Secured credit cards are a great way to build your credit history or rebuild your credit after a financial setback. They work like regular credit cards, but you need to put down a security deposit, which serves as your credit limit. Once you make on-time payments and use the card responsibly, you can start to build a positive credit history.
Here are the top 10 best secured credit cards on the market today, based on factors such as annual fees, interest rates, rewards programs, and security features:
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Purchase APR Rate: 24.64% (variable) – Annual Fee: $35 – Credit Needed: No credit, Poor, Fair – Credit Line: $200-$3000 at time of application – Late Payment Fee: Up to $41 | |
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Purchase APR Rate: 28.99% (variable) – Annual Fee: $24 during the first year, paid in installments of $2 per month. $36 after the first year, – Credit Needed: No credit, Poor, Fair – Credit Line: $100- $1,000 – Return Payment Fee: See Terms* – Late Payment Fee: Up to $41 – Foreign Transaction Fee: 3% | |
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Purchase APR Rate: 18.24% (V) – Annual Fee: $39 – Credit Needed: Poor/Limited/No Credit – Credit Line: $2,000 | |
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Purchase APR Rate: 14.24% (V) – Annual Fee: $49 – Credit Needed: Poor/Limited/No Credit – Credit Line: $2,000 | |
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Purchase APR Rate: 28.99% (variable) – Annual Fee: $0 – Credit Needed: No credit, Poor, Fair – Credit Line: $300-$3000 at time of application – Late Payment Fee: Up to $41 | |
1. Discover it® Secured Credit Card
The Discover it® Secured Credit Card is one of the best secured credit cards on the market, thanks to its generous rewards program and no annual fee. You can earn 5% cash back on rotating quarterly categories (up to $1,500 in spending each quarter), and 1% cash back on all other purchases. Plus, Discover will match all the cash back you earn at the end of your first year.
2. Capital One Platinum Secured Credit Card
The Capital One Platinum Secured Credit Card is another great option for people with bad credit or no credit history. It has no annual fee and a low minimum security deposit of $200. You’ll also get a credit line increase after just six months of on-time payments.
3. Bank of America® Customized Cash Rewards Secured Credit Card
The Bank of America® Customized Cash Rewards Secured Credit Card is a good choice for people who want to earn cash back on their purchases. You can choose one category to earn 3% cash back on, such as gas, groceries, online shopping, or travel. You’ll also earn 1% cash back on all other purchases.
4. U.S. Bank Cash+® Secured Visa® Card
The U.S. Bank Cash+® Secured Visa® Card is another good option for cash back rewards. You can choose two categories to earn 5% cash back on, such as gas, groceries, restaurants, travel, or department stores. You’ll also earn 1% cash back on all other purchases.
5. Capital One Quicksilver Secured Cash Rewards Credit Card
The Capital One Quicksilver Secured Cash Rewards Credit Card is a good choice for people who want a simple rewards program. You’ll earn 1.5% cash back on all purchases.
6. First Progress Platinum Prestige Mastercard® Secured Credit Card
The First Progress Platinum Prestige Mastercard® Secured Credit Card is a good option for people who want a low APR. It has an APR of 15.99%, which is one of the lowest on the market for secured credit cards.
7. Self Visa® Secured Card
The Self Visa® Secured Card is a good option for people who want to build their credit without having to put down a large security deposit. You can open an account with a deposit as small as $1.
8. OpenSky® Secured Visa® Credit Card
The OpenSky® Secured Visa® Credit Card is another good option for people with no credit history or bad credit. It has no credit check required and no annual fee.
9. Secured Chime® Credit Builder Visa® Credit Card
The Secured Chime® Credit Builder Visa® Credit Card is a good option for people who want to build their credit and manage their money with a mobile app. It has no annual fee and no credit check required.
10. UNITY Visa® Secured Credit Card
The UNITY Visa® Secured Credit Card is a good option for people who want to support a community bank. It has no annual fee and a low minimum security deposit of $200. You’ll also get a chance to earn a credit line increase after six months of on-time payments.
No matter which secured credit card you choose, be sure to use it responsibly and make all of your payments on time. This will help you build a positive credit history and qualify for better credit cards in the future.
For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
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