The best secured credit card with a low APR is the primor Secured Visa Gold Card or the First Progress Platinum Mastercard, both of which charge 9.99% (fixed for Primor and variable for First Progress). USAA secured cards also are good options if your credit is on the higher end of the bad range and you qualify for the 11.5% (V) APR. But to get a USAA card, either you or a close family member must have served in the U.S. military.
It’s also worth pointing out that carrying a balance on a secured card doesn’t make much sense. On the one hand, you can’t buy anything that you wouldn’t be able to afford without the secured card, since your spending limit is equal to the amount of your deposit. In theory, you could just pay in cash and avoid having to pay interest to the credit card company. On the other hand, you may need a secured card to rebuild damaged credit. So carrying a balance from month to month with a secured card isn’t the best idea, but you shouldn’t throw the baby out with the bath water. There are plenty of cards to help you keep costs down.
Here are the best secured credit cards with a low APR:
USAA Secured Card Visa Platinum Card: The APR will be between 11.15% (V) and 21.15% (V), depending on your creditworthiness. The annual fee is $35. The minimum deposit is $250. There are no rewards.
USAA Secured Card American Express Card: The APR is between 11.15% (V) and 21.15% (V), depending on creditworthiness. The annual fee is $35. The annual fee is $250. This card does not offer rewards.
Navy Federal Credit Union nRewards Secured Credit Card: The APR will be between 10.24% (V) and 18% (V), depending on your creditworthiness. There is no annual fee. The minimum deposit is $500. This card offers rewards.
OpenSky Secured Visa Credit Card: The APR is 18.64% (V). The annual fee is $35. The minimum deposit is $200. This card does not offer rewards.
primor Secured Visa Gold Card:The APR is 9.99%. The annual fee is $49. The minimum deposit is $200. This card does not offer rewards.
primor Secured Visa Classic Card: The APR is 13.99%. The annual fee is $39. The minimum deposit is $200. There are no rewards.
First Progress Platinum Prestige Mastercard Secured Credit Card: The APR is 9.99% (V) The annual fee is $44. The minimum deposit is $200. This card does not offer rewards.
A secured credit card with a low APR isn’t the best option for financing. You’ll need an unsecured card for bad credit if you actually need to borrow money. But a secured card with a low APR is better than one with a high APR if you don’t need to borrow but may wind up carrying a balance from month to month because of temporary cash flow issues.
primor Secured Gold at 9.99% if you're not too bothered by the annual fee.
If you absolutely want a no-annual-fee card, Capital One Secured is a good secured card from a major issuer. However, the APR is way higher 24.99%.
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