Finder may earn compensation from partners, but editorial opinions are our own. Advertiser Disclosure

Secured credit cards

Compare over 100 secured credit cards.

Compare secured credit cards to rebuild credit

Use our table to compare secured credit credits for bad credit. These cards are designed to help you build your credit. Note, you may need to pay the security deposit when you apply for a card. If you don't have enough to fund the deposit, learn how to save up for a deposit.

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
$0
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.
Applied Bank® Secured Visa® Gold Preferred® Credit Card
Starting at $200
9.99% fixed
$48
300
No credit check is required for this secured card. Make a deposit of at least $200 to open this card and get a low 9.99% fixed APR on purchases.
Surge Secured Mastercard®
Starting at $300
19.99% variable
$69
300
Earn 1% cash back rewards.
Self Visa® Credit Card
Starting at $100
21.74% variable
$25
300
Build your credit with a low minimum security deposit of $100 and no credit score required.
OpenSky® Secured Visa® Credit Card
Starting at $200
17.39% variable
$35
300
Apply for this card with no credit check if you're new to credit or have bad credit.
loading

Compare up to 4 providers

The best secured credit cards of 2021

Too many options? If you’d like a curated guide of the best secured cards, check out our editors’ top picks.

Here’s how secured credit cards work

A secured credit card is designed to help you build your credit score and works similarly to a traditional credit card. The main difference is you need to put down a security deposit before you can open a secured card.

The deposit helps protect the issuer in the event you fall behind on your payments or default. It allows the bank to extend credit to you when you otherwise wouldn’t qualify for a credit card. This gives you the opportunity to build your credit by showing you can responsibly manage a credit card.

Read our guide to learn how secured credit cards work.

  1. Compare and apply for a card. Browse all secured credit cards and choose the one that seems most appealing. You may have to provide your bank credentials during the application to pay the deposit.
  2. Raise your credit score Now that you have a card, use it to raise your credit score by paying your full balance on time each month.
  3. Graduate to an unsecured card Once you raise your credit score, you’re ready for a new card. Contact the bank to see if you can upgrade your card and get your deposit refunded.

Secured cards pros and cons

Because secured cards are designed for building credit, there are some trade-offs to consider.

Pros

  • Low credit score requirements. Apply with a poor credit score of 300 or no credit history still get your card approval.
  • Good for building credit. Use your card responsibly, pay your balance when it’s due and in time, and it will build your credit. Once you’re back on track, you can easily apply for a better card.
  • Rewards. Earn cash back on your purchases with some secured cards. However, the rewards rate is lower compared to their unsecured counterparts.
  • Control over your credit limit. Make a secured deposit that acts as your credit line. That way you can control the size of your credit line. Unfortunately, all card providers impose limits on the amount you can deposit.
  • Upgrade to an unsecured card. You do more than simply build your credit with a secured card. You can also get an upgrade to an unsecured card if your provider finds your card activity worth rewarding.

Cons

  • Upfront costs. Deposit a required sum to use the card. If you decide to close your account, the card issuer often returns this deposit.
  • Annual fee. Pay an annual fee of up to $49 for the card. Luckily, not all secured cards come with an annual fee.
  • Foreign transaction fee. Pay foreign transaction fees of up to 3% for each transaction made abroad or online with foreign merchants. That’s because secured cards aren’t designed for international travel.
  • No intro APR period. It’s hard to find a secured card that offers a 0% intro APR period on purchases, balance transfers or both. Those cards that do offer this perk will likely have 6% or 9% intro APR period instead of 0%.
  • No signup bonus. Often, you won’t get to earn a signup bonus of any kind. However, there are some cards that offer this perk, the Discover it® Secured card being one of the more generous options.

Which banks offer secured credit cards?

BanksDo they offer a secured card?Available secured cards
AmexNoN/A
Bank of AmericaYesBankAmericard® Secured Credit Card
BarclaycardNoN/A
Capital OneYesCapital One Platinum Secured Credit Card
ChaseNoN/A
CitiYesCiti® Secured Mastercard®
HSBCNoN/A
DiscoverYesDiscover it® Secured
U.S. bankYesU.S. Bank Secured Visa® Card
Wells FargoYesWells Fargo Business Secured Credit Card

What type of card do you need?

Ask the experts

Andrei Simonov profile picture
  • Andrei Simonov
  • Chairperson of the Department of Finance
  • Michigan State University
Travis Davidson profile picture
  • Travis Davidson
  • Associate Professor of Finance
  • Ohio University
Daniel Folkinshteyn profile picture
  • Daniel Folkinshteyn
  • Associate Professor
  • Rowan University
Neel Das
  • Neel Das
  • Associate Professor
  • Appalachian State University
Al Kamienski
  • Al Kamienski
  • PhD Professor of Finance
  • North Park University
Julio Sevilla
  • Julio Sevilla
  • Assistant Professor in the Terry College of Business
  • University of Georgia

Bottom line

Secured cards are a useful tool for building or rebuilding your credit score and moving on to an unsecured card. Your main goal is to spend responsibly, pay your balance on time and graduate to more beneficial credit cards as soon as possible

Back to top

Read more on this topic

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site