The best secured credit card for bad credit is Discover it® Secured Credit Card because it has a $0 annual fee, rewards you with 1 - 2% cash back on purchases, doubles the rewards you’ve earned after the first year, and doesn’t require a minimum credit score. The Discover it® Secured Credit Card Card’s main approval requirements are being 18+ years old and having enough income to afford monthly bill payments, plus a refundable security deposit of $200 or more.
The rest of the best secured credit cards for bad credit scores are the OpenSky® Secured Visa® Credit Card (no credit check), the Secured Mastercard® from Capital One (could be just partially secured), and the Harley-Davidson® Secured Credit Card ($0 annual fee). The first two in particular deserve recognition because of their uniquely attractive features.
OpenSky® Secured Visa® Credit Card is the best secured card for people with very poor credit because the issuer won’t check your credit history when you apply. As long as you’re at least 18 years old with a U.S. mailing address, an SSN, and income that exceeds your expenses, you should be approved. And the Secured Mastercard® from Capital One is great for people with bad, but not terrible, credit because you have the opportunity to get a credit limit that’s higher than the amount of the deposit you put down. The starting credit limit is $200, and you might be approved for a deposit of as low as $49. This card also has a $0 annual fee.
Best Secured Credit Cards for Bad Credit:
In general, secured credit cards are the best type of credit card for people with bad credit. Secured cards offer the highest approval odds of any credit cards, and they tend to be a lot cheaper in the long run than unsecured cards for bad credit.
You just have to make sure to pay your bill on time every month. If you do that, your credit should steadily improve. And that should help you qualify for a credit card upgrade sooner than you might think.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines
. This question was posted by WalletHub.
Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.