What banks offer secured credit cards?

Question

One of the best secured credit cards with a low deposit is the Capital One Platinum Secured Credit Card 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 some good secured credit cards with low deposits:

Capital One Platinum Secured: $49, $99 or $200 minimum deposit. $0 annual fee and $0 foreign transaction fee. $200 starting credit limit.

Citi® Secured Mastercard®: $200 minimum deposit. $0 annual fee and 3% foreign transaction fee.

OpenSky® Secured Visa® Credit Card: $200 minimum deposit. $35 annual fee. 3% foreign transaction fee. No credit check when you apply.

First Progress Platinum Prestige Mastercard® Secured Credit Card: $200 minimum deposit. $49 annual fee. 3% foreign transaction fee. 9.99% (V) interest rate.

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.

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Answer 1 · 2020-07-08 21:49:50

WalletHub, Financial Company

@WalletHub • 07/08/20 This answer was first published on 03/05/18 and it was last updated on 07/08/20.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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More than 30 banks and credit unions offer secured credit cards, including 7 of the 12 largest credit card issuers.

Banks That Offer Secured Credit Cards

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.

Answer 2 · 2018-03-25 16:37:49

Jeff Nowel, Member

@jeffrey_nowel5 • 03/25/18 This answer was first published on 03/25/18. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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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.

Answer 3 · 2018-04-20 10:51:48

Clarissa Motos, Member

@clarissa_motos • 04/20/18 This answer was first published on 04/20/18. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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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.

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