One of the best secured credit cards with a low deposit is the Capital One Platinum Secured Credit Card because new cardholders may be able to put down either $49, $99 or $200 and still get a $200 credit line, which would make the card only partially secured. 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 some good secured credit cards with low deposits:
Capital One Platinum Secured 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 low deposit.
Most of them have the same security deposit tactics: the amount you pay is what your credit limit will be. The Capital One Platinum Secured Credit Card 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.
The DCU Visa® Platinum Secured Credit Card has a minimum deposit of See Terms, but I'd say just go for a major one: Capital One Platinum Secured Credit Card, Citi® Secured Mastercard®, Discover it® Secured Credit Card... All of these have a min deposit of $200.
A secured credit card with no deposit wouldn’t be a secured credit card. Secured stands for security deposit, and a credit card without one is unsecured. So, no, you cannot get a secured credit card with no deposit. You can, however, get a secured card with a low deposit. Plus, there are some credit 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.… read full answer
Here are the best secured credit cards for low deposits:
Lowest Deposit:Capital One Platinum Secured – $49, $99 or $200 minimum deposit. This is what’s known as a partially secured credit card because your credit limit ($200 to start) could be higher than the deposit you’re required to place. There’s no annual fee.
Rewards: Discover it Secured Credit Card – $200 minimum deposit. You get 2% cash back at restaurants and gas stations, up to $1,000 spent per quarter, plus 1% everywhere else. And Discover doubles all the rewards you earn the first year.
No Credit Check:OpenSky Credit Card – $200 minimum deposit. You don’t have to worry about a hard pull further damaging your credit with OpenSky Secured. As long as you’re at least 18 years old and can fund the deposit, you should be good to go. There’s a $35 annual fee.
No Fee:Citi Secured Credit Card – $200 minimum deposit. There’s nothing special about this card, save for its low deposit requirement and no annual fee. But that’s really all you need.
Unsecured: Credit One Visa – $0 deposit. This isn’t a secured credit card, but it’s worth mentioning. It offers a $300 minimum credit line, up to $75 of which could initially be used up by your first-year fee. The annual fee could be up $99 from the second year on. And the APR could be above 23%.
Any of these cards will help you rebuild your credit if used responsibly. Most importantly, that means paying on time every month.
Finally, it’s worth noting that although you can’t get a secured credit card without a security deposit, you can keep one – sort of. 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.
The best secured credit card to rebuild credit is the Capital One Platinum Secured Credit Card because of its low deposit requirement and $0 annual fee. The deposit is $49, $99 or $200, depending on your credit standing, but you’re guaranteed a $200 credit limit.
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 it Secured Credit Card, Capital One Platinum Secured and OpenSky cards each bring something special to the table.
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.
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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