A secured credit card requires you to place a refundable security deposit in order to open it, the amount of which will serve as your credit line. This protects the card’s issuer from the possibility that you might default, as any balance remaining on your account upon closing will be deducted from your security deposit. Thus, as you represent no threat to the lender, the approval is guaranteed.
Furthermore, a secured credit card is great for credit building, as it reports monthly usage information to the credit bureaus just like an unsecured credit card does. Learn more about secured credit cards from WalletHub’s overview, and check out our editor’s top picks here: https://wallethub.com/credit-cards/secured/.