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Does American Express have secured credit cards?
Sometimes, your favorite provider may not have the card you want.
American Express offers credit cards to customers with good and excellent credit scores. Unfortunately, you won’t find an secured Amex card among them to build or rebuild your credit.
Instead, consider a secured credit card from other major providers or credit unions, which often come with no annual fee and low interest rates.
Compare other secured card options
Consider other credit card providers for a secured credit card. After you build your credit, you can apply for an unsecured American Express credit or charge card.
Features to look for to find a secured credit card
All secured credit cards aren’t equal. To find the right one for you, compare features that include:
- Annual fee.
Some secured credit cards charge no annual fee, while others are as high as $49 annually. If you get a card with an annual fee, make sure its worth the card’s benefits.
- Secured deposit.
Deposits required vary by card by are often either $200 or $300, which can grow with responsible credit card use.
- Interest rates.
Secured cards for building credit often come with lower interest rates than unsecured cards. But not all secured cards have the same interest rates.
- Cash back.
This is a rare feature, but some secured credit cards allow you to earn cash back on your purchases as statement credit.
- Reports to credit bureaus.
Make sure the card provider reports your responsible spending and payments to all three credit bureaus — TransUnion, Experian and Equifax — to help build your credit score more quickly.
Unfortunately, American Express doesn’t include secured credit cards in its lineup. For other providers that can help you build or rebuild your credit, compare secured credit card options to find the right one for your budget and goals.
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