The best secured credit card for no credit is the Discover it Secured Card because it has a $0 annual fee and a $0 foreign transaction fee, and offers the chance to graduate to an unsecured card after at least 8 months of on-time payments. The Discover it Secured Card also offers 1% to 5% cash back on purchases and doubles the rewards you’ve earned after the 1st year. Discover it Secured requires a refundable security deposit of $200 or more, for a credit limit equal to the deposit amount.
Another good secured credit card for no credit is Capital One Secured. The Capital One Secured Card guarantees you a $200 credit limit, in return for a deposit of $49, $99 or $200, depending on your creditworthiness. This makes the card “partially secured,” as your credit limit would equal your deposit on almost all other secured cards. So Capital One Secured is best if you want a chance for a low deposit.
Here are the best secured credit cards for no credit:
Best rewards: Discover it Secured. $0 annual fee. $200 minimum deposit, $2,500 maximum. 2% cash back on up to $1,000 spent at gas stations and restaurants each quarter. 1% back on everything else. Eligible for possible deposit return after 8 months (approval not guaranteed).
Best for low deposit: Capital One Secured. $0 annual fee. $200 minimum deposit, $3,000 maximum. Eligible for possible credit limit increase with no additional deposit after 5 months. Can graduate to different unsecured card (no set timeframe), but cannot get deposit back without closing Capital One Secured account.
Best for business: Wells Fargo Business Secured. $25 annual fee. $500 minimum deposit, $25,000 maximum. 1.5% cash back on all purchases. No pre-set timeframe for deposit return.
Highest personal credit line: Wells Fargo Secured. $25 annual fee. $300 minimum deposit, $10,000 maximum. No pre-set timeframe for deposit return.
Easiest approval: OpenSky Secured Visa. $35 annual fee. $200 minimum deposit, $3,000 maximum. No credit check when you apply. Eligible for possible deposit return once you reach a credit score of 699.
In general, secured credit cards offer high approval odds to people with limited or no credit. They’re designed for rebuilding credit, after all, and even people with bad credit scores can get approved. But even the best secured credit cards should only be a backup plan for people with no credit.
There are also unsecured credit cards for no credit with no deposit required. Student credit cards are the best deals, with $0 annual fees and more than 1% back on purchases. But other people with limited credit should be able to find a good offer, too. So you might want to try for an unsecured card for no credit first and then settle for a secured card if you don’t get approved.
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