The best secured credit card is the cheapest option, in terms of annual and monthly fees, 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. What’s more, all secured cards report to the three major credit bureaus each month, just like unsecured cards. In fact, they’re indistinguishable on credit reports.
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 on the market right now:
- Capital One® Secured Mastercard®
- Discover it® Secured Credit Card
- Citi® Secured Mastercard®
- Harley-Davidson® Secured Credit Card
- First National Bank of Omaha Secured Visa® Credit Card
You can learn more about these offers and other notable secured credit cards from the table below.
The Best Secured Credit Cards: In Depth
|Best For…||Card Name||Annual Fee||Minimum Deposit||User Rating|
|Partially Secured||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||3.6 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, actually. Just follow these tips, and you’ll end up with a great piece of plastic.
How To Find The Best Secured Credit Card – 5 Tips
- Focus on finding a low 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.
- Confirm you can afford the refundable deposit. Secured card require a deposit of anywhere from $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.
- Make sure recent credit history doesn’t disqualify you. 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. Your focus should be on finding 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.