Can I get a secured credit card with a $50 deposit?

It’s hard to say exactly how much a secured credit card will raise your credit score, or how fast your score will improve. A good ballpark estimate is that you should see a bit of improvement after a few months and solid gains after a year, assuming you pay your bills on time. And if you start with a bad credit score, you can expect to qualify for an ... read full answerunsecured credit card for fair credit within 12-18 months.

But a lot depends on your starting point, particularly what types of negative records are on your credit report. How you manage both your new secured card and your other financial obligations is very important, too. Paying all your bills by the due date every month is key. Doing so will add positive information to your credit reports, helping cover up mistakes of the past. Failing to do so will only reinforce the idea that you’re a risky borrower. Your credit score will also improve faster the more available credit you have. And you can control that by submitting a larger initial security deposit or adding to it over time.

For a more accurate idea of how much a secured card will raise your credit score, check out your free personalized credit analysis from WalletHub. We’ll tell you which aspects of your credit need the most improvement, exactly what you need to do to fix them, how fast you can raise your score and which credit card will save you the most money. You can also watch your score improve with free daily credit score updates.

The best high limit secured credit card is the U.S. Bank Altitude® Go Visa® Secured Card. You can put down a security deposit of up to $5,000 to receive a credit limit of the same amount, and you will earn 1 - 4 points per $1 spent on purchases. The card is available to people with bad credit, and it has a $0 annual fee. The regular APR is 29.74% (V).... read full answer

With almost all secured credit cards, your credit limit is the same amount as the security deposit you put down. The maximum amount you can deposit varies by card, though. Another high limit secured credit card that lets you deposit as much as $5,000 is the Bank of America® Unlimited Cash Rewards Secured Credit Card. Several other cards also allow limits in the thousands. For example, the OpenSky® Secured Visa® Credit Card lets you deposit up to $3,000 and doesn’t even do a credit check when you apply.

Best High Limit Secured Credit Cards

At the end of the day, there are plenty of secured credit cards that can give you a high limit. Just keep in mind that you’ll have to deposit as much as you want credit limit-wise. But the deposit is fully refundable when you close the card with a $0 balance.

The best easy approval secured card is the Chime Credit Card because it does not require a credit check, it reports to the major credit bureaus, and it has a $0 annual fee. To qualify, you will need to be 18+ years old, earn enough income to pay the bill, and open a Chime checking account. That checking account must receive a payroll direct deposit of $200+ in the year before your credit card application. ... read full answer

Secured credit card approval is pretty easy to come by, no matter which card you apply for. A secured card is the easiest type of credit card to get simply because you have to place a refundable security deposit, the amount of which usually becomes your spending limit. As a result, secured cards prevent you from spending more than you put down, making it less risky for credit card companies to approve people with damaged credit. And since you pretty much pre-pay for your purchases with a secured card, past payment problems should not keep you from getting approved.

Given their safeguards, you might assume that secured credit cards offer guaranteed approval. But that’s not the case. There are certain requirements that anyone must satisfy to get a credit card.

Basic Secured Credit Card Approval Requirements

• 18+ years old
• $49-$200+ for a refundable security deposit
• Enough income for monthly bill payments
• U.S. mailing address
• Social Security number (ITIN or passport accepted in some cases)

Some secured credit cards are harder to get than others, though. Requirements vary by credit card company. And some issuers won’t approve anyone with a non-discharged bankruptcy, a tax lien or certain other types of negative records on their credit report.

But there’s a flip side to that, too. Secured credit card approval is very easy to get if you choose the right offer. A handful of cards don’t even do a credit check when you apply.

Best Easy Approval Secured Credit Cards

If you’re less concerned with easy approval than getting the best terms, you should also consider the U.S. Bank Altitude® Go Visa® Secured Card and the Capital One Quicksilver Secured Cash Rewards Credit Card. Neither charges an annual fee, and both offer pretty good rewards. Both are available to people with bad credit, too.