The best secured credit card with a low APR is the primor Secured Visa Gold Card or the First Progress Platinum Mastercard, both of which charge 9.99% (fixed for Primor and variable for First Progress). USAA secured cards also are good options if your credit is on the higher end of the bad range and you qualify for the 11.5% (V) APR. But to get a USAA card, either you or a close family member must have served in the U.S. military.
It’s also 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. So carrying a balance from month to month with a secured card isn’t the best idea, but you shouldn’t throw the baby out with the bath water. There are plenty of cards to help you keep costs down.
Here are the best secured credit cards with a low APR:
USAA Secured Card Visa Platinum Card: The APR will be between 11.15% (V) and 21.15% (V), depending on your creditworthiness. The annual fee is $35. The minimum deposit is $250. There are no rewards.
USAA Secured Card American Express Card: The APR is between 11.15% (V) and 21.15% (V), depending on creditworthiness. The annual fee is $35. The annual fee is $250. This card does not offer rewards.
Navy Federal Credit Union nRewards Secured Credit Card: The APR will be between 10.24% (V) and 18% (V), depending on your creditworthiness. There is no annual fee. The minimum deposit is $500. This card offers rewards.
OpenSky Secured Visa Credit Card: The APR is 18.64% (V). The annual fee is $35. The minimum deposit is $200. This card does not offer rewards.
primor Secured Visa Gold Card:The APR is 9.99%. The annual fee is $49. The minimum deposit is $200. This card does not offer rewards.
primor Secured Visa Classic Card: The APR is 13.99%. The annual fee is $39. The minimum deposit is $200. There are no rewards.
First Progress Platinum Prestige Mastercard Secured Credit Card: The APR is 9.99% (V) The annual fee is $44. The minimum deposit is $200. This card does not offer rewards.
A secured credit card with a low APR isn’t the best option for financing. You’ll need an unsecured card for bad credit if you actually need to borrow money. But a secured card with a low APR is better than one with a high APR if you don’t need to borrow but may wind up carrying a balance from month to month because of temporary cash flow issues.
The best low APR secured credit card is the First Progress Platinum Prestige Mastercard® Secured Credit Card. 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 24.49% (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 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. Secured credit cards also require a refundable security deposit, and that deposit acts as your spending limit. Because of that, cardholders aren’t really borrowing any money, so paying interest doesn’t make too much sense.
Secured credit card approval is pretty easy to come by, no matter which card you apply for. A secured card is the easiest type of credit card to get simply because you have to place a refundable security deposit, the amount of which usually becomes your spending limit. As a result, secured cards prevent you from spending more than you put down, making it less risky for credit card companies to approve people with damaged credit. And since you pretty much pre-pay for your purchases with a secured card, past payment problems should not keep you from getting approved.… read full answer
Given their safeguards, you might assume that secured credit cards offer guaranteed approval. But that’s not the case. There are certain requirements that anyone must satisfy to get a credit card.
Here are the basic secured credit card approval requirements:
18+ years old
$200+ for a refundable security deposit
Enough income for monthly bill payments
U.S. mailing address
Social Security number (ITIN or passport accepted in some cases)
Some secured credit cards are harder to get than others, though. Requirements vary by credit card company. And some issuers won’t approve anyone with a non-discharged bankruptcy, a tax lien or certain other types of negative records on their credit report.
But there’s a flip side to that, too. Secured credit card approval is very easy to get if you choose the right offer. A handful of cards don’t even do a credit check when you apply.
Here are the best easy approval secured credit cards:
If you’re less concerned with easy approval than getting the best terms, you should also consider the Capital One Secured Mastercard and the Discover it Secured Card. Neither charges an annual fee, and Discover it offers pretty good rewards.
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.
primor Secured Gold at 9.99% if you're not too bothered by the annual fee.
If you absolutely want a no-annual-fee card, Capital One Secured is a good secured card from a major issuer. However, the APR is way higher 24.99%.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.