Compare secured credit cards with low deposits
Rebuild your credit without breaking the bank.
A secured credit card can be incredibly helpful if you’re looking to improve your credit score. But to get one, you have to put down a security deposit — and that can put a real dent in your savings and a strain on your budget. Banks and secured credit card providers typically require a minimum deposit of $500. Fortunately, there are a couple of secured credit cards on the market that don’t have to cost you as much.
Compare secured cards
Many secured credit cards require a minimum deposit of around $500 on average. However, your minimum deposit can be as low as $75 or as high as $10,000 depending on your card. Remember that as long as you provide the minimum amount, you can control your credit limit. The deposit amount you provide will serve as your monthly credit limit.
Refresh Financial Secured Visa Card
With this secured credit card, you can look forward to building up your credit score by making on-time payments. You’ll need to provide a minimum deposit of at least $200, with the option to provide up to $10,000 should you need access to a much higher credit limit.
While it has an annual and monthly fee, this secured card does not require a credit check and comes with a competitive purchase APR of 17.99%.
Capital One Guaranteed Secured Mastercard
The Capital One Guaranteed Secured Mastercard offers the lowest security deposit of all secured cards on the market – only a minimum of $75 is required. Although no credit card is ever guaranteed, this Capital One card guarantees approval, as long as you meet four conditions. These conditions are:
- Be 18 years of age or the age of majority in your province or territory
- You haven’t applied for a Capital One card in the last 30 days or had an account not in good standing in the last year
- You don’t have an existing Capital One account or a pending application,
- You provide the necessary security funds of either $75 or $300.
The security deposit you put down to get a secured credit card doesn’t have to wipe out your savings. Even a secured credit card with a $75 deposit can help you rebuild your credit if you spend responsibly and pay off your balance at the end of each month. Check out our full secured credit card guide to learn more about these powerful credit building cards.
Frequently asked questions about secured cards
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