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 crimp in your savings.
While secured credit cards with no security deposit exist, the tradeoff is usually lower spending limits and a higher difficulty getting accepted. Fortunately, a secured credit card doesn’t have to cost much if you pick the right one.
Our pick for low deposit
OpenSky® Secured Visa® Credit Card
A secured Visa® credit card that helps you build your credit quickly.
- $35 annual fee
- 19.64% variable APR
- $200 minimum deposit
Secured credit cards with low or no deposit minimum
Capital One® Secured Mastercard®
- As low as $49 minimum deposit
With the Capital One® Secured Mastercard®, you may qualify to deposit only $49 or $99 and still get a $200 credit line. This makes Mastercard’s offering one of the lowest deposit secured credit cards available. After you pay your bill on time for the first five months, you’ll automatically qualify for a higher credit line.
Justice Federal Credit Union (JFCU) VISA Classic Secured Card
The Visa Classic Secured requires a relatively low $100 minimum deposit. It also offers an intro APR, which is rare for secured credit cards. You’ll get a 0% intro APR on purchases, balance transfers and cash advances for the first 6 months. On top of that, you won’t pay fees for balance transfers.
To apply for the card, you need to be a member of the Justice Federal Credit Union. If you don’t meet the criteria to become a member, you can satisfy that requirement by joining one of the credit union’s affiliate organizations. Furthermore, you’ll need to make a $5 deposit to open a Justice FCU savings account.
Citi® Secured Mastercard®
The Citi® Secured Mastercard® is a solid secured card that requires only a $200 minimum deposit. It’s not loaded with features, but it does include Mastercard benefits such as travel benefits and purchase protection.
Compare secured cards
The security deposit you put down for a secured card doesn’t have to wipe out your bank account. Even a $50 deposit secured credit card 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 how to use secured credit cards.