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HomeCredit CardSecured Credit CardsTop 10 Secured Credit Cards

Top 10 Secured Credit Cards

Secured credit cards are a type of credit card that require a cash deposit as collateral, which serves as a security for the issuer in case the cardholder defaults on their payments. Typically, the credit limit on the secured card is equal to the amount of the deposit, making it a safer option for both the lender and the borrower, especially for those with poor or no credit history.

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These cards are often used as a tool to build or rebuild credit. When a user makes purchases and pays their bill on time, their payment history is reported to the credit bureaus, helping to improve their credit score over time. Secured credit cards function much like regular credit cards, allowing for online purchases, bill payments, and other transactions. Some even offer rewards or cash-back programs. However, they may come with higher fees and interest rates compared to unsecured cards. Responsible use of a secured credit card can eventually lead to qualifying for an unsecured credit card, which doesn't require a deposit and typically offers better terms and benefits.

  • Discover it® Secured
    Discover it® Secured

    Discover it® Secured - Secured credit card with cash back and no annual fee.

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  • Capital One Platinum Secured Credit Card
    Capital One Platinum Secured Credit Card

    Capital One Platinum Secured Credit Card - Rebuild credit with refundable security deposit.

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  • Citi® Secured Mastercard®
    Citi® Secured Mastercard®

    Citi® Secured Mastercard® - Credit-building card with security deposit, no annual fee.

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  • OpenSky® Secured Visa® Credit Card
    OpenSky® Secured Visa® Credit Card

    OpenSky® Secured Visa® Credit Card - No credit check required, refundable deposit, builds credit history.

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  • BankAmericard® Secured Credit Card
    BankAmericard® Secured Credit Card

    BankAmericard® Secured Credit Card - Secured card for building or rebuilding credit history.

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  • U.S. Bank Secured Visa® Card
    U.S. Bank Secured Visa® Card

    U.S. Bank Secured Visa® Card - Rebuilds credit with a refundable security deposit.

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  • Navy Federal nRewards® Secured Credit Card
    Navy Federal nRewards® Secured Credit Card

    Navy Federal nRewards® Secured Credit Card - Secured card building credit with rewards, Navy Federal members.

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  • Wells Fargo Business Secured Credit Card
    Wells Fargo Business Secured Credit Card

    Wells Fargo Business Secured Credit Card - Credit card for businesses, requires collateral, builds credit.

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  • First Progress Platinum Prestige Mastercard® Secured Credit Card
    First Progress Platinum Prestige Mastercard® Secured Credit Card

    First Progress Platinum Prestige Mastercard® Secured Credit Card - Secured card, builds credit, no credit history required.

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Top 10 Secured Credit Cards

1.

Discover it® Secured

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The Discover it® Secured Credit Card is designed for those looking to build or rebuild their credit. It requires a refundable security deposit as collateral, which typically matches the credit limit. Cardholders earn 2% cash back at gas stations and restaurants (up to a quarterly maximum) and 1% on all other purchases. Additional perks include no annual fee, free access to FICO® Credit Scores, and automatic reviews for account upgrade eligibility after seven months.

Pros

  • pros No annual fee
  • pros Cash back rewards
  • pros Free FICO score
  • pros Reports to all three credit bureaus
  • pros Flexible security deposit.

Cons

  • cons High APR
  • cons Requires refundable deposit
  • cons Limited initial credit line
  • cons Foreign transaction fee
  • cons No travel rewards.
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2.

Capital One Platinum Secured Credit Card

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The Capital One Platinum Secured Credit Card is designed for individuals looking to build or rebuild their credit. It requires a refundable security deposit, which determines your credit limit. With responsible use, you can improve your credit score over time. The card features no annual fee and provides access to credit monitoring tools and resources. It’s a straightforward option for those aiming to establish a positive credit history.

Pros

  • pros Helps build credit
  • pros refundable deposit
  • pros no annual fee
  • pros reports to major bureaus
  • pros flexible deposit amounts

Cons

  • cons High APR
  • cons no rewards
  • cons minimum $49 deposit
  • cons limited benefits
  • cons foreign transaction fees
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3.

Citi® Secured Mastercard®

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The Citi® Secured Mastercard® is a credit-building tool designed for individuals with limited or no credit history. It requires a refundable security deposit, which sets the credit limit. This card offers access to FICO® score tracking and various Citi perks, including identity theft protection and 24/7 customer service. It reports to all three major credit bureaus, aiding in credit score improvement with responsible use. However, it doesn't offer rewards or cashback incentives.

Pros

  • pros Builds credit history
  • pros Low annual fee
  • pros Reports to all three credit bureaus
  • pros No penalty APR
  • pros Can graduate to unsecured card.

Cons

  • cons Requires security deposit
  • cons Limited rewards
  • cons High APR
  • cons No signup bonus
  • cons Limited additional benefits.
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4.

OpenSky® Secured Visa® Credit Card

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The OpenSky® Secured Visa® Credit Card is designed for individuals looking to build or rebuild their credit. It requires a refundable security deposit, which determines the credit limit. With no credit check required for approval, it offers an accessible option for those with poor or limited credit histories. Cardholders benefit from regular reporting to major credit bureaus, which can help improve credit scores over time. The card also features a modest annual fee but does not offer rewards.

Pros

  • pros No credit check required
  • pros Reports to all three major bureaus
  • pros Low annual fee
  • pros Flexible credit limits
  • pros Easy application process.

Cons

  • cons** No rewards program
  • cons High APR
  • cons No upgrade path
  • cons Requires a security deposit
  • cons Limited additional benefits.
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5.

BankAmericard® Secured Credit Card

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The BankAmericard® Secured Credit Card is a secured credit card designed to help individuals build or rebuild their credit history. It requires a refundable security deposit, which typically determines the credit limit. The card offers benefits such as free access to your FICO® Score, fraud protection, and the ability to transition to an unsecured card with responsible use. It also features relatively low fees compared to other secured cards, making it a practical option for credit improvement.

Pros

  • pros Helps build credit
  • pros refundable deposit
  • pros reports to all three bureaus
  • pros no annual fee
  • pros access to FICO score.

Cons

  • consHigh APR
  • cons no rewards
  • cons security deposit required
  • cons limited benefits
  • cons foreign transaction fee.
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6.

U.S. Bank Secured Visa® Card

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The U.S. Bank Secured Visa® Card is designed for individuals looking to build or rebuild their credit. It requires a cash deposit as collateral, which also sets the credit limit. The card offers fraud protection, access to online banking tools, and free credit score monitoring. Additionally, it reports to all three major credit bureaus, helping users establish a positive credit history. There is an annual fee, but responsible use can lead to upgrading to an unsecured card.

Pros

  • pros Helps build credit
  • pros No annual fee
  • pros Adjustable credit limit
  • pros Reports to major credit bureaus
  • pros Fraud protection.

Cons

  • cons**Requires security deposit
  • cons No rewards program
  • cons High APR
  • cons Limited benefits
  • cons Minimum deposit required.
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8.

Wells Fargo Business Secured Credit Card

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The Wells Fargo Business Secured Credit Card is designed for business owners looking to build or rebuild their business credit. It requires a security deposit, which determines the credit limit, and offers 1.5% cash back on every purchase with no annual fee. Cardholders benefit from Wells Fargo's online tools for managing expenses, free employee cards, and enhanced security features. This card is ideal for businesses seeking financial flexibility and credit-building opportunities.

Pros

  • pros Builds business credit
  • pros No annual fee
  • pros Online account management
  • pros Up to 1.5% cash back
  • pros Customizable spending limits.

Cons

  • consHigh APR
  • cons Requires security deposit
  • cons Limited rewards categories
  • cons No intro APR
  • cons Limited travel benefits.
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9.

First Progress Platinum Prestige Mastercard® Secured Credit Card

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The First Progress Platinum Prestige Mastercard® Secured Credit Card is a secured credit card designed to help individuals build or rebuild their credit. It requires a refundable security deposit, which determines the credit limit. This card offers a low APR, but it does come with an annual fee. With responsible use, it reports to all three major credit bureaus, aiding in credit score improvement over time. No prior credit history or minimum score is needed for approval.

Pros

  • pros No credit history required
  • pros Reports to all three credit bureaus
  • pros Low APR
  • pros No penalty APR
  • pros Security deposit is refundable.

Cons

  • consAnnual fee
  • cons No rewards program
  • cons High foreign transaction fees
  • cons Requires a security deposit
  • cons Limited benefits and perks.
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