Secured Credit Cards

There is no Chase secured credit card available right now. In fact, there’s never been a secured credit card from Chase. Chase offers unsecured credit cards for people with good credit or better. That’s it. So you won’t have to place a deposit to get a Chase credit card, but you will need a 660+ credit score (700+, to be safe).

Although there is no Chase secured credit card, the same cannot be said for many of Chase’s competitors. Capital One, Citi, Discover and Wells Fargo are just some of the major banks that offer secured credit cards.  

Chase secured credit cards (and other options):

• No Chase secured credit card: Chase doesn’t have a secured card. The easiest Chase credit card to get requires at least good credit.
• Good for low deposits: Capital One Secured Mastercard has a $0 annual fee. It requires a deposit of $49, $99 or $200, based on your credit history. But you always start with a $200 credit limit. 
• Easiest approval: OpenSky Secured Visa has no credit check. It charges a $35 annual fee and requires a $200+ deposit.
• Best cash back rewards: Discover it Secured has a $0 annual fee and 1-2% cash back on purchases: 2% cash back on $1,000 spent at restaurants and gas stations each quarter (1% everywhere else). And Discover matches your first year’s rewards. There is a $200+ deposit.
• Best airline rewards: AeroMexico Visa has a $25 annual fee and a $300+ deposit. But you get 3,500 bonus miles and a companion certificate after your first purchase, plus 2 miles per $1 spent on gas and groceries, 1 mile per $1 on other purchases, and free baggage on AeroMexico flights.

So even though you’re not able to get a Chase secured credit card, you still have plenty of options. And they’ll all help you start rebuilding your credit, plus save some money. Once you get your credit score to 700+, you can start thinking about applying for a Chase credit card.

The best secured credit card with no credit check is the OpenSky Secured Visa Credit Card because it has the lowest annual fee, at $35. There are a total of four secured credit cards with no credit check: OpenSky Secured Visa, Green Dot primor Visa Gold Secured, Green Dot primor Visa Classic Secured, and Applied Bank Secured Visa Gold Preferred. They’re all pretty similar, too.

The annual fees on secured credit cards with no credit check range from $35 to $49 per year. All of the cards require a $200 security deposit. And they all report information to the big 3 credit bureaus each month. So any of them can help you immediately begin rebuilding your credit.

It’s important to note, however, that even a secured credit card with no credit check has some approval requirements. You have to be at least 18 years old, for one thing, and you need enough money for the refundable security deposit as well as monthly bill payments.

Here are the best secured credit cards with no credit check:

• Best for low APR: Green Dot primor Visa Gold Secured Credit Card. $49 annual fee. $200 minimum deposit, $5,000 maximum. 9.99% fixed APR with no penalty APR. Reports to all 3 major credit bureaus.
• Best for low annual fee: OpenSky Secured Visa Credit Card. $35 annual fee. $200 minimum deposit, $3,000 maximum. 19.64% (V) APR. Reports to all 3 major credit bureaus.
• Best for high credit limit: Applied Bank Secured Visa Gold Preferred Credit Card. $48 annual fee. $200 minimum deposit, $5,000 maximum. 9.99% fixed APR. Reports to all 3 major credit bureaus.
• 2^nd lowest annual fee: Green Dot primor Visa Classic Secured Credit Card. $39 annual fee. $200 minimum deposit, $5,000 maximum. 13.99% fixed APR. Reports to all 3 major credit bureaus.

Before you apply for a secured credit card with no credit check, make sure you actually need it. Even secured cards that require a credit check are pretty easy to get. They’re meant for people with bad credit. And the refundable security deposit you place reduces the risk for issuers.

Individual issuers may have specific requirements that rule some people out. For example, you can’t get the Capital One Secured Mastercard or the Discover it Secured Card with a non-discharged bankruptcy on your credit report. But there are plenty of others whose main requirement is that you have enough money to fund the security deposit. And while they may do a credit check, most applicants should still get approved.

The hard inquiry that comes with a credit check shouldn’t be too big of a deal, either, if you end up opening an account. The score damage will be temporary. And you won’t be able to qualify for any worthwhile loans until you improve your score anyway. So if you don’t need the best possible score right now, taking a short-term hit to achieve long-term gains is the way to go.

Finally, if you’re nervous about getting rejected, you can check for pre-approval before applying. Pre-approval doesn’t mean you’re guaranteed an account. But it is a sign that your odds of approval are extremely high. If after all that you’re not confident in your ability to get approved, you can always go for a secured credit card with no credit check.

The best secured credit card to rebuild credit is the Capital One Secured Mastercard because of its low deposit requirement and $0 annual fee. The deposit is $49, $99 or $200, depending on your creditworthiness, but you’re guaranteed a $200 credit limit.

Another one of the best secured credit cards to rebuild credit is the OpenSky Secured Visa. It doesn’t even require a credit check when you apply, which makes it great for rebuilding really bad credit. Or, if you want to enjoy some perks while you rebuild, Discover it Secured is a rare secured card with rewards. You get 1% to 2% cash back on your purchases.

To be clear, all major secured credit cards can help you rebuild your credit. They all report account information to the major credit bureaus every month. And all those with low annual fees and low deposit requirements are in the running for the top spot. But the Discover, Capital One and OpenSky secured cards each bring something special to the table.

Here are the best secured credit cards to rebuild credit:

• Best for Rewards: Discover it Secured Credit Card – $0 annual fee. $200 deposit required. 2% cash back on your first $1,000 per quarter at gas stations and restaurants. 1% back on all other purchases. Rewards matched after your first year. Reports to all 3 major credit bureaus.
• Best for a Low Deposit: Capital One Secured Mastercard – $0 annual fee. $49, $99 or $200 deposit required. $200 minimum credit line guaranteed. No rewards. Reports to all 3 major credit bureaus.
• Best for No Credit Check: OpenSky Secured Visa Credit Card – $35 annual fee. $200 minimum deposit. No rewards. Reports to all 3 major credit bureaus.
• Best for low APR: Green Dot primor Visa Gold Secured Credit Card – $49 annual fee. $200 minimum deposit. No rewards. Reports to all 3 major credit bureaus.

There are a few more cards that belong among the best secured credit cards to rebuild credit with, too. The Citi Secured Mastercard, Harley-Davidson Secured Visa and First National Secured Visa don’t charge annual fees. And that’s one of the most important things to look for in a secured credit card.

The Applied Bank Secured Visa Gold Preferred Card also has a low APR, at 9.99%. But you probably don’t want to carry a balance from month to month with a secured credit card. It basically means paying interest on a loan you’ve given yourself, since you pre-pay your spending limit.

Choosing the best secured credit card to rebuild credit is only the first step toward actually rebuilding. You must also use that card responsibly month after month so that positive information flows to the credit bureaus. Regularly adding positive information to your credit reports gradually covers up the negative past records.

Your card will report positive information as long as you pay your bill on time every month. Using less than 30% of your spending limit each month or paying multiple times per month can also too. But if you really want to rebuild your credit, you’ll need to get the rest of your finances in order as well. That means paying down debt, catching up on past-due accounts and steering clear of collections accounts.

The Discover it Secured Card is the best secured credit card with no annual fee because it gives 1% to 2% cash back on purchases and has a $0 foreign transaction fee to go along with its $0 annual fee. Discover it Secured also matches 100% of the cash rewards a new cardholder earns the first year. And it reports to all 3 major credit bureaus each month.

There are some other worthwhile options, too. The Capital One Secured Mastercard is the best secured card with no annual fee and a low deposit (as low as $49). And motorcycle fans will benefit from the Harley-Davidson Secured Card’s rewards. Whichever no annual fee secured card you choose, you’ll have the opportunity to build your credit for free if you pay your bill in full every month, since your deposit is fully refundable. But it pays to compare offers.

Best Secured Credit Cards with No Annual Fee:

• Discover it Secured Card. $0 annual fee. $0 foreign transaction fee. 2% cash back on the first $1,000 per quarter at restaurants and gas stations and 1% everywhere else. $200 minimum deposit.
• Capital One Secured Mastercard. $0 annual fee. $0 foreign transaction fee. No rewards. $49, $99 or $200 minimum deposit depending on creditworthiness. $200 credit limit.
• Harley-Davidson Secured Card. $0 annual fee. 3% foreign transaction fee. 1 Harley-Davidson rewards point per $1 spent. 2,500 points gets a $25 gift card. Entered for a chance to win a free motorcycle every time card is used through 12/31/2018.
• Citi Secured Mastercard. $0 annual fee. 3% foreign transaction fee. No rewards. $200 minimum deposit.

There are several really good secured credit cards with no annual fee, and they’re available even to people whose credit is damaged. Some actually offer competitive rewards.

Any no annual fee secured credit card is an excellent way to start building up a positive payment history and rebuilding one’s credit score. Eventually, it will be easier to qualify for unsecured credit cards with better terms. But unsecured cards for people with poor credit almost always charge annual fees.

A secured credit card with no deposit wouldn’t be a secured credit card. Secured stands for security deposit, and a credit card without one is unsecured. So, no, you cannot get a secured credit card with no deposit. You can, however, get a secured card with a low deposit. Plus, there are some credit cards with no deposit for people with bad credit. But they tend to be more expensive in the long run, thanks to high fees that you don’t get back.

Here are the best secured credit cards for low deposits:

• Lowest Deposit: Capital One Secured Mastercard – $49, $99 or $200 minimum deposit
  This is what’s known as a partially secured credit card because your credit limit ($200 to start) could be higher than the deposit you’re required to place. There’s no annual fee.
  
• Rewards: Discover it Secured – $200 minimum deposit
  You get 2% cash back at restaurants and gas stations, up to $1,000 spent per quarter, plus 1% everywhere else. And Discover doubles all the rewards you earn the first year.
  
• No Credit Check: OpenSky Secured Visa – $200 minimum deposit
  You don’t have to worry about a hard pull further damaging your credit with OpenSky Secured. As long as you’re at least 18 years old and can fund the deposit, you should be good to go. There’s a $35 annual fee.
  
• No Fee: Citi Secured Mastercard – $200 minimum deposit
  There’s nothing special about this card, save for its low deposit requirement and no annual fee. But that’s really all you need.
  
• Unsecured: Credit One Visa – $0 deposit
  This isn’t a secured credit card, but it’s worth mentioning. It offers a $300 minimum credit line, up to $75 of which could initially be used up by your first-year fee. The annual fee could be up $99 from the second year on. And the APR could be above 25%.

Any of these cards will help you rebuild your credit if used responsibly. Most importantly, that means paying on time every month.

Finally, it’s worth noting that although you can’t get a secured credit card without a security deposit, you can keep one – sort of. After months of responsible use, your card’s issuer may offer to refund your deposit. They may graduate you to a better offer or give you an unsecured line of credit on your existing account.