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 Credit Card: $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.
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