10 Best Secured Credit Cards You Can Get [Easy List]

When it comes to secured credit cards, it’s important to consider factors such as fees, interest rates, credit reporting, and any additional benefits they may offer. While the “best” secured credit card can vary depending on individual needs and preferences, here are a few popular options known for their favorable terms and features:

  1. Discover it® Secured: This card is often recommended for its rewards program. Cardholders earn cash back on purchases, and after a certain period, Discover reviews the account to potentially transition it to an unsecured card. Additionally, there is no annual fee.
  2. Capital One Secured Mastercard: Capital One offers a secured credit card with no annual fee. It’s a good option for those looking to build or rebuild credit. Capital One may also offer a credit limit increase after making the first five monthly payments on time.
  3. Citi® Secured Mastercard®: Citi’s secured credit card reports to all three major credit bureaus, which can help establish or improve credit. It has no annual fee and provides flexibility in choosing a security deposit amount.
  4. OpenSky® Secured Visa® Credit Card: OpenSky is known for its lenient approval process, making it accessible for those with limited or poor credit history. It doesn’t require a credit check, and a bank account is not necessary to apply.
  5. Secured Mastercard® from Capital One: Another option from Capital One, this secured card offers flexibility in selecting a security deposit amount. It also provides access to a higher credit line after making the first five monthly payments on time.
  6. Secured Visa® from Merrick Bank: Merrick Bank offers a secured credit card with a relatively low minimum security deposit requirement. They also provide free access to your FICO® Score, which can help you monitor your credit progress.
  7. Navy Federal Credit Union nRewards® Secured Credit Card: This card is exclusively available to members of the Navy Federal Credit Union. It offers rewards on purchases and has a low APR (Annual Percentage Rate) compared to many other secured cards.
  8. Green Dot primor® Visa® Gold Secured Credit Card: This card has a fixed low APR and reports to all three major credit bureaus. It also provides the opportunity to establish or rebuild credit with responsible use.
  9. Wells Fargo Secured Credit Card: Wells Fargo’s secured credit card is known for its potential to graduate to an unsecured card after a certain period of responsible credit management. It offers access to a higher credit limit with additional deposits.
  10. First Progress Platinum Elite Mastercard® Secured Credit Card: This secured card reports to all three credit bureaus and can help you build credit. It has a relatively low annual fee and provides flexibility in selecting your credit limit.



Here are some frequently asked questions (FAQs) about secured credit cards:

Q: What is a secured credit card?
A: A secured credit card is a type of credit card that requires a security deposit as collateral. The credit limit is typically equal to or a percentage of the security deposit. It’s designed for individuals with limited credit history or poor credit scores to help them build or rebuild their credit.

Q: How does a secured credit card work?
A: To obtain a secured credit card, you need to provide a security deposit, which serves as collateral. The deposit is held by the card issuer as security in case of default. You can use the card like any other credit card for purchases, and you need to make monthly payments. Responsible use and on-time payments help establish or improve your credit history.

Q: What is the difference between a secured credit card and an unsecured credit card?
A: The main difference is that a secured credit card requires a security deposit, while an unsecured credit card does not. With an unsecured card, the credit limit is determined by the card issuer based on your creditworthiness, without the need for collateral.

Q: How much should I deposit for a secured credit card?
A: The required security deposit varies depending on the card issuer and their specific requirements. It typically ranges from a few hundred dollars to a few thousand dollars. Some issuers may allow you to choose your deposit amount within a certain range.

Q: Can I get my security deposit back?
A: In most cases, you can get your security deposit back when you close the secured credit card account, as long as you have paid off the outstanding balance. Some card issuers may also offer the opportunity to transition to an unsecured credit card and refund the deposit after demonstrating responsible credit behavior.

Q: Will using a secured credit card help build my credit?
A: Yes, using a secured credit card responsibly can help build your credit. Make timely payments, keep your credit utilization low, and maintain a good payment history. Over time, this positive credit behavior can improve your credit score and make you eligible for better credit card offers.

Q: Can I upgrade from a secured credit card to an unsecured credit card?
A: Some secured credit card issuers offer the opportunity to upgrade to an unsecured credit card after a certain period of responsible credit management. This typically involves a review of your credit history and creditworthiness.



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