How much should I put on a secured credit card?

You should put at least $200 on a secured credit card, especially if you want to use the card for everyday purchases. The deposit you put down on your secured credit card will also function as your credit limit in most cases, so putting down very little will make using your card more difficult.

Most secured credit card issuers require a minimum deposit of $200 to $300 to open an account, and many allow you to deposit as much as $5,000+. Some cards, like the Chime Credit Card, have the potential for lower starting deposits. But generally, the lower your starting deposit is, the lower your credit limit will be.   

Top Secured Credit Cards in 2023

Minimum Deposit: $200*

Maximum Deposit: $10,000

Rewards: N/A

Annual Fee: $0

Minimum Credit Required: Bad credit

* No minimum security deposit required, but your spending limit equals the amount that you transfer from your Chime Spending Account.

Minimum Deposit: $49, $99 or $200, based on credit standing

Maximum Deposit: $1,000

Rewards: N/A

Annual Fee: $0

Minimum Credit Required: Bad credit

Minimum Deposit: $200

Maximum Deposit: $1,000

Rewards: 5% cash back on hotels and rental cars booked through Capital One Travel, as well as 1.5% cash back on all other purchases

Annual Fee: $0

Minimum Credit Required: Bad credit

Minimum Deposit: $300

Maximum Deposit: $5,000

Rewards: 5% cash back on two categories of your choice (up to $2,000 each quarter), 5% back on prepaid air, hotel and car reservations booked in the Rewards Travel Center, 2% back on your choice of one everyday category (like gas stations, EV charging stations, grocery stores or restaurants) and 1% back on all other purchases

Annual Fee: $0

Minimum Credit Required: Bad credit

Benefits of High & Low Secured Card Deposits

• Why you should put down a large deposit: The main reason why you should put a high deposit on your secured credit card is because it will give you much more spending power, so you won’t need to worry about your card being declined every time you make a large purchase with your card. Having a higher credit limit can also make it easier to keep your credit utilization ratio below 30%, which is good for your credit score.
• Why you should put down a small deposit: You should consider starting out with a small deposit at first, especially if it’s your first credit card, because it lets you get started right away without having to worry about giving up too much cash. You’re more likely to be able to pay the bill on time and in full if you have a low limit, too. 
• Other things to consider when making a deposit: Even if you start out with a small deposit, most issuers let you add more money to your deposit over time. Also, if you close your account in good standing or graduate to an unsecured credit card, the card issuer will refund your deposit. 

It is up to you to decide how much money you want to put down. Just keep in mind that the more you’re able to spend on purchases, the harder it might get to pay your credit card bill on time. Paying your bill when it’s due is essential to building credit with a credit card.