Secured Credit Cards List

Below is a comprehensive list of secured credit cards. Use our filters to narrow down the features you are looking for to find the right card for yourself. For example, you could filter cards by no annual fee, no credit checks, whether it graduates to an unsecured credit card etc.

Secured credit cards require that you fund a refundable deposit (normally between $200 and $5,000) and that deposit becomes your credit limit. Otherwise, a secured card is just like any other credit card. Your activity will be reported to the three major credit bureaus so if you use the card wisely (ie pay your bills on time and in full, do not use all your credit limit), you will build or rebuild your credit over time.

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Self Secured Visa

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Annual Fee: $0 
$0 
APR:  
 
Deposit:  
 
Interest on Deposit:  
 
Reports As:  
 
Graduation To Unsecured:  
 

OpenSky® Secured Visa® Credit Card

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Annual Fee: $35 
$35 
APR: 17.39%*Variable 
17.39%*Variable 
Deposit: Deposit Required 
Deposit Required 
Interest on Deposit:  
 
Reports As: Unsecured 
Unsecured 
Graduation To Unsecured:  
 
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First Progress Platinum Elite MasterCard® Secured Credit Card

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Annual Fee: $29 
$29 
APR: 19.99%*V 
19.99%*V 
Deposit: Deposit Required 
Deposit Required 
Interest on Deposit: No 
No 
Reports As:  
 
Graduation To Unsecured: No 
No 
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Discover it® Secured

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Annual Fee: $0 
$0 
APR: 24.99%*V 
24.99%*V 
Deposit: $200 to $2,500 
$200 to $2,500 
Interest on Deposit: No 
No 
Reports As:  
 
Graduation To Unsecured: Yes 
Yes 
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Capital One® Secured Mastercard®

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Annual Fee: $0 
$0 
APR: 26.99%*V 
26.99%*V 
Deposit: $49, $99 or $200 
$49, $99 or $200 
Interest on Deposit: No 
No 
Reports As: Unsecured 
Unsecured 
Graduation To Unsecured: Yes 
Yes 
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Navy Federal nRewards Secured

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Annual Fee: $0 
$0 
APR: 18%*V 
18%*V 
Deposit: Min $500 
Min $500 
Interest on Deposit: No 
No 
Reports As:  
 
Graduation To Unsecured: Yes 
Yes 
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SDFCU EMV Savings Secured Platinum Visa

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Picture of Item Reviewed
Annual Fee: $0 
$0 
APR: 13.99% 
13.99% 
Deposit: Min $300 
Min $300 
Interest on Deposit:  
 
Reports As: Secured 
Secured 
Graduation To Unsecured:  
 
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USAA Secured American Express

Picture of Item Reviewed
Annual Fee: $35 
$35 
APR:  
 
Deposit: $250 - $5,000 
$250 - $5,000 
Interest on Deposit: 0.54% - 2yr CD 
0.54% - 2yr CD 
Reports As: Secured 
Secured 
Graduation To Unsecured: No 
No 
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USAA Secured Visa

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Annual Fee: $35 
$35 
APR: 11.15% to 21.15%*V 
11.15% to 21.15%*V 
Deposit: $250 - $5,000 
$250 - $5,000 
Interest on Deposit: Yes - 2 Year CD 
Yes - 2 Year CD 
Reports As: Secured 
Secured 
Graduation To Unsecured: No 
No 
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Harley Davidson Secured Visa

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Annual Fee: $0 
$0 
APR: 24.99%*V 
24.99%*V 
Deposit: $300-$5,000 
$300-$5,000 
Interest on Deposit: Yes 
Yes 
Reports As: Secured 
Secured 
Graduation To Unsecured: Yes 
Yes 
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Best Western Secured MasterCard

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Annual Fee: $29 
$29 
APR: 22.24%*V 
22.24%*V 
Deposit: $300 - $5000 
$300 - $5000 
Interest on Deposit: No 
No 
Reports As: Secured 
Secured 
Graduation To Unsecured: Yes 
Yes 
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Sheetz Secured Visa

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Annual Fee: $40 
$40 
APR: 22.24%*V 
22.24%*V 
Deposit: $300 - $5,000 
$300 - $5,000 
Interest on Deposit: No 
No 
Reports As: Secured 
Secured 
Graduation To Unsecured: Yes 
Yes 
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BankAmericard® Secured Credit Card

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Annual Fee: $39 
$39 
APR: 20.99% 
20.99% 
Deposit: $300 - $4,900 
$300 - $4,900 
Interest on Deposit: No 
No 
Reports As:  
 
Graduation To Unsecured: Yes 
Yes 
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Citi® Secured Mastercard®

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Annual Fee: $0 
$0 
APR: 24.49%*V 
24.49%*V 
Deposit: $200 - $2,500 
$200 - $2,500 
Interest on Deposit: No 
No 
Reports As:  
 
Graduation To Unsecured: Yes - after 18m 
Yes - after 18m 
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US Bank Secured Visa® Card

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Annual Fee: $29 
$29 
APR: 20.99%*V 
20.99%*V 
Deposit: $300 - $5,000 
$300 - $5,000 
Interest on Deposit: Yes 
Yes 
Reports As: Secured 
Secured 
Graduation To Unsecured: Yes - Time Varies 
Yes - Time Varies 
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Wells Fargo Secured Visa®

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Annual Fee: $25 
$25 
APR: 20.99% 
20.99% 
Deposit: $300 - $10,000 
$300 - $10,000 
Interest on Deposit: No 
No 
Reports As: Secured 
Secured 
Graduation To Unsecured: Yes 
Yes 
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Merrick Bank Secured Visa® Card

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Annual Fee: $36 ($3/m) 
$36 ($3/m) 
APR: 19.45%*V 
19.45%*V 
Deposit: $200 - $3000 
$200 - $3000 
Interest on Deposit: No 
No 
Reports As:  
 
Graduation To Unsecured: No 
No 
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Green Dot Platinum Secured Visa

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Annual Fee: $39 
$39 
APR: 19.99%*F 
19.99%*F 
Deposit: $200 - $5000 
$200 - $5000 
Interest on Deposit: No 
No 
Reports As: Not sure 
Not sure 
Graduation To Unsecured: No 
No 
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Korean Air Skypass Secured Visa

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Annual Fee: $50 
$50 
APR: 18.24%*V 
18.24%*V 
Deposit: $300 - $5,000 
$300 - $5,000 
Interest on Deposit: Yes 
Yes 
Reports As: Secured 
Secured 
Graduation To Unsecured: Yes 
Yes 
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AeroMexico Secured Visa

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Annual Fee: $25 
$25 
APR: 24.99%*V 
24.99%*V 
Deposit: $300 - $5,000 
$300 - $5,000 
Interest on Deposit: Yes 
Yes 
Reports As: Secured 
Secured 
Graduation To Unsecured: No 
No 
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ExcentTM Secured Visa Blue Card

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Annual Fee: $39 
$39 
APR: 13.99%*V 
13.99%*V 
Deposit: $200 - $5,000 
$200 - $5,000 
Interest on Deposit: No 
No 
Reports As:  
 
Graduation To Unsecured: No 
No 
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Best Secured Credit Cards for 2020

Below is our curated list of the best credit cards which we think are the creme of the crop (so to speak).

Card Annual Fee Security Deposit Reports As Graduates to Unsecured Interest On Deposit Good For
Discover It Secured $0 $200-$2,500 secured Yes No Rewards and Early Graduation
Capital One Secured Mastercard $0 $200-$2,500 unsecured Yes No Credit limit increases and graduation 
Citi Secured Mastercard $0 $200-$2,500 secured Yes No No Credit and Graduation
Opensky Secured Visa $35 $200-$3,000 unsecured No No Bad credit and guaranteed approval
First Latitude $0 $200-$2,000 secured No No Bad credit and no credit checks
First Progress $39 $200-$2,000 secured No No Bad credit and no credit checks
Self Secured Visa $0 $200-$5,000 secured No No Low Deposit and No Credit Checks


Explanation of Editors Pick

 

Below are explanations of why we chose the following secured credit cards as the best.

Discover It Secured

Reason: No Annual Fee, Cash Back Rewards, Potential Early Gradation, Mobile App

There are so many reasons why the Discover It Secured is one of our favorite secured credit card. Firstly, it is issued by a mainstream issuer. It has no annual fee. You also earn cash rewards. You will earn 2% cash back at restaurants and gas stations for up to $1,000 in spending in both these categories within a quarter. This cash back system is similar to Discover's It Chrome Card. Furthermore, you will get a Free FICO score from TransUnion (as do other Discover Card holders). But best of all, Discover could graduate you to their unsecured It Chrome card within 7 months.

Capital One Secured Mastercard

Reason: Partially Secured Card, Low Deposit

Secured credit cards require that you put up a security deposit (most have minimums of $200) and your deposit becomes your credit limit. If you get approved for the Capital One Secured Mastercard, you may not have to put up the full amount of your credit limit for the deposit. For example, you may be only asked to put up with a $49 security deposit but you will be given a $200 starting credit limit. This will appeal to those of you who are hesitant about about shelling out the necessary cash for this.

Opensky Secured Visa Credit Card

Best for No Credit Check and No Checking Account Required

The Opensky Credit Card distinguishes itself because they do not perform any credit checks so you will definitely be approved as long as you fund your security deposit. You also do not need a checking account to open this account. All you need is a debit card to fund your security deposit. This is one of the most well known secured cards for rebuilders.

First Latitude Secured Credit Card

Reason: No Annual Fee and No Credit Checks The First Latitude Secured Card is by First Progress and it is two very strong features going for it. Firstly, it has no annual fee. Secondly, there is no credit checks so you will definitely be approved. This is a great card for those of you who have been denied other credit cards. You will be able to re-establish your credit with this card.

First Progress Platinum Elite Mastercard Secured Credit Card

Reason: No Credit Checks First Progress has another range of credit cards that does not perform any credit checks so your approval is all but assured as long as your income is $100 greater than your security deposit. This is another credit card to consider if you have been denied other cards. It is also a good card to rebuild your credit.


Self Secured Visa

Reason: No Credit Check. Start With Credit Builder Account

The Self Secured Visa is a unique secured card in that you first start off with a credit builder loan account. This is ideal for folks who want to get a secured credit card but do not have sufficient cash in their checking account. This method of getting a credit builder loan first allows you to build your credit as you save up money. There is also no credit checks so you will definitely be approved for this card.



The Basics

This is what you can expect from a secured credit card.

Apply Online Or At Branch - Most secured credit card issuers allow you to apply online. Some though (like Wells Fargo) require you to visit a branch to actually open a secured credit card. You will need your checking account number and routing number (for most issuers) on hand when you apply.

Fund Your Deposit - Some issuers (especially the mainstream banks) will ask for your checking account information and routing number and take your security deposit immediately. Others will approve you but allow you to send your deposit within a certain period.

Wait For Card To Arrive - You have to be aware that even though you have sent your deposit. It may take a while for your card to arrive. Some issuers like US Bank will take your deposit and you will not hear from them whether they approve you or not for a couple of weeks. But just be patient and in due course, your card will arrive.

Use Secured Credit Card The Right Way - They key to improving your credit is to pay your bills on time and to keep your credit utilization low. Credit bureaus have recommended that keeping a utilization below 30% is ideal for credit score purposes.

Graduate or Cancel - If you have been keeping your overall credit utilization ratio low (less than 30%), you might be able to get a regular no annual fee unsecured credit card. When your credit has improved enough that you can get the cards you want and need, then you can cancel your secured credit and get your deposit back.

Some of you will have got a secured card that actually graduates. If the card graduates, then your deposit will be returned and you can continue to use the card.


What To Look For In A Secured Card

When you are looking for a secured credit card, you should be looking out for the following features.

Annual Fee - Most secured credit cards charge an annual fee while some do not. Ideally, it is best to get one with no annual fee. But most of the annual fees are reasonable.

Minimum Deposit - Most secured cards require a minimum deposit of $200. However, some require a minimum deposit of $500. If money is tight for you, it is very important to be aware of the minimum deposit required.

Can You Add To Your Deposit? - Another important thing to consider is whether or not you can add to your initial deposit. Some issuers do not allow you to add to your initial deposit while other do. Even those that do can make it difficult. If you plan to increase your deposit over time, make sure you check this out before applying.

Do Your Need Checking Account To Open The Secured Card? - Most secured credit cards require that you have a checking account to fund your deposit. However, if you do not have a checking account (because of past CHEX history), then you should look for one that does not require a checking account to fund your security deposit and monthly payment.

Does It Graduate To An Unsecured Credit Card? - In my opinion, this is not a make or break issue. However, it would be more convenient if you got a card that would automatically graduate you to an unsecured credit card after a certain period on consistent on-time payments and improvements in your credit score. Some issuers will automatically give you back your deposit when they graduate you. If a card does not graduate, then you can simply cancel it once you have gotten a couple of regular unsecured credit cards. You will get back your security deposit once you cancel the card.

Does Security Deposit Pay Interest? - Once again, this is not a big deal because interest rates are so low (nearly zero percent). But some of you might be picky over this.


Alternatives To Secured Credit Cards

Although secured cards are great for establishing or re-establishing your credit, there are alternatives as well. Here are some alternatives:

Unsecured Credit Cards for poor credit - Even if you have bad credit, you can still get unsecured credit cards. You just have to be aware unsecured credit cards that target people with bad credit tend to have annual fees and even monthly maintenance fees on top of that. The advantage they have over secured credit cards is that you do not have to put up any security deposit.

Online Catalog/Merchandise Cards - Those with really bad scores and have been denied even for secured credit cards can apply for online merchandise cards. Though these cards tend to give you a decent credit limit and have no credit checks so you will definitely be approved.

Starter Credit Cards - There are some unsecured credit cards that specifically target those with no credit. Many of these cards have no annual fee, though your credit limit may be modest. If your credit profile is very thin, this might be a place you want to look at.

Credit Builder Loans - Credit Builder Loans are another alternatives for rebuilders to rebuild their credit. The way it works is that you set up a credit builder savings account and put a deposit into the account every month. After a certain period, you would have accumulated a certain amount of savings (excluding some interest cost) and in the process, you would have built some credit history. This method might appeal to some of you would need to pad up your savings account.


FREQUENTLY ASKED QUESTIONS

Does Secured Credit Cards report as secured or unsecured?

Does Secured Credit Cards report as secured or unsecured?

It depends. Some report as secured while others report as unsecured. Cards that report as unsecured include Opensky while others like Discover report as secured. Whether they report as secured or unsecured has no effect on your credit score.

How does secured credit cards help your credit?

How does secured credit cards help your credit?

They work just like any other credit card. You have a credit limit (which is determined by your security deposit) and when you use your credit card, pay your credit card bills, these activities are reported to the three major credit bureaus just like a regular credit card.

As long as you do not use your full credit limit (best to limit to 30%) and pay your bills on time and preferably in full, you will establish a positive track record and improve your score.

How can I apply for a secured credit card?

How can I apply for a secured credit card?

For the most parts, most issuers have online application forms. There are some banks who require you to visit the branch, open a savings account and apply at the branch.

[labe]When should I cancel a secured credit card?

Can I rent a car with a secured credit card?

Can I rent a car with a secured credit card?

Yes you can.

How long does it take for deposit to clear?

How long does it take for deposit to clear?

It could take up to two weeks. It is not uncommon that you apply online and do not know whether you are approved or not. But your deposit is taken from your bank account. Once it clears, you get an email saying that you are approved.

Can I increase deposit and limits after initial deposits?

Can I increase deposit and limits after initial deposits?

It depends on the issuer. Some like do not allow you to add to your deposit. Some make you wait for a certain period.

Does my security deposit cover the monthly payments for charges I make to the card?

Does my security deposit cover the monthly payments for charges I make to the card?

No. Your security deposit is just a collateral for the credit card. You still have to pay the monthly bill. In fact, it is best to pay in full.

Can I get a secured credit card if I do not have a bank account?

Can I get a secured credit card if I do not have a bank account?

For the most parts no. However, there are the rare ones like Opensky that allows you to deposit your account with a prepaid card and even with MoneyGram.

Are there cards with no credit checks?

Are there cards with no credit checks?

Yes. One example is the Opensky

Why have I been denied secured credit cards?

Why have I been denied secured credit cards?

Some issuers do not accept those who have just emerged from a bankruptcy. Others only want customer who have no credit and not those who have bad credit.

Is there a difference between a secured credit card and prepaid card?

Is there a difference between a secured credit card and prepaid card?

A secured credit card helps you build credit because you are given a credit limit based on your security deposit. You activity on the card (ie your payment history and credit utilization) is reported to the three major credit bureaus. Prepaid cards do not extend you credit. You load up the card with your own funds and use it as and when you want to. It does not help you to build credit.

Are there secured credit cards that graduate to unsecured cards?

Are there secured credit cards that graduate to unsecured cards?

Most mainstream issuers have secured credit cards that allow you to graduate to one of their unsecured credit cards. Examples include Discover, Citi and Capital One.

How much should I deposit?

How much should I deposit?

It is best to work backwards. How much do you anticipate charging to your credit card a month? Then remember that a good rule of thumb is to only use 30% of the credit available. Then you just work backwards from there to figure out how much you deposit. For example, if you plan to charge $300 a month of the card, then you should try to deposit $1,000.

If you travel or have the occasional big ticket expenses like travel, booking a hotel, renting a car, then make sure you put down a security deposit amount that will give you enough credit limit.



 

Resources

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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