What's a good secured credit card with a low deposit?

No, you cannot get a secured credit card with no deposit. In fact, having to place a security deposit is the only thing that’s unique about secured credit cards. Apart from that, there are no other differences between secured and unsecured credit cards. You can, however, get a secured card with a low deposit. Plus, there are some ... read full answercredit cards with no deposit for people with bad credit. But they tend to be more expensive in the long run, thanks to high fees that you don’t get back.

Here are some of the best secured credit cards with low deposits:

Any of these cards will help you rebuild your credit if you use it responsibly. That means paying your credit card bill on time and in full every month, and keeping your credit utilization below 30%.

Finally, it’s worth noting that although you can’t get a secured credit card without a security deposit, you may still get your deposit back after a while without closing the account. After months of responsible use, your card’s issuer may offer to refund your deposit. They may graduate you to a better offer or give you an unsecured line of credit on your existing account.

One of the best secured credit cards to rebuild credit with is the Capital One Quicksilver Secured Cash Rewards Credit Card because it has a $0 annual fee, reports to the credit bureaus, and gives 1.5 - 5% cash back on all purchases. The minimum deposit is $200, and the amount you put down will act as your credit limit.

Another good option is the OpenSky® Secured Visa® Credit Card. 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, the U.S. Bank Altitude® Go Visa® Secured Card offers 1 - 4 points per $1 spent on purchases.... read full answer

Some of the Best Secured Credit Cards to Rebuild Credit

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. Also, all those with low annual fees and low deposit requirements are in the running for the top spot. But the cards listed above bring something special to the table.

How to Rebuild Credit with a Secured Credit Card

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 negative records from the past.

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 help, 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.