The best low APR secured credit card is the First Progress Platinum Prestige Mastercard® Secured Credit Card. Its regular APR is 10.74% (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 24.74% (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.
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