The best secured credit card for bad credit is Discover it Secured 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 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 Card (no credit check), the Capital One Secured Card (could be just partially secured), and the Harley-Davidson Secured Card (no annual fee). The first two in particular deserve recognition because of their uniquely attractive features.
The OpenSky Secured Mastercard 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 Capital One Secured Mastercard 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. Capital One Secured also has a $0 annual fee.
Best Secured Credit Cards for Bad Credit:
- Best Overall: Discover it Secured Card
- No Credit Check: OpenSky Secured Mastercard
- Low Deposit: Capital One Secured Mastercard
- No Annual Fee: Harley-Davidson Secured Card
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.
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