Adam McCann, Financial Writer
@adam_mccann
The best secured credit card with no annual fee is the Discover it® Secured Credit Card because it gives 1 - 2% cash back on purchases and has a 0% foreign transaction fee to go along with its $0 annual fee. The Discover it® Secured Credit Card also matches 100% of the cash rewards a new cardholder earns the first year. And it reports to all 3 major credit bureaus each month.
Best Secured Credit Cards with No Annual Fee
As you can see, there are several really good secured credit cards with no annual fee, and they're available even to people whose credit is damaged. Any no annual fee secured credit card is an excellent way to start building up a positive payment history and rebuilding one's credit score.
Eventually, it will be easier to qualify for unsecured credit cards with better terms. But unsecured cards for people with poor credit almost always charge annual fees.
Clarissa Motos, Member
@clarissa_motos
There are a couple secured credit cards I like, that don’t charge annual fees. One of them is the Capital One Platinum Secured Credit Card, and the other is the Discover it® Secured Credit Card card. The Discover it® Secured Credit Card card is especially great, since it gives you cash back on all your purchases: 2% on gas stations and restaurants, and 1% on all other purchases.
Paul Campbell, Member
@paul_campbell2
I had a Citi® Secured Mastercard®, and it didn't have any annual fees. It's got no rewards, like Discover it® Secured Credit Card, but I didn't have any worries about getting approved. Also, the fees were super low, and it seriously bumped my score over 2 years. It was something like 100? Obviously, it didn't do it alone, but you gotta admit: that's pretty good.
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Tim Tom, Member
@timtom
Personally, I'd go for the Capital One Platinum Secured Credit Card. It's a Mastercard, so it's accepted everywhere and Capital One is a respected bank with better customer service imo.
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