Secured credit cards are a type of credit card that is great for those who are either looking to establish a credit history or to repair and rebuilding their credit. They require you to put down a deposit (usually between $200 and $5,000) and this deposit will usually be your credit limit. Many secured credit cards do not charge annual fees and almost all report to the three major credit bureaus. If you use these cards responsibly, keep your credit utilization at 30% or below and pay your bills in full and on time, secured cards can help you improve your credit over time (and sometimes very quickly too).
Below is a list of well known secured credit cards. Many are issued by mainstream issuers and some even do not check your credit (which means you are guaranteed approval). Use our filters to narrow down the features you are looking for to find the right card for yourself.
If you have no credit or little credit, you should be able to get most secured cards. However, if your credit has taken a hit and you are rebuilding, many secured cards issued by mainstream banks will decline you. Therefore, the cards mentioned here are recommended for those of you who are rebuilding. They either have no credit checks or have a record (according to consumers) of accepting folks with bad credit. They also have very reasonable fees and rates compared to others in the market. Most folks should be able to get approved for these cards.
What is a secured credit card and how does it work?
Pros and Cons of Secured credit cards
How does deposits on secured credit cards work?
What should a typical deposit be on a secured credit card?
How to use secured credit cards wisely?
How fast can secured credit cards build credit?
How many secured credit cards do you need to build credit?
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