What banks offer secured credit cards?

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:

• Secured Mastercard® from Capital One: $49, $99 or $200 minimum deposit ($1,000 max). $0 annual fee and $0 foreign transaction fee. $200 starting credit limit.
• 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.
• OpenSky® Secured Visa® Credit Card: $200 minimum deposit ($5,000 max). $35 annual fee. 3% foreign transaction fee. No credit pull when you apply.
• First Progress Platinum Prestige Mastercard® Secured Credit Card: $200 minimum deposit ($2,000 max). $49 annual fee. 3% foreign transaction fee. 9.99% (V) interest rate, and no penalty APR.

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:

• $10,000 maximum limit: Wells Fargo Secured Visa. $300 minimum deposit. $25 annual fee.
• $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.