Build or rebuild your credit with secured credit cards. Narrow down for no annual fee, low deposit, no credit checks and cards that graduate. Don't let collections, COs and BKs stop your rebuilding efforts.
Our Take : One of the rare cards that does not do any credit checks. That means you are guaranteed to be approved. It has a reasonable annual fee and rates. Great for those with either no credit or poor credit and does not want another hard pull on their report.
The Discover secured card is arguably the best secured credit card available today. It has no annual fee, a cash back program and can graduate to one of their unsecured cards.
The Capital One Secured MasterCard is one of the best secured credit cards for establishing and rebuilding your credit. It has no annual fee and you may only need to deposit either $49, $99 ro $200 for a $200 limit. You will also be eligible for a credit line increase after 5 months. The card can also graduate to one of their unsecured cards.
No annual fee
Can graduate to unsecured
May require less initial deposit than others
Eligible for credit line increases without increase in deposits after 5 months
This is one of the best secured credit cards in the market today. You have to join SDFCU or alternatively join the American Consumer Council. (Best to read our review for more details on this).
The USAA secured American Express will appeal members who want to rebuild their credit. They are one of the rare issuers these days that pay interest on their deposit.
The Best Western Secured MasterCard is one of the best secured credit card to build or rebuild your credit. It has great features like potential credit limit increase and can also graduate to a regular Best Western unsecured card.
Free FICO score
Potential for credit limit increase without additional deposit
Bank of America is has one of the largest branch networks in the country and their secured card is a great way if you are looking to establish or rebuild your credit.
The Citi Secured MasterCard is a good card for rebuilders to consider. The main highlights are that it has no annual fee and you are will be considered for graduation to a Citi unsecured credit cards. Card holders have reported successful graduation.
The US Bank secured card is a very good card for establishing and rebuilding credit. It is one of the few secured cards that pay interest on your deposit. It is not easy to get into the US Bank family and folks who have a bank account might find approval easier.
Wells Fargo is one of the rare banks that accept temporary residents in the US. However to be eligible to graduate to an unsecured card, you need to be a US Citizen or Permanent resident (ie green card holder).
Temporary Residents in US can apply
Reasonable annual fee and rates
Can deposit up to $10,000
Periodically reviewed for upgrade to unsecured credit card
Reports as secured
You need an existing relationship with Wells Fargo to apply online.
Green Dot Platinum Secured card will appeal to rebuilders who have no checking or bank account. They allow you to use a debit card to pay your bills at popular retail stores like Walmart, 7/11, CVS.
Do not need bank account to open
Can top up deposit or pay bill at retail stores like Walmart, 7/11, CVS etc
This is a great card for rebuilders who want to also earn Korean Air Skypass miles. While you may not fly Korean Air, they are part of the One World alliance and their miles can be used on their partner airlines.
5,000 bonus miles after first purchase
1,000 anniversary bonus miles
Earn 1X Skypass miles on every purchase
Deposits earns interest
Reports as secured
Your mileage may vary with regards to graduation to unsecured version
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.
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