Tom Lipkis, Retired Economy Teacher
@cindercard
The best secured credit card with a low APR is the Applied Bank® Secured Visa® Gold Preferred® Credit Card. At 9.99%, its APR is among the lowest rates available to customers with bad credit. The First Progress Platinum Select Mastercard® Secured Credit Card (13.99% (V)) and the First Progress Platinum Prestige Mastercard® Secured Credit Card (9.99% (V)) also are good options if your credit is on the higher end of the bad range (which ends at 639).
It’s worth pointing out that carrying a balance on a secured card doesn’t make much sense. On the one hand, you can’t buy anything that you wouldn’t be able to afford without the secured card, since your spending limit is equal to the amount of your deposit. In theory, you could just pay in cash and avoid having to pay interest to the credit card company. On the other hand, you may need a secured card to rebuild damaged credit. In this case, a low-APR secured credit card is better than one with a high APR if you do wind up carrying a balance from month to month because of temporary cash flow issues.

2021's Best Secured Credit Cards
Compare CardsJames D Richard, B2B Sales
@b2bfever
The First Progress Platinum Prestige Mastercard® Secured Credit Card is among the best low-APR secured credit cards on the market. Its regular APR is 9.99% (V), putting it in line with some of the lowest regular rates charged by unsecured credit cards. This card has a $49 annual fee.
Most other secured credit cards have high APRs, typically ranging from 15% to 26%. For example, the Discover it® Secured Credit Card card has an APR of 22.99% Variable. But it has a $0 annual fee, and low fees are more important than low rates with secured cards.
If you’re using a secured card, you’re likely trying to either establish or improve your credit score. With that in mind, your first priority should be paying your bill in full every month. And if you pay your bill in full, it doesn’t really matter what the APR is.
Derek Sanders, Member
@sapphire_fan
If you absolutely want a no-annual-fee card, the Secured Mastercard® from Capital One is a good secured card from a major issuer. However, the APR is quite high, at 26.99% (V).
People also ask
george_gomez, Member
@george_gomez
Yeah, the First Progress Platinum Prestige Mastercard® Secured Credit Card has one of the lowest interest rates. To be fair, they're secured cards, so you're not going to get incredible deals (like intro periods).
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