Best secured credit cards of 2023

Finder’s credit card experts spent hundreds of hours evaluating and comparing nearly 100 secured cards to find the top-performing secured cards within seven categories. We considered features such as: credit check requirements, credit reporting, fees, deposit requirements and interest rates. Finder’s experts provide unbiased, trustworthy evaluations of all secured credit cards and providers, not just those we partner with on the site.

Best secured card for no credit check

OpenSky® Secured Visa® Credit Card

Finder Rating: 4 / 5 ★★★★★

Go to site on Capital Bank N.A.'s secure site Read review

Most credit-building cards will check your credit when you apply. It knocks a few points off your credit score, which can add up quickly if you apply for too many cards in a short period of time. Luckily, with the OpenSky® Secured Visa® Credit Card, you don't have to worry about that. Your approval is based on your ID and finances rather than your credit score. The OpenSky® Secured Visa® Credit Card also comes with a reasonable purchase APR and it reports to all three major credit bureaus.

• Pros and cons

  Pros

  • No credit check. OpenSky uses your ID to confirm your identity and it won't do a credit pull.
  • Build your credit. The card reports to all three major credit bureaus, which can help strengthen your credit. All you have to do is keep your utilization low and make timely payments.
  • Credit line. You have full control over your credit line, as it's the sum of your security deposit. You can make a deposit from $200 up to $3,000.

  Cons

  • Annual fee. The card comes with a $35 annual fee. A small price to pay for no credit check.
  • Foreign transaction fee. Every transaction made abroad or online with foreign merchants will cost you 3% of the amount.
  • No rewards. You won't earn rewards on your purchases.

• More details

  Annual fee	$35
  Minimum deposit required	Starting at $200
  Purchase APR	21.89% variable
  Balance transfer APR	N/A
  Minimum credit score	300

Minimum deposit required	Starting at $200
Purchase APR	21.89% variable
Annual fee	$35
Minimum credit score	300

Go to site on Capital Bank N.A.'s secure site Read review

Best secured card for low deposit and no annual fee

Capital One Platinum Secured Credit Card

Finder Rating: 4.4 / 5 ★★★★★

Go to site on Capital One's secure site Read review

With most secured credit cards, the amount you deposit acts as your credit line. But this card breaks the rules: Depending on your credit score, you can deposit $49, $99 or $200 and still get a $200 credit line. This is a great value if you think you have a reasonable credit score, as high security deposits can often act as major roadblocks to rebuilding credit.

• Pros and cons

  Pros

  • No annual fee. This is one of the rare secured cards that has no annual fee.
  • Low security deposit. Deposit either $49, $99 or $200 based on your creditworthiness and you may receive a $200 credit line without having to put down a security deposit of the same amount.
  • Chance at a higher credit line. When you make your first five monthly payments on time, Capital One will give you a higher credit line.
  • A Social Security number may be required. Capital One might only request other identifying documents, such as a driver’s license.

  Cons

  • Secured deposit required. You must make a secured deposit to use the card.
  • No rewards. You won't earn any rewards on your purchases with this card.

• More details

  Annual fee	$0
  Minimum deposit required	$49, $99 or $200
  Purchase APR	29.74% variable
  Balance transfer APR	29.74% variable
  Minimum credit score	New to credit

Minimum deposit required	$49, $99 or $200
Purchase APR	29.74% variable
Annual fee	$0
Minimum credit score	New to credit

Go to site on Capital One's secure site Read review

Best secured card for signup bonus

Discover it® Secured

Finder Rating: 4.4 / 5★★★★★

This card offers the same signup bonus as you would earn with any other Discover card. Given that secured cards rarely offer signup bonuses, this is a great option to earn rewards on your purchases.

• Pros and cons

  Pros

  • Signup bonus. At the end of your first year, Discover will match all of the cash back you’ve earned without any limits.
  • Cash back. Earn 2% cash back at gas stations and restaurants on the first $1,000 in combined purchases each quarter. After that, and on all other purchases, earn 1% cash back.
  • Credit reporting to the three major bureaus. Discover will report your payment history to the three major credit bureaus — TransUnion, Equifax and Experian. With consistent on-time payments, you’ll build your credit score.
  • Possible security deposit return after eight months. After eight months, Discover will review your account every month. If they deem you’ve been a responsible cardholder, they may return your security deposit while you continue using your card. This effectively turns your secured card into an unsecured card.

  Cons

  • It hurts to pay late. Your first late fee is waived, but making subsequent late or returned payments could result in fees as high as $41.
  • Time limit for balance transfers. If you want to take advantage of the intro balance transfer APR, your transfers must post to your account within the first months.

• More details

  Annual fee	$0
  Minimum deposit required	Starting at $200
  Purchase APR	27.49% variable
  Balance transfer APR	10.99% intro for the first 6 months (then 27.49% variable) Balance transfer fee of 3%
  Minimum credit score	300

Minimum deposit required	Starting at $200
Purchase APR	27.49% variable
Annual fee	$0
Minimum credit score	300

Best secured card for military members

nRewards® Secured Credit Card

Finder Rating: 4.4 / 5★★★★★

This card features rewards on all purchases, no annual fee and a relatively low APR, all of which is rare with secured cards. However, only military personnel who are Navy Federal Credit Union members can apply for the card. On top of small reward opportunities, the Navy Federal Credit Union will also review your account after six months to potentially upgrade you to an unsecured card.

• Pros and cons

  Pros

  • Rewards. Earn 1 point per dollar spent on all purchases. This may not seem like a spectacular rate, but for a credit-building card it's quite decent.
  • No annual fee. There's no annual fee for the card.
  • Few miscellaneous fees. There are no fees for balance transfers, foreign transactions or cash advances.

  Cons

  • Membership required. You'll need to be a NFCU member to qualify for this card.
  • No intro APR period. The card doesn't have lower interest-rates period on purchases or balance transfers. But most secured cards don't have this perk anyway.

• More details

  Annual fee	$0
  Minimum deposit required	Starting at $200
  Purchase APR	18% variable
  Balance transfer APR	18% variable
  Minimum credit score	300

Minimum deposit required	Starting at $200
Purchase APR	18% variable
Annual fee	$0
Minimum credit score	300

Best secured card for cash back

Bank of America® Customized Cash Rewards Secured

Finder Rating: 4.2 / 5★★★★★

No other secured card offers as heavy cashback rewards as the Bank of America® Customized Cash Rewards Secured. In essence, this is the same card as the unsecured version with the same name, except you can get this one with a lower credit score. If you're just as concerned with earning every bit of value from your purchases as you are raising your credit score, this card has you covered.

• Pros and cons

  Pros

  • Cash back. Earn 3% cash back on one category you choose and 2% back at grocery stores and wholesale clubs on up to $2,500 each quarter. After reaching the cap and on all other purchases, earn 1% cash back. This is the highest rewards rate offered by a secured credit card.
  • No annual fee. The card costs $0 to own, which is surprising considering the rewards it offers.
  • Deposit return. Bank of America will monitor your account. Based on your card activity and credit score, you could get your deposit back, thus turning this card into an unsecured card.

  Cons

  • Foreign transaction fees. Every purchase made abroad or online with foreign merchants will cost you 3% of the amount.
  • No welcome offer. Despite the generous rewards rate, there's no bonus you can earn upon signup.

• More details

  Annual fee	$0
  Minimum deposit required	Starting at $300
  Purchase APR	28.24% variable
  Balance transfer APR	28.24% variable
  Minimum credit score	300

Minimum deposit required	Starting at $300
Purchase APR	28.24% variable
Annual fee	$0
Minimum credit score	300

Best secured card for highest potential limit

U.S. Bank Secured Visa® Card

Finder Rating: 3.9 / 5★★★★★

Terms apply, see rates & fees

The amount you can spend on your secured card is limited by your secured deposit, which tends to max out at a few hundred dollars on most secured cards. However, this card has a maximum security deposit of $5,000 — the highest available on the market. A high deposit is useful if you want to focus on building credit, but still have a lot of essential purchases you need to make on your secured card.

• Pros and cons

  Pros

  • Highest maximum secured deposit limit available. You can deposit anywhere from $300 to $5,000 in US Bank savings account to act as your credit limit. This is the highest maximum deposit available on the market.
  • Choose your due date. U.S. Bank gives you the option to choose your due date, which gives you better payment flexibility.
  • Deposit return. Bank of America will monitor your account. Based on your card activity and credit score, you could get your deposit back, thus turning this card into an unsecured card.

  Cons

  • No rewards. You won't earn any rewards with this card.

• More details

  Annual fee	$0
  Minimum deposit required	Starting at $300
  Purchase APR	28.49% variable
  Balance transfer APR	28.49% variable
  Minimum credit score	300

Minimum deposit required	Starting at $300
Purchase APR	28.49% variable
Annual fee	$0
Minimum credit score	300

Terms apply, see rates & fees

Best for balance transfers

UNITY Visa® Secured Credit Card

Finder Rating: 4.1 / 5 ★★★★★

Read Review

There aren't many secured credit cards on the market that also come with a balance transfer offer. While the UNITY Visa® Secured Credit Card isn't a 0% intro offer, you do get six months of lower interest rates to help you consolidate your debt you transfer to the card. This is handy if you want a secured card to help you rebuild your credit score, but would rather focus on paying off older debts before making new purchases.

• Pros and cons

  Pros

  • Intro APR period. Get a 9.95% intro APR period on balance transfers for the first 6 months of card membership. Once the intro period passes, you'll get a fixed APR of 17.99%.
  • Build credit. The card reports to all three credit bureaus — TransUnion, Experian and Equifax. Use this card responsibly and you'll see your credit score improve after a while.
  • No minimum score to apply. Apply with a poor credit score of 300 or with no credit history.

  Cons

  • Annual fee. You'll have to pay $39 to own the card. Compared to similar credit cards, this isn't so bad.
  
  

• More details

  Annual fee	$39
  Minimum deposit required	Starting at $250
  Purchase APR	17.99% fixed
  Balance transfer APR	9.95% intro for the first 6 months (then 17.99% fixed) Balance transfer fee of either $10 or 3% of the amount of each transfer, whichever is greater
  Minimum credit score	300

Minimum deposit required	Starting at $250
Purchase APR	17.99% fixed
Annual fee	$39
Minimum credit score	300

Read Review

Best for consumer friendliness

Chime Credit Builder Visa® Secured Credit Card

Read Review

Secured cards aren't always the easiest cards to manage, but the Chime Credit Builder Visa® Secured Credit Card makes great effort to put the consumer's experience first. This card works more like a debit card in that you need to open a Chime account and place your deposit there. There's no limit to how much you place into this account and your purchases made on the Chime card for the month are automatically paid off from that balance at the end of the month. The end result is a card with few fees or interest rates to worry about.

• Pros and cons

  Pros

  • Low ongoing APR. Most secured cards have an APR on purchases of above 20% variable. This card has a 0% fixed APR.

  Cons

  • Annual fee. You'll pay $0 annual fee each year: a small price to pay to use the balance transfer offer.
  • No rewards. Unfortunately, you won't earn any rewards on your purchases.

• More details

  Annual fee	$0
  Minimum deposit required	N/A
  Purchase APR	N/A
  Balance transfer APR	N/A
  Minimum credit score	300

Minimum deposit required	N/A
Purchase APR	N/A n/a
Annual fee	$0
Minimum credit score	300

Read Review

Best for no security deposit

Petal® 1 "No Annual Fee" Visa® Credit Card

Finder Rating: 4.5 / 5★★★★★

Go to site on WebBank, Member FDIC's secure site Terms apply, see rates & fees

If you want a card that can help you build credit but don't wish to put down a security deposit, the Petal® 1 "No Annual Fee" Visa® Credit Card is a great pick. The card is essentially a standard credit card that's light on fees and offers the opportunity for rewards on select purchases. The only trade-off is you'll need a credit score that hovers at least around fair to potentially qualify.

• Pros and cons

  Pros

  • No annual fee. You won't pay an annual fee to use this card.
  • High potential credit limit. Your minimum credit limit starts at $300 and goes as high as $5,000, which is greater than average for a credit-building card.
  • Reports to all three credit bureaus. Petal will report your credit activity to Equifax, Experian and TransUnion.

  Cons

  • High APR. The Petal 1's APR ranges from 24.49% to 33.99% variable.
  • Fees. Unlike the Petal 2, this card carries fees, including late payment fees.
  
  

• More details

  Annual fee	$0
  Minimum deposit required	N/A
  Purchase APR	24.49% to 33.99% variable
  Balance transfer APR	N/A
  Minimum credit score	550

Partner terms and conditions

Petal credit cards are issued by WebBank, Member FDIC

Minimum deposit required	N/A
Purchase APR	Up to 33.99% variable
Annual fee	$0
Minimum credit score	550

Go to site on WebBank, Member FDIC's secure site Terms apply, see rates & fees

When is a secured credit card worth it?

Using a secured card can help raise your credit score and teach you effective spending habits. Once you’ve established your credit history, you can apply for way better cards down the line and earn generous rewards on your purchases.

• Get a secured card if you want to build your credit score and you can afford at least a $200 secured deposit.

• Don’t get a secured card if you qualify for a better and an unsecured card.

Scott Nelson, CEO of MoneyNerd Ltd, tells Finder: “A secured credit card is worth it when you either don’t have a credit record or you have a poor credit record which is stopping you from applying for credit.

The unfortunate thing about credit is that you can’t be granted credit unless you have a credit history or a positive credit history. You can’t have a credit history or positive credit history without getting credit.

So, whether a secured credit card is worth it is down to your own judgment. Do you trust your own ability to follow the terms of the credit agreement? If so, a secured credit card is worth it if you don’t have any credit history and you’re looking to build some or if you’re trying to improve your existing credit. This is because a secured credit card is a great way to build credit because regular consistent payments are reported directly to credit bureaus.

If you have a bad credit history and you personally know you struggle paying credit back then a secured credit card isn’t worth it as you’re likely to lose your deposit — or worse, your property — if you used it for collateral.”

You asked, we listened: Top 5 common questions

Secured credit cards function similarly to standard cards, but with some important distinctions. Here are the five most common questions we receive on the subject.

1. Do secured credit cards really help you build credit? With responsible use, yes. They’re designed to limit your total credit card spending while you work on improving your credit score. They also typically report to all three credit bureaus.
2. How much will I need to deposit for a secured card? The deposit amount depends on the specific credit card as well as your existing credit score. Typically, the lowest amount you can deposit is either $200 or $300.
3. Why do I need to place a security deposit? Your security deposit serves as collateral for the card issuer in the event that you fall behind or default on your account.
4. Can you get denied for a secured card? Yes. Depending on your financial and credit history, an issuer can deny you a secured credit card.
5. How many secured cards should I have? If you can manage and use them responsibly, having more than one secured card can increase your total limit and improve your utilization ratio.

Bottom line

A secured card can help you build up your credit score, but you’ll often face higher fees and lower rewards. If you’re on the fence, compare alternative credit cards to find the right pick for you.