The best secured credit card with a low deposit is the Capital One Secured Mastercard because it has a $49, $99 or $200 deposit and gives cardholders a $200 starting credit limit. It also has a $0 annual fee. Given that the Capital One Secured Card’s deposit could be lower than its spending limit, depending on an applicant’s credit history and income, it could be a “partially secured” credit card.
There are a few other secured credit cards with low deposits, though not quite as low as Capital One Secured’s can be. For example, Discover it Secured (2% back on restaurant and gas purchases) and OpenSky Secured (no credit check when you apply) both ask for deposits of $200+.
A $200 deposit is the lowest you’ll find for most secured cards. And 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). No annual fee or foreign transaction fee. Guaranteed $200 starting credit limit.
Discover it Secured: $200 minimum deposit ($2,500 max). No annual fee or foreign transaction fee. 2% cash back on the $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 check 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.
Your best chance at a secured credit card with a low deposit is Capital One Secured. Even it doesn’t guarantee a deposit lower than $200, though – just the possibility of one. If your credit is toward the bottom of the bad credit range, you’ll probably 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.