Avoid big APRs when you carry a balance on these secured cards.
Consumers who apply for secured cards often have lower credit scores, so they’re viewed as riskier borrowers. Of course, greater risk usually means higher APRs. While you should pay off your balance in full each month, a low APR can prove useful if you need to carry a balance during unforeseen financial events.
Take a look and pick a low APR secured credit card that’s best for you.
Our pick for secured card with low APR
Compare secured cards with low APRs
Our top picks
For a secured card, consider the SDFCU Savings Secured Visa Platinum Card or the DCU Visa® Platinum Secured Credit Card.
Not only do they have low APRs, but they’re also excellent secured cards in general. Neither card has an annual fee, and it’s relatively easy to be approved for both cards.
Lowest APR with no annual fee: SDFCU Savings Secured Visa Platinum Card
If you’re looking for a low-APR card, you could end your search with the SDFCU Savings Secured Visa Platinum Card. It offers a very low 14.24% variable APR for purchases, balance transfers and cash advances. It’s also less expensive than its competitors, charging no annual fee.
To get this card, you need to become a member of the State Department Federal Credit Union (SDFCU). To do that, you can join the American Consumer Council for $5. You also need to open a SDFCU savings account with a minimum of $1. Learn more about how to join SDFCU.
No annual fee and low minimum deposit: DCU Visa® Platinum Secured Credit Card
While the DCU Visa® Platinum Secured Credit Card has an average interest rate for a secured card, it does have one of the lowest minimum deposits — $500. It offers a respectable 13.75% variable APR across the board and has no annual fee. You can get this card by joining the Digital Federal Credit Union (DCU). To do that, just join Reach Out for Schools for $10 when you open a DCU account. Then fund your DCU savings account with a minimum of $5. In total, it’ll cost as little as $15 to open your secured card. Learn more about joining the DCU.
Other options
These secured cards have low APRs but are held back by significant weaknesses. Before considering these cards, look into the two cards we list above.
Low fixed APR and easy approval: Green Dot primor® Visa® Gold Secured Credit Card
The Green Dot primor® Visa® Gold Secured Credit Card offers a low fixed APR of 9.99%, which means your interest rate won’t change for as long as you have the card. The card is also relatively easy to obtain since it doesn’t have a minimum credit score requirement. The downside to the card is its $49 annual fee — not exactly cheap when you also have to put down a $200 security deposit.
Low fixed APR: Applied Bank® Secured Visa® Gold Preferred® Credit Card
Like the Green Dot primor® Visa® Gold Secured Credit Card, the Applied Bank® Secured Visa® Gold Preferred® Credit Card comes with a low fixed APR of 9.99%. However, it has a $48 annual fee. The card also doesn’t offer a grace period on interest — which is an enormous disadvantage —which means you’ll accrue interest as soon as you swipe your card.
Low variable APR: nRewards® Secured Credit Card
With the nRewards® Secured Credit Card, you may receive a purchase and balance transfer APR as low as 18% variable.
You need to deposit at least $200 to open the card. On the plus side, however, you won’t have to pay an annual fee.
You can apply for this card if you’re a member of the Navy Federal Credit Union. To join, you must be affiliated with the military.
Low variable APR with easy application: First Progress Platinum Prestige MasterCard® Secured Credit Card
The First Progress Platinum Prestige MasterCard® Secured Credit Card comes with an APR that can be as low as 10.74% variable depending on your credit history. The card has an annual fee of $49 and offers a 25-day grace period at the end of each billing cycle.
You can apply for the First Progress Platinum Prestige MasterCard® Secured Credit Card either over the phone or online. Most online reviews harp on the poor customer service.
How we selected our top cards
We selected our top picks of secured credit cards by narrowing them down based on the APR. After that, we compared additional perks, such as the annual fee, minimum deposit and extra fees. We picked cards that stood out based on those factors.
What’s changed in 2019
Our top picks from last year remain our favorites, so there are not many changes to look out for this year.
Bottom line
While you should always strive to pay your balance in full each month, the low APRs on these secured credit cards can help lower your interest if you ever need to carry a balance.
Compare secured credit cards to find one that best suits your financial needs. And once you start building your credit score you’ll be able to graduate to an unsecured card before long.