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Secured credit cards with low APRs

Avoid high APRs when you carry a balance on these secured credit cards.

Name Product Min. Required Deposit Purchase Interest Rate Cash Advance Rate Annual Fee
Refresh Financial Secured Card
$12.95 + $3/month
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.
Home Trust Secured Visa (No Annual Fee)
The no annual fee Home Trust Secured card comes with a standard 19.99% purchase and cash advance rate. Apply with any credit score and start rebuilding your credit.
Home Trust Secured Visa (Low Rate & Monthly Fee)
Pay a monthly fee of $5 and get a low purchase interest rate of 14.90%.
Home Trust Secured Visa (Low Rate)
Rebuild your credit score and enjoy a low purchase interest rate of 14.90% and a cash advance rate of 19.80%.

Compare up to 4 providers

Secured credit cards are designed for riskier borrowers with poor credit or a rocky or non-existent credit history. To offset the greater risk, providers usually charge higher APRs and annual fees. While you should pay off your balance in full each month in order to build up your credit score and graduate to an unsecured card, a low APR secured card can prove useful if you need to carry a balance during unforeseen financial events.

Other secured credit cards with low APRs

1. Home Trust Secured No Fee Visa

Home Trust offers a secured visa card that allows you to choose the best option for your needs: choose a no annual fee card that comes with a purchase rate of 19.99% APR, or choose a lower purchase rate of 14.90% with an annual fee of $59 (or the option to pay $5 per month). By opting for the low purchase rate, you’ll be able to take advantage of a 14.90% APR – but you’ll face an annual or monthly fee.

2. RBC Secured Credit Card

The RBC Secured Credit Card comes with one of the lowest interest rates on the market. It has a purchase and cash advance interest rate of 11.99%. That said, this low APR is slightly offset by an annual fee of $20. In addition, you’ll need to provide at least $500 as a deposit to receive the card.

3. Scotiabank Secured Credit Card

With no annual fee and a purchase APR of 16.99%, the Scotiabank Secured Credit Card offers a slightly lower than average interest rate. That said, this card can be handy if you need to transfer debt, as it offers a balance transfer APR of 3.99% for six months and charges no balance transfer fee.

Bottom line

While you should always strive to pay off your balance in full each month, the low APRs on these secured credit cards can help lower your interest charges if you ever need to carry a balance. Before applying for a secured credit card, compare your options to find the one that best suits your financial needs and spending habits.

Once you start building your credit score, you’ll be able to graduate to an unsecured credit card where you can start earning rewards for your spending.

Frequently asked questions about secured cards

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