Absolutely. Secured credit cards are great for fair, limited or bad credit, especially if you’ve already been rejected for an unsecured card. Secured cards tend to be the easiest credit cards to get because they require a refundable security deposit that typically doubles as your spending limit. This prevents overspending, protects the issuer from risk and allows for a relatively inexpensive fee structure. The fact that you can add to your deposit over time may also help you build credit faster, as having more credit available and a lower credit utilization ratio is beneficial to credit improvement.
Finally, and most importantly, anyone who looks at your credit report (e.g. a credit card company, mortgage broker, car dealership or landlord) won’t be able to tell whether you have an unsecured credit card or a secured card. You can learn more about how secured credit cards work as well as the pros and cons of getting one from WalletHub’s secured card guide.
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