Keep in mind that 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.
Even though there are so few banks that offer secured business credit cards to small business owners with bad credit, that doesn’t mean those are the only options. Standard secured cards like the OpenSky® Secured Visa® Credit Card can also work for business owners with a personal credit score of 300 or little-to-no borrowing experience.
Whether you’re approved for a secured business credit card or a consumer card, it’s important to pay your monthly bill on time and keep your spending in check. As long as you practice this type of responsible card use, you should be able to qualify for better business credit cards in the future.
Other secured cards don’t have the potential to be quite as cheap, but there are a few really good options with a $200 minimum deposit. That’s still pretty low compared to several secured cards that ask for $300-$500+. … read full answer
Here are some good secured credit cards with low deposits:
The Capital One Platinum Secured requires a $49, $99 or $200 minimum deposit. This card has a $0 annual fee and $0 foreign transaction fees. The Capital One Platinum Secured has a $200 starting credit limit.
The Capital One Quicksilver Secured requires a $200 minimum deposit. This card offers 5% cash back on hotels and rental cars booked through Capital One Travel, as well as 1.5% cash back on all other purchases. The Capital One Quicksilver Secured has a $0 annual fee and $0 foreign transaction fees.
It’s worth noting that the Capital One Platinum Secured 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 low deposit.
The best high limit secured credit card is the U.S. Bank Secured Visa® Card. You can put down a security deposit of up to $5,000 to receive a credit limit of the same amount. The card is available to people with bad credit and it has a $0 annual fee. The regular APR is 27.74% (V).… read full answer
With almost all secured credit cards, your credit limit is the same amount as the security deposit you put down. There is another high limit secured credit card that lets you deposit as much as $5,000: the Harley-Davidson® Secured Credit Card. But several others allow limits in the thousands. The OpenSky® Secured Visa® Credit Card lets you deposit up to $3,000 and doesn’t even do a credit check when you apply. And there are a few other high limit secured credit cards of note.
$2,500 maximum limit:Discover it® Secured Credit Card. $200 minimum deposit. $0 annual fee. 2% cash back on $1,000 spent per quarter at restaurants and gas stations combined. 1% back on everywhere else. First year’s cash back matched.
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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