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.
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.
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.
Most of them have the same security deposit tactics: the amount you pay is what your credit limit will be. Cap One Secured is slightly different, as it's partially secured. What that means is you might only have to pay $49 for a $200 limit. At the end of the day though, you can't know what you'll be approved for until you apply.
Most of them start with a $200 deposit. But if you try your luck with credit unions, I'm sure they have even lower limits available.
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