The best secured credit card with a low APR is the Applied Bank Secured Visa Gold Preferred card. At 9.99%, its APR is among the lowest rates available to customers with bad credit or no credit at all. The primor Visa Gold Secured card (9.99%) and the First Progress Platinum Prestige Mastercard (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.
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. The First Progress Platinum Prestige Mastercard Secured Credit 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 card has an APR of 22.99% (V). 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.
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.
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.
Yeah, the primor Gold 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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