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The 3 best secured credit cards with no annual fees

Build or rebuild credit without worrying about a yearly charge.

If you’re using a secured credit card, you’re probably interested in building or rebuilding your credit. That’s why having to pay an annual fee for a secured card can be a bitter pill to swallow. Fortunately, there are a few secured cards with no annual fees that even come with some rewards and perks.

When choosing our secured credit card with no annual fee picks, we looked at a few features, including annual fee, security deposit and any other perks that a consumer might find appealing in a secured card. Those cards that outperformed the others in a given category were chosen for our list.

Here are our favorite picks for secured credit cards with no annual fees.

What’s changed in 2022?
There are plenty of secured credit cards out there but relatively few great ones. Our list remains unchanged this year thanks to the continued solid performance of these cards.

Secured credit cards with no annual fees

We’ve scoured the market looking for the best secured credit cards without annual fees. Among these $0 annual fee cards, we’ve also highlighted factors that make these cards stand out.

Best secured card for lowest deposit

Capital One Platinum Secured Credit Card

Finder rating 4.4 / 5 ★★★★★

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on Capital One Bank®'s secure site
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With a secured card, your credit limit will typically equal your security deposit. Not so with the Capital One Platinum Secured Credit Card. Depending on your credit, you may be able to deposit only $49 or $99 and still get a credit line of $200.

Best secured card for no credit

Citi® Secured Mastercard®

Finder rating 4.2 / 5 ★★★★★

If you're not rebuilding your credit score from past mistakes and you need to start fresh, the Citi® Secured Mastercard® is a great, straightforward secured credit card to get the ball rolling. Fees are minimal, you won't need to concern yourself with rewards and your security deposit starts as low as $200.

Honorable mention

DCU Visa® Platinum Secured Credit Card

The DCU Visa® Platinum Secured Credit Card offers a relatively low 12.25% variable APR for purchases, balance transfers and cash advances.The card doesn't have rewards. But it's still a reliable no-annual-fee choice, as long as you're willing to join the Digital Federal Credit Union.

How to choose the best secured credit card

There aren’t as many secured card options to choose from as there are with other types of credit cards. But if you’re new to credit or trying to rebuild your credit — it may seem hard to make the right choice. To make it easy for you, here’s what to consider to choose the best secured card for your situation:
  • Secured deposit amount. Probably the most important aspect of a secured credit card is the amount you can deposit. Most secured cards start with a $200 deposit, which acts as your credit limit, but the Capital One Secured Card may give you the $200 credit limit with a $49 deposit.
  • Credit bureau reporting. To build your credit, a credit card must report your activity to the three major credit bureaus — Experian, Equifax and TransUnion. Choose a card that does.
  • Interest rates. Secured credit cards often have higher interest rates than unsecured cards. However, there are some secured cards that offer some of the lowest interest rates you can find in a credit card. If you often carry your balance, this type of secured card may be your best choice.

Benefits of getting a secured card with no annual fee

A card with no annual fee offers a few advantages:

  • You can use the card at your own pace. Cards with an annual fee typically require a certain amount of usage to make up for that fee. With a no-annual-fee card, you can use your card as often or little as you like without that added pressure.
  • Save money. The most obvious benefit of a no-annual-fee secured card: you won’t have to factor the annual fee cost into your budgeting. When you’re trying to build credit, every penny counts.

Do I really need a secured credit card?

If you want to build credit without paying high fees and interest rates, a secured card is a solid option. You also need to be able to put down an upfront secured deposit to use the card.

There are unsecured cards for building credit where you don’t need to make a secured deposit. But they may cost you more in the long run because of the high annual fee and host of other fees that could make building credit difficult.

Compare other secured credit cards

1 - 3 of 12
Name Product Filter values Minimum deposit required Purchase APR Annual fee Minimum Credit Score
Capital One Platinum Secured Credit Card
$49, $99 or $200
26.99% variable
New to credit
A no-annual-fee secured card that separates itself from the pack with a $200 credit limit after making a more affordable than average deposit of $49, $99 or $200.
Capital One Quicksilver Secured Cash Rewards Credit Card
Starting at $200
26.99% variable
No annual or hidden fees, and you can earn unlimited 1.5% cash back. See if you're approved in seconds.
Sable ONE Secured Credit Card
11.74% variable
New to credit
Build credit while earning cash back and get unsecured in as fast as four months.

Compare up to 4 providers

Will a secured card with an annual fee help me build credit faster?

No, not necessarily. Many secured cards feature annual fees to offset the possibility of a cardholder default. You might think of an annual fee as a way of “buying in” to the opportunity to build your credit. As such, an annual fee secured credit card won’t offer you a particular advantage over a no annual fee secured card.

Bottom line

Picking a secured card with no annual fee is a great way to make the process of building credit as easy and pain-free as possible. Compare more secured credit cards for even more options for building your credit score.

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