What is the best low APR secured credit card?

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:

• primor Secured Visa Classic Card: No credit check. $200 minimum deposit. $39 annual fee. Reports to all 3 bureaus.
• OpenSky Secured Visa Credit Card: No credit check. $200 minimum deposit. $35 annual fee. Reports to all 3 bureaus.
• Applied Bank Secured Visa Gold Preferred Card: No credit check. $48 annual fee. Reports to all 3 bureaus.
• primor Secured Visa Gold Card: No credit check. $49 annual fee. $200 minimum deposit. Reports to all 3 bureaus.

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.
• 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.