|Credit Card||Best For||Security Deposit|
|Discover it® Secured Credit Card||Overall||$200|
|Secured Sable ONE Credit Card||No Credit Check||$10|
|Citi® Secured Mastercard®||Beginners||$200|
|Capital One Quicksilver Secured Cash Rewards Credit Card||Capital One||$200|
|Bank of America® Customized Cash Rewards Secured Credit Card||Bank of America||$200|
|Wells Fargo Business Secured Credit Card||Small Business||$500|
At the end of the day, the best secured credit card to build credit with is the cheapest one that you can get approved for. A secured card’s deposit is fully refundable, after all, and your top priority should be to build credit inexpensively. Fortunately, there are more no-fee (or low-fee) secured credit cards to build credit with now than ever
You should be able to qualify for a decent unsecured card in about a year’s time if you use your secured credit card responsibly. Responsible use generally means on-time monthly payments and not maxing out your spending limit. You can keep close tabs on your progress and see where improvements are needed by checking out your WalletHub Credit Analysis page.
Methodology for Selecting the Best Secured Cards
WalletHub’s editors compared dozens of secured credit cards based on their fees, deposit requirements, rewards and other factors. This helped us select the market’s best secured credit card offers for different types of applicants.
Above all else, fees are the most important thing to consider when comparing secured credit cards. Unlike its security deposit, a secured card’s fees are non-refundable. Besides, saving money while building credit is crucial. Other than fees, specific approval requirements are especially important to consider, as a card you can’t get won’t do you much good. Rewards are also good to use as a tiebreaker, as long as you plan to pay your bill in full each month, which is necessary to avoid interest charges. WalletHub’s editors took these types of calculations into account when making their selections, and it’s important for you to do the same.
For more information about using secured cards to build credit, check out our guides on how secured cards work and the best way to improve your credit score.