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Secured credit cards with no annual fees

Focus on building your credit without worrying about a yearly charge.


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Having poor or no credit can make it difficult to be approved for credit products such as credit cards, loans and mortgages – but it doesn’t have to be the end of the road. The first step you can take towards building your credit is applying for a secured credit card.

To use a secured credit card you’ll need to put down an initial security deposit. Once you use the card and begin making timely payments, your credit score should slowly climb, assuming your card reports to the two major credit bureaus.

Secured credit cards that don’t charge an annual fee

When it comes to no annual fee secured credit cards, you’ve really only got one choice: the Home Trust Secured No Fee Visa. That said, some of the big banks like TD sometimes offer secured credit cards – but they typically don’t advertise them online. You’ll need to visit a branch in person or call to find out if any no annual fee secured cards are available.

Home Trust Secured No Fee Visa

Home Trust Secured No Fee Visa credit card image

Home Trust offers a secured visa card that acts as a revolving line of credit. You submit a security deposit at the time of application, and, if approved, your deposit becomes your credit limit. Charge purchases to your card, get cash advances and make payments just like a non-secured credit card. Your security deposit will be returned if you close your account, after all purchases and fees have cleared.

The best part? This card lets you choose between 2 options:

  • No Annual Fee Option with a 19.99% purchase rate.
  • Low-Rate Option with a purchase rate of 14.90% and an annual fee of $59 (or $5.00 monthly).

By opting for the higher purchase rate, you can avoid paying an annual fee.

How to choose the right no annual fee secured credit card

To choose the best no annual fee secured credit card, ask yourself:

  • What’s the purchase interest rate?

Although the goal is to pay off your balance in full each month in order to improve your credit score, the purchase interest rate will be important if you think you’ll carry a balance between billing cycles. Some secured cards may offer interest rates as low as 12.99%.

  • How much credit do you need access to each month?

Your deposit will serve as your credit limit, so if you provide $500.00 as a deposit, your monthly credit limit will be $500.00. To increase your credit score, you’ll want to keep your credit utilization ratio below 30%. This means you’ll want to hold a balance of $150.00 or less a month if you have a $500.00 card.

  • What are the minimum and maximum credit limits set by the provider?

Credit limits for secured cards might be as low as $200.00 and as high as $10,000.00. Consider how much credit you’ll need access to each month and plan accordingly when submitting your deposit.

  • Does the provider report to the credit bureaus?

It’s important to know that the provider will report your payments to the 2 major credit bureaus (Equifax and TransUnion). If the provider doesn’t report to the bureaus, your credit score won’t change.

If you’re looking to build or rebuild your credit, a secured credit card could be a great solution. While your options are slim, you can find a no annual fee secured credit card to help keep your costs to a minimum.

If you think you could benefit from a secured card that charges a low monthly fee or an annual fee, compare more secured options in the table below. However, if you believe there could be a better secured credit card for you, compare your other options here until you find the perfect card for your spending habits and financial needs.

Secured credit cards for 2021

Name Product Required Deposit Purchase Interest Rate Cash Advance Rate Annual Fee Reward
Refresh Financial Secured Card
$200 - $10,000
The Refresh Secured Card has no credit check, a low annual fee and guaranteed approval once you secure your card with anywhere from $200 - $10,000.
Take advantage of a low annual fee, with no credit check and guaranteed approval once you secure your card with some funds.

Compare up to 4 providers

Five reasons to get a secured credit card

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