A number of smaller banks and credit unions offer secured credit cards, too. They include Capital Bank, First Progress and Green Dot, among others. The major banks that do not offer secured cards are American Express, Barclaycard, Chase, PNC and Synchrony Bank.But remember, it’s not a secured credit card’s issuer that really matters. Your goal should be to find the card with the lowest possible annual fee, no matter who offers it. And you can achieve that goal by comparing secured credit cards using WalletHub's free comparison tool. You can also try our free CardAdvisor to get a personalized recommendation based on your answers to a few simple questions.
Quite a lot of them. Since secured cards are the start of a relationship with a bank for many many people (because they help build/rebuild credit), many of them have one or more. Cap One, Boa, Citi, Discover are just a few, but you can even find some from credit unions, looking to keep local folks with them.
There are a lot of banks that offer secured credit cards. Some of the most important ones are: Capital One, Citi, U.S. Bank, Wells Fargo, Merrick Bank, Bank of America, and USAA. There are also some smaller banks and even credit unions offering secured cards, all in the interest of helping you build or repair your credit.
The best secured credit card with a low deposit is the Secured Mastercard® from Capital One because new cardholders may be able to put down either $49, $99 or $200 and still get a $200 credit line, which would make the card only partially secured. And there’s a $0 annual fee.… read full answer
Other secured cards don’t have the potential to be quite as cheap, but there are a few really good options with a $200 deposit minimum. That’s still pretty low compared to the many secured cards that ask for $300-$500+.
Here are the best secured credit cards with low deposits:
Discover it® Secured: $200 minimum deposit ($2,500 max). $0 annual fee and 0% foreign transaction fee. 2% cash back on the first $1,000 spent at restaurants and gas stations per quarter. 1% back everywhere else. First year’s rewards matched.
The Secured Mastercard® from Capital One doesn’t guarantee a low deposit, but it does offer the chance of one. If your credit is toward the bottom of the bad credit range, you’ll probably still have to put down a $200 deposit. But the higher your credit score is, the better chance you’ll have of being assigned a $49 or $99 deposit.
The best high limit secured credit card is Wells Fargo Secured. You can put down a security deposit of up to $10,000 to receive a credit limit of the same amount. The card is available to people with bad credit and it has an annual fee of $25. The regular APR is 20.74% (V). And if you pay your cell phone bill with the card, you get $600 per claim and $1,200 per year in cell phone insurance.… read full answer
With almost all secured credit cards, your credit limit is the same amount as the security deposit you put down. You won’t find any other high limit secured credit cards that let you deposit as much as $10,000. But several others allow limits in the thousands. The OpenSky Secured Visa lets you deposit up to $3,000. And there are a few other high limit secured credit cards of note.
Here are the best high limit secured credit cards:
$5,000 maximum limit: U.S. Bank Secured Visa. Minimum $300 minimum deposit. $29 annual fee.
$3,000 maximum limit: OpenSky Secured Visa. $200 minimum deposit. $35 annual fee. No credit check when you apply.
$3,000 maximum limit: Merrick Bank Secured Visa. $200 minimum deposit. $36 annual fee for the first year, $0 after.
$2,500 maximum limit: Discover it Secured. $200 minimum deposit. No annual fee. 2% cash back on $1,000 spent per quarter at restaurants and gas stations. 1% everywhere else. First year’s cash back matched.
$2,500 maximum limit: Citi Secured Mastercard. $200 minimum deposit. No annual fee.
So there are plenty of high limit secured credit cards that will give you a few thousand dollars to work with. 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 zero balance.
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