Compare Secured Credit Cards

Secured credit cards are worth it if you have bad credit (a credit score below 640), or you have limited credit history. Many secured cards offer $0 annual fees, rewards, and high approval odds, making them a good option for improving your credit score, as long as you can afford to put down a security deposit.

When a Secured Credit Card is Worth It

You have limited or bad credit.

Secured credit cards are good for people with bad or limited credit because they are easy to get, thanks to the collateral requirement that reduces the risk for the issuer. Some secured cards don’t even require a credit check when you apply. On the other hand, people with higher credit scores can get cards with no deposit requirement, better rewards and/or lower interest rates.

You need to build credit.

The primary purpose of a secured credit card is to build credit. If that is your main objective and you want an easy credit card to get, these cards are much more cost-effective than unsecured alternatives for bad credit.

You can afford the security deposit.

A secured card requires a security deposit, which is usually a minimum of $200 to $300, to open the account. The amount of this deposit usually becomes your credit limit. You won’t have access to your deposit again until you close the account with a $0 balance or upgrade to an unsecured card.

You know you can pay on time.

Making late payments hurts your credit score, which defeats the purpose of using a secured card. Ideally, you should not only pay on time each month, but also pay your balance in full. That way, you will build your credit as efficiently as possible while avoiding interest charges.

It’s worth noting that there are also unsecured credit cards for bad credit, and it’s fair to wonder whether secured cards are a better option compared to them. In general, these unsecured cards often have expensive, non-refundable annual fees (while secured cards often have $0 annual fees), and their APRs tend to be higher because of the lack of collateral. However, some unsecured credit cards for people with no credit may be better than their secured card alternatives.

You can get a secured credit card by applying in person or online and then placing a refundable security deposit of $49 - $300+ before opening your account. In addition to having cash saved for a deposit, you will need to be at least 18 years old and have enough income to afford monthly bill payments. Lots of banks and credit unions offer secured credit cards, so it's a good idea to compare your options before you...

You can put a $2,000 deposit on most secured credit cards and receive a $2,000 credit limit. Secured credit card issuers usually allow deposits of $200–$2,000 or more and will fully refund your security deposit if you close the account with a $0 balance.

Popular Secured Cards That Let You Deposit $2,000+

Regardless of your credit limit, the purpose of a secured credit card is to help you build or rebuild...

Yes, secured credit cards help build credit if you keep them in good standing by paying the monthly bill on time. This is important because all major secured cards report to 1-3 major credit bureaus each month. Using a secured credit card responsibly is actually one of the best ways to build credit because secured cards are relatively inexpensive and easy to get, and there is no difference between using a secured credit card versus an unsecured card as far as building...

A secured card can begin to build your credit as quickly as one month after you open your account. Building credit is a gradual process, though, and it will likely take 12 to 18 months of responsible use to build a fair-to-good credit score with a secured credit card.

Building Credit With a Secured Card

Using a secured credit card responsibly is the best way to build credit. Secured credit cards are cheaper and easier...

The best bank for secured credit cards is Capital One as it offers multiple cards with $0 fees and low security deposits. You can choose between the Capital One Platinum Secured Credit Card (see details, rates & fees) and the Capital One Quicksilver Secured Cash Rewards Credit Card (see details, rates & fees), both of which are among the best secured cards overall.

Banks That Offer Secured Credit Cards

• Bank of America: BankAmericard® Secured Credit Card
• Capital One: Capital One Platinum Secured Credit Card (see details, rates & fees)
• Citibank: Citi® Secured Mastercard®
• PNC Bank:  PNC Bank Secured Credit Card
• Truist Bank: Truist Enjoy Cash Secured Credit Card
• USAA: USAA® Secured Visa Platinum® Card
• U.S. Bank: U.S. Bank Secured Visa® Card

A number of smaller banks...

You don't need a specific credit score to get a secured card, since you can be approved even with bad credit or no credit history. Secured credit cards are the easiest type of credit card to get, even with a low credit score, and some issuers won't even check your credit when you apply.

Credit Score Needed for Notable Secured Cards

• opensky® Plus Secured Visa® Credit Card: 300 or higher
• U.S. Bank Cash+® Visa® Secured Card: 300 or higher
• Bank of America® Travel Rewards Secured Credit Card:...

The best secured card that graduates to unsecured is the Bank of America® Travel Rewards Secured Credit Card. Bank of America periodically reviews accounts for possible graduation, and it reports to all 3 major credit bureaus to help you build credit history. You also get 1.5 points per $1 spent with this card, helping you save money. 

Best Secured Cards That Graduate to Unsecured

When your secured card graduates to an unsecured card, your credit line no longer needs to be secured with...

The best secured credit card with a low deposit is the Capital One Platinum Secured Credit Card (see details, rates & fees). You may be able to put down $49, $99 or $200 in return for a credit line of at least $200, which could make the card only partially secured. The higher your credit score is, the more likely you are to be assigned one of the lower deposit amounts. Capital One Platinum Secured (see details, rates & fees) also has a $0 annual fee.

Most other secured cards don’t have the potential to be quite as cheap,...

One of the best secured credit cards with no foreign transaction fee is the Capital One Quicksilver Secured Cash Rewards Credit Card (see details, rates & fees) because it offers 1.5 - 5% cash back on all purchases and has a $0 annual fee. The card requires a minimum deposit of $200 and accepts even people with bad credit.

Only a few secured credit cards are suitable for international use because many of them have a foreign transaction fee. While some issuers, like Capital One, waive the fee on all...