What is the best low APR secured credit card?

The best secured credit card with a low deposit is the Capital One Secured Mastercard because new cardholders may be able to put down as little as $49 and still get a $200 credit line, which would make the card only partially secured. The other deposit options ($99 and $200) are pretty low, too. And there’s a $0 annual fee.… read full answer

Other secured cards don’t have the potential to be quite as cheap, but there are a few really good options with a $200 deposit minimum. That’s still pretty low compared to the many secured cards that ask for $300-$500+.

Here are the best secured credit cards with low deposits:

• Capital One Secured Mastercard: $49, $99 or $200 minimum deposit ($1,000 max), $0 annual fee and $0 foreign transaction fee. $200 starting credit limit.

• Discover it Secured: $200 minimum deposit ($2,500 max), $0 annual fee and $0 foreign transaction fee. 2% cash back on the first $1,000 spent at restaurants and gas stations per quarter. 1% back everywhere else. First year’s rewards matched.

• OpenSky Secured Visa: $200 minimum deposit ($3,000 max), $35 annual fee. 3% foreign transaction fee. No credit pull when you apply.

• primor Secured Visa Gold: $200 minimum deposit ($5,000 max), $49 annual fee. 3% foreign transaction fee. Fixed 9.99% interest rate, and no penalty APR.

The Capital One Secured credit card doesn’t guarantee a low deposit, but it does offer the chance of one. If your credit is toward the bottom of the bad credit range, you’ll probably still have to put down a $200 deposit. But the higher your credit score is, the better chance you’ll have of being assigned a $49 or $99 deposit.

The best secured credit card to rebuild credit is the Capital One Secured Mastercard because of its low deposit requirement and $0 annual fee. The deposit is $49, $99 or $200, depending on your creditworthiness, but you’re guaranteed a $200 credit limit.

Another one of the best secured credit cards to rebuild credit is the OpenSky Secured Visa. It doesn’t even require a credit check when you apply, which makes it great for rebuilding really bad credit. Or, if you want to enjoy some perks while you rebuild, Discover it Secured is a rare secured card with rewards. You get 1% to 2% cash back on your purchases. … read full answer

To be clear, all major secured credit cards can help you rebuild your credit. They all report account information to the major credit bureaus every month. And all those with low annual fees and low deposit requirements are in the running for the top spot. But the Discover, Capital One and OpenSky secured cards each bring something special to the table.

Here are the best secured credit cards to rebuild credit:

• Best for Rewards: Discover it Secured Credit Card – $0 annual fee. $200 deposit required. 2% cash back on your first $1,000 per quarter at gas stations and restaurants. 1% back on all other purchases. Rewards matched after your first year. Reports to all 3 major credit bureaus.
• Best for a Low Deposit: Capital One Secured Mastercard – $0 annual fee. $49, $99 or $200 deposit required. $200 minimum credit line guaranteed. No rewards. Reports to all 3 major credit bureaus.
• Best for No Credit Check: OpenSky Secured Visa Credit Card – $35 annual fee. $200 minimum deposit. No rewards. Reports to all 3 major credit bureaus.
• Best for low APR: Green Dot primor Visa Gold Secured Credit Card – $49 annual fee. $200 minimum deposit. No rewards. Reports to all 3 major credit bureaus.

There are a few more cards that belong among the best secured credit cards to rebuild credit with, too. The Citi Secured Mastercard, Harley-Davidson Secured Visa and First National Secured Visa don’t charge annual fees. And that’s one of the most important things to look for in a secured credit card.

The Applied Bank Secured Visa Gold Preferred Card also has a low APR, at 9.99%. But you probably don’t want to carry a balance from month to month with a secured credit card. It basically means paying interest on a loan you’ve given yourself, since you pre-pay your spending limit.

Choosing the best secured credit card to rebuild credit is only the first step toward actually rebuilding. You must also use that card responsibly month after month so that positive information flows to the credit bureaus. Regularly adding positive information to your credit reports gradually covers up the negative past records.

Your card will report positive information as long as you pay your bill on time every month. Using less than 30% of your spending limit each month or paying multiple times per month can also too. But if you really want to rebuild your credit, you’ll need to get the rest of your finances in order as well. That means paying down debt, catching up on past-due accounts and steering clear of collections accounts.