank OpenSky® Secured Visa®

                  Capital One® Secured Mastercard®

                  One feature that makes the Capital One® Secured Mastercard® Credit Card stand out is its low deposit requirement. Depending on where Capital One® sets your minimum deposit, you could get the card for as little as $49. That makes the card a good fit for borrowers who want to build or rebuild credit but don't have a lot of cash to pay a higher security deposit. Again, the card doesn't charge foreign transaction fees, which makes it a great choice if you plan to make purchases outside the U.S.

                  Read more about Capital One® Secured Mastercard®

                  Citi Secured Mastercard®

                  The Citi Secured Mastercard® doesn't require users to have a past credit history, making it a great choice for someone who wants to build credit from scratch. As long as you can pay your monthly bill on time and avoid the high APR or the penalty APR, this card can help you establish credit because card activity is reported to all three bureaus. However, the card comes with a 3% foreign transaction fee, so try to avoid purchases outside the U.S. or on foreign websites.

                  Read more about Citi Secured Mastercard®

                  Discover Bank Discover it® Secured

                  With a cash back program and no annual fee, this card appeals to anyone who wants to build credit from scratch or rebuild their credit history. Discover reports to all the three major credit bureaus, and with responsible use, borrowers can build their credit faster and get upgraded to unsecured cards.

                  Read more about Discover Bank Discover it® Secured

                  Bank of America BankAmericard® Secured

                  The BankAmericard® Secured Credit Card is a good choice for borrowers seeking to establish, strengthen, or even rebuild their credit with a card that allows a higher spending limit. With a $4,900 maximum credit line, the card offers a lot of spending flexibility. If you can pay your balance in full every month to avoid the 22.99% APR, and maintain controlled spending to avoid the 3% foreign transaction and cash advance fees, this card may be a good fit for you.

                  Read more about Bank of America BankAmericard® Secured

                  US bank Secured Visa®

                  The US bank Secured Visa® card offers a higher credit limit of up to $5,000 and may be a good choice for those who want to access higher credit limits while building credit. So if you've got the cash to put down a higher deposit, you can get a higher credit line with this card. However, the card comes with several fees which you need to avoid lest they increase the card’s cost.

                  Read more about US bank Secured Visa®

                  What is a secured credit card

                  A secured credit card is a line of credit that requires the applicant to put down a security deposit with the issuing company. It's meant to help people with poor credit or those with no credit history to improve their credit score so that they may qualify for an unsecured credit card or other types of loans in the future.

                  With most card issuers, the security deposit paid determines your credit limit, though a few may allow you to borrow more depending on the issuer’s assessment of your creditworthiness. The security deposit is fully refundable, but the issuer needs it to act as collateral. In case you default on your monthly payments, the issuer can use the deposit to cover the bill.

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                  However, if you show responsible credit behavior, and you close the account in good standing or upgrade to an unsecured credit card, the deposit is fully refundable.

                  To help you build credit, the card issuer reports your account activity to the credit bureaus. Thus, it is vital that you make your monthly payments on time and in full so that you can improve your credit score faster.

                  How to get a secured credit card

                  Since a secured credit card requires a security deposit that acts as collateral, getting one is easier than getting an unsecured credit card.

                  Here is how you get a secured credit card:

                  • Apply: You can do this by visiting the issuing bank or credit union, or online through the financial institution’s website. Then, you will fill out an application form disclosing information such as: your name, address, social security number, income, employment status, and more.
                  • Wait for approval: The issuer performs an underwriting process to build your risk file and determine your creditworthiness. If you meet their minimum requirements, your application is approved and you can go ahead to make the minimum security deposit.
                  • Make a cash deposit: You’ll be required to make a security deposit equal to your card’s credit limit. How much you need to pay varies by company, but most issuers have a $200 to $300 minimum deposit for an equal credit line. You can increase your credit limit up to the issuer's allowable maximum deposit.
                  • Get your card: Once you’ve paid the security deposit, your account is opened. The issuer sends you the credit card via mail. You can also pick it up at your local branch. The card comes ready to use, and you can start using it immediately after activation.

                  How to choose a secured credit card

                  A secured credit card can help you build credit and improve your credit score. Thus, you should choose a card bundled with features that enable you to achieve exactly that.

                  The top things to look into when choosing the best secured credit card include:

                  • Credit reporting: Equifax, TransUnion, and Experian are the major credit bureaus. To boost your credit score faster, make sure the issuer reports to all the three major credit bureaus.
                  • Affordable security deposit: Choose a credit limit that’s affordable to you or work with an issuer that allows you to fund your security deposit in installments.
                  • Fees charged: Choose a secured credit card with fewer to no fees. Cards that charge several fees may increase your card costs and make it harder for you to meet your obligations to the issuer. If possible, go for a card with a $0 annual fee and no foreign transactions fees.
                  • A path to upgrade: Issuers who perform automatic credit reviews of your account are the best because you may not only get your deposit back within a short period but also start enjoying more perks with an unsecured credit card.
                  • Variable APR: Going for a card with a lower variable APR is an advantage as you can save money on interest in the long run. But since you aim to build credit, you should focus on paying your balance in full every billing cycle. As long as you can pay your balance in full, you won't have to worry much about the APR.
                  • Rewards: Most secured credit cards don't offer cash back rewards. It’s good to earn something back on your spending, but that shouldn't be your focus. Instead, choose a card that helps you build credit faster so that you can qualify for a rewards credit card.

                  How to use your secured card to build credit

                  Using your secured credit card responsibly is the way to go so that you can build credit faster and boost your FICO score. Here’s how to do it:

                  • Pay your balance in full: Each billing cycle, you’ll receive your monthly bill from the issuer. If possible, make sure you pay off the balance in full. It will not only help you build credit faster, but also slash interest costs.
                  • Make on-time payments: Whether you pay in full or just make the minimum monthly payments, make sure you pay before the due date on your monthly statement. Otherwise, you will be hit with late payment fees and your credit score will dip.
                  • Avoid failed payments: If you set up autopay, ensure there’s enough money in your account to cover your monthly bill. Failed or returned payments come with extra fees and will impact your credit score negatively.
                  • Don't max out your card: Keep credit utilization below 30%. You can do that by keeping a higher deposit than the issuer’s set minimum deposit. For instance, you can keep a deposit of $500 and only charge $150 on the card each month.
                  • Monitor your account: Keep an eye on how your credit score is improving. Most issuers allow you to monitor your progress through their mobile app, online banking, or by setting up email and text alerts to receive important updates.

                  How to upgrade to an unsecured credit card

                  After several months of good credit behavior, your credit score should improve. That means you may be ready to upgrade to an unsecured card that offers more perks than what you can get with a secured credit card.

                  Here’s how to upgrade to an unsecured credit card:

                  • Automatic upgrade: Some card issuers, like Discover, perform automatic periodic reviews of your credit card account and your credit score changes. In that case, your account might be upgraded into an unsecured credit card if the issuer is satisfied with your credit behavior.
                  • Ask for an upgrade: If your issuer doesn’t advertise automatic upgrades within a specific period, consider asking for an upgrade either by calling or visiting the nearby branch. They will review your credit history and behavior and if you qualify, get your account upgraded to an unsecured credit card.
                  • Apply for a new card: This is a good option if the card you’ve been upgraded to doesn't offer the perks you’re looking for. Shop around for a rewards card that fits your spending style. You can also go this route if you’re confident your score has improved enough but your issuer refuses to upgrade your account.
                  • Decide the fate of your secured credit card: Keeping the card open is good for maintaining a lengthy credit history, but if your secured card has recurring fees, like an annual fee, you may have no other choice but to close it altogether.

                  Alternatives to secured credit cards

                  If you don't qualify for a secured credit card, or don't have enough cash to put down a security deposit, there are several secured credit card alternatives to look into. Some will help you build credit, but others will just give you the convenience and safety of a cashless payment method.

                  They include:

                  • Unsecured credit card for bad credit: Some issuers use alternative data to offer unsecured credit cards to customers with fair or even poor credit. The downside is, these cards come with high APRs, multiple fees, and limited rewards categories. The First Premier Bank Credit Card, the Horizon Gold Card, the Total Visa® Unsecured, and Credit One credit cards are good examples in this category.
                  • Credit builder loans: Credit builder loans are meant to help you build a good repayment history. The lender holds the borrowed amount in a savings account until you're done paying the monthly installments. The money is then released to you, and the lender reports it as a paid-off loan to the credit bureaus.
                  • Passbook loan: If you have money in a savings account, you can borrow against it to build credit. Depending on the lender, you may be able to borrow 50% to 100% of your savings. Repayments are then reported to the credit bureaus to help improve your credit score.
                  • Personal loans: With the rise of online lenders, it's possible to get a personal loan with fair to good credit. A few may be willing to welcome borrowers with poor credit, but you'll have to contend with high interest rates, low credit limits, and fees. Alternatively, you can opt for secured personal loans if you're willing to attach a valuable asset like your car or house as a lien to secure the loan.
                  • Guarantor loan: Both traditional and online lenders allow co-signed loans for people with bad credit. So if you have a friend or family member with a better credit score than yours, you can talk to them to guarantee your loan and tilt approval odds in your favor.
                  • Prepaid debit cards: A prepaid debit card won’t help you build credit, but can help you add an extra security buffer to your hard-earned money when shopping online or in-store. You load money into the card, and then use it to make purchases. Since you aren't borrowing the money from an issuer, card activity has no impact on your credit score.
                  • Debit cards: Unlike a credit card that borrows money from the issuing bank to cover purchases, a debit card draws money directly from your checking account to cover the bill anytime you shop online or check out a retail location. Unfortunately, they can’t help you build credit.

                  FAQ

                  What are other credit cards to consider?

                  If the secured credit cards on our list don't appeal to you, you’ve got a few more options. Other secured credit cards to consider include:
                  • Harley-Davidson Visa Secured Card
                  • Navy Federal Credit Union nRewards Secured Credit Card
                  • Chime Credit Builder Visa® Secured Credit Card
                  • Bank of America Customized Cash Rewards Secured Credit Card
                  • Capital One Quicksilver Secured Cash Rewards Credit Card

                  How fast will a secured card build credit?

                  How fast your secured credit card will build credit depends on how and where the issuer reports your repayments activity, your overall credit history before getting the card, and how responsibly you use the card.
                  Generally, you should allow six to eight months of responsible credit behavior to start seeing a significant improvement in your credit score.

                  What is the difference between secured and unsecured credit cards?

                  Secured credit cards require the borrower to put down a refundable security deposit as collateral, while unsecured ones don't. For a secured credit card, the security deposit determines your credit limit, while in an unsecured one, your credit limit is determined by your credit score.
                  Again, secured credit cards are meant to help borrowers build or rebuild credit, while unsecured ones are meant for people with good to excellent credit scores looking to earn rewards on purchases. That’s why unsecured credit cards come with more perks than secured ones.

                  How many secured credit cards should I have to rebuild my credit?

                  Having one secured credit card may be enough to help you rebuild credit. After all, rebuilding credit doesn't depend on the number of cards you have, but how responsibly you use the card.
                  That said, there’s no harm if you get an extra one from a different credit card issuer. For instance, you can get one from Amex, and another from Discover.
                  As long as you can pay your monthly bill on time or in full, having two cards can help you boost your credit score faster. Plus, you'll still have an alternative in case you lose one of your cards or fall out of favor with the issuer.

                  Is it possible to get a secured credit card with no minimum deposit required?

                  No. All secured credit cards require you to pay a minimum security deposit to cushion the issuer from loss if you default on payments. However, you may be able to get an unsecured credit card for bad credit from some issuers.

                  What banks offer secured credit cards?

                  There are several banks that offer secured credit cards, including Capital One, Discover, Bank of America, Citibank, Wells Fargo and U.S. Bank.
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