The best secured card that reports as unsecured is the Discover it Secured card because it has a $0 annual fee and gives 1% to 2% cash back on purchases. Discover also doubles the first year’s rewards as an anniversary present. It gives 1% back on all other purchases. But there are plenty of other secured credit cards that report as unsecured.
In fact, every secured card does. Credit cards are never labeled “Secured” or “Unsecured” on your credit reports. They just show up as open credit card accounts, no matter what type of card they are. The big difference between secured and regular credit cards is that secured cards require a security deposit, which acts as your spending limit. So they’re easier to get.
Secured cards have the exact same credit-building potential as unsecured cards. If you make all your payments on time and don’t rack up a lot of debt, you should eventually be able to qualify for unsecured cards with more attractive terms. And there are plenty of good options currently available, all of which report to all three credit bureaus every month. That means any of them can help you improve you credit if used carefully.
Popular secured credit cards that report as unsecured to credit bureaus:
Cash rewards: Discover it Secured Card. Reports to all three major credit bureaus. $0 annual fee. $200 minimum deposit. 2% cash back on the first $1,000 spent per quarter on gas and restaurants and 1% on all other purchases.
Low deposit: Capital One Secured Mastercard. Reports to all three major credit bureaus. $0 annual fee. Minimum deposit of $49, $99 or $200, depending on your creditworthiness.
Low APR: Green Dot primor Secured Visa Gold Card. Reports to all three major credit bureaus. $49 annual fee. $200 minimum deposit. 9.99% fixed APR.
No credit check: OpenSky Secured Visa Credit Card. Reports to all three major credit bureaus. $35 annual fee. $200 minimum deposit.
Those aren’t the only secured credit cards that report as unsecured, since all secured cards do that. But they provide some of the most attractive terms on the market. And remember, any type of credit card can help improve your credit score. You just have to pay your bills on time and keep your spending low.
Exactly which type of secured card is best for you depends on your preferences. But it’s probably best to focus on no annual fee first. Then, you can worry about other things like rewards.
Based on that logic, the best secured cards really fall into order. For example, you might rank them like this.
Best Secured Credit Cards That Report as Unsecured:
- Discover it Secured
- Capital One Secured Mastercard
- OpenSky Secured Visa Credit Card
- Green Dot primor Visa Gold Secured Credit Card