With that in mind, WalletHub’s editors compared all of the cards in our database based on their fixed costs to identify the market’s best secured credit card offers. Fortunately, there are more no-fee (or low-fee) secured credit cards available now than ever, as you can see below.
Here are the best secured credit cards:
|Best For…||Secured Credit Card||Annual Fee||Minimum Deposit||User Rating|
|Low Deposit||Capital One® Secured Mastercard®||$0||$49, $99 or $200||5 Stars|
|Airline Miles||AeroMexico Visa® Secured Credit Card||$0 the first year ($25 thereafter)||$300||3.0 Stars|
|No Credit Check||OpenSky℠ Secured Visa® Credit Card||$35||$200||3.3 Stars|
|Cash Back||Discover it® Secured Credit Card||$0||$200||5.0 Stars|
|Motorcycle Lovers||Harley-Davidson® Secured Credit Card||$0||$300||3.2 Stars|
|Honorable Mention – No Annual Fee||Citi® Secured Mastercard®||$0||$200||3.5 Stars|
|Honorable Mention – No Annual Fee||First National Bank of Omaha Secured Visa® Credit Card||$0||$300||3.2 Stars|
You don’t need to take our editors’ word for it, though. Finding the best secured credit card for your needs is pretty straightforward. Just follow these tips, and you’ll end up with a great piece of plastic.
5 Tips for Getting the Best Secured Credit Card
- Find the lowest annual fee. Your goal should be to get the card with the lowest fixed costs possible. This will make it easier to pay your bills and will leave you with more money to play with when your credit improves.
- Make sure you can afford the deposit. Secured cards require a refundable deposit of $200 to $500, which acts as the account’s credit limit. You will get your deposit back when you close your account, so it’s better than paying high non-refundable fees for a tiny unsecured credit line, if you can avoid it.
- Double-check approval requirements. Each issuer has its own approval standards. Some don’t perform a credit check at all. Others won’t approve you if they find a recent lien or delinquency on your record. So make sure to reference your chosen card’s policies in our Secured Card Report before submitting an application.
- Don’t worry about branding. Look for the secured card with the best terms, not a card from a particular issuer or one that represents a certain interest. It doesn’t matter whether a card is branded for motorcycle lovers or bears a big-bank’s logo, for example. As long as it makes your wallet happy, you should be, too.
- Try to apply just once. If you follow the previous tips, a single application is all it should take. And that’s good because applying for numerous cards within a short period of time can cause further damage and make approval even harder to come by. With that being said, if you don’t get approved for your first choice, try to find a card that doesn’t do a credit check.
Bear in mind that if you use your secured credit card responsibly, you should be able to qualify for a decent unsecured card in about a year’s time. 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 the Credit Analysis page of your WalletHub account.