Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Are secured cards worth it?

Make a secured deposit to your card account and start building credit.


Fact checked

Our pick for a secured credit card: Self Visa® Credit Card

Self Visa® Credit Card logo

from $100

Security deposit

  • Apply with any credit score
  • Pair with a Credit Builder Account to build your credit score and savings
  • Low annual fee for a secured card
Apply now

Secured cards may not always be a first choice credit card, but they are great for one thing — building credit. Of course, all cards, if used responsibly, can help you build your credit, but secured cards are designed for individuals who likely can’t get approved for an unsecured card.

How do I know if it’s worth getting a secured credit card?

Ask yourself the following questions to decide if a secured credit card would be worth it for you:

  1. Do you need to build credit?
    If you have a poor credit score or no credit history at all, a secured card can certainly be worth having, and it might even be your first option to consider. Using this type of card, you can build credit over time with responsible use.
  2. Note: To build credit score with a secured card, the card provider must report your payment activity to the three major credit bureaus — TransUnion, Experian and Equifax.
  3. Do you want a card with low fees?
    In general, secured credit cards come with lower fees compared to unsecured cards for building credit. Also, most secured cards have either a low annual fee of up to $49 or have no annual fee. On the other hand, unsecured cards for building credit can cost you up to $300 per year with a variety of fees.
  4. Would you benefit from having a flexible credit line?
    Secured credit cards require that you make a deposit which will act as your credit line. Typically, your secured deposit can range from $200 to $10,000. This gives you flexibility to deposit the amount you feel comfortable with. Once you decide to close your secured credit card account, the card issuer will return your deposit if you don’t have an outstanding balance.

Who are secured credit cards best for?

If you have poor credit score and you’re struggling to build your credit, getting a secured credit card is one of the first options you should consider.

Compare secured credit cards

Data indicated here is updated regularly
Name Product Filter values Minimum deposit required Purchase APR Annual fee Recommended minimum credit score
OpenSky® Secured Visa® Credit Card
Starting at $200
17.39% variable
Apply for this card with no credit check if you're new to credit or have bad credit.
OakStone Platinum Secured Mastercard®
Starting at $200
9.99% variable
Build credit and enjoy an ultra-low APR on purchases of 9.99% variable with this secured credit card.
OakStone Gold Secured Mastercard®
Starting at $200
13.99% variable
A secured credit card to help you build credit with a low APR on purchases of 13.99% variable.
Applied Bank® Secured Visa® Gold Preferred® Credit Card
Starting at $200
9.99% fixed
No credit check is required for this secured card. Make a deposit of at least $200 to open this card and get a low 9.99% fixed APR on purchases.
Assent Platinum 0% Intro Rate Mastercard® Secured Credit Card
Starting at $200
0% intro for the first 6 months (then 12.99% variable)
A rare secured card with a 0% intro APR on purchases for 6 months, followed by 12.99% variable.

Compare up to 4 providers

When shouldn’t you get card a secured credit card

If you have fair credit score or higher, you can apply for an unsecured credit card and use better credit card perks than you would get with a secured credit card.

Bottom line

Secured credit cards are designed for individuals with a poor credit score who have difficulty qualifying for an unsecured credit card. Depending on the card, you may get a signup bonus or an intro APR period, but often you’ll have to skip these kinds of perks.

If you’re not sure whether a secured card is worth applying for, compare all your credit card options until you find what suits you best.

Frequently asked questions

Pictures: Getty Images

More guides on Finder

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site