Under $200 – secured credit cards with low deposits | finder.com
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The 5+ best secured credit cards with low or no deposits

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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. (For more info, check out our guide to secured credit cards.)

Fortunately, a secured credit card doesn’t have to cost much if you pick the right one, and there’s even a secured credit card with no deposit. We’ve searched the market for you to find the top five secured credit cards with low or no deposit minimums.

OpenSky® Secured Visa® Credit Card

A secured Visa® credit card that helps you build your credit quickly.

  • $35 annual fee
  • 19.14% variable APR
  • $200 minimum deposit
Promoted

Secured credit cards with low or no deposit minimum

Secured Credit Card Annual Fee Minimum deposit Upfront cost (security deposit + fees) Purchase APR
$0 $5 $15 13.5% variable

Capital One Platinum MasterCardSecured Card® from Capital One®

$0 $200 As low as $49 24.99% variable
Justice Federal Credit Union Visa Card

Justice Federal Credit Union (JFCU) VISA Classic Secured Card

$100 $130 16.9% variable
$0 $200 $200 24.99% variable
$0 $200 $200 24.49%

Compare Secured Cards by Minimum Deposit

Card-by-card rundown

1. DCU Visa® Platinum Secured Credit Card

  • No minimum deposit

The DCU Visa® Platinum Secured Credit Card is the rare secured card that requires no minimum deposit. For that reason, it’s the winner in our list of secured cards with low deposits.

You can get this card by joining the Digital Federal Credit Union. If you can’t meet DCU’s eligibility requirements, you can become eligible by joining Reach Out for Schools — a nonprofit that raises money for schools, school programs and education — for $10 at the same time you open a DCU account. Then, just 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.

Card Details

  • Upfront cost. $15 — includes Reach Out for Schools membership and DCU savings account opening deposit.
  • $0 annual fee.
  • Low interest rate. 13.5% variable APR for purchases, balance transfers and cash advances.
  • Light on the fees. No balance transfer, cash advance or foreign transaction fees.
  • Watch out for required membership with the Digital Federal Credit Union.

2. Secured Card® from Capital One®

  • As low as $49 minimum deposit

With the Secured Card® from Capital One®, you may qualify to deposit only $49 or $99 and still get a $200 credit line. After you pay your bill on time for the first five months, you’ll automatically qualify for a higher credit line.

Card Details

  • Upfront cost. $49, $99 or $200, depending on your credit.
  • No annual fee.
  • Various minimum deposits. Depending on your credit, you’ll make a cash deposit of $49, $99 or $200 to activate your card.
  • Get an upgrade with timely payments. After you make your first five monthly payments on time, you’ll get a higher credit line.
  • Platinum Mastercard perks. Get purchase benefits, travel insurance, roadside assistance and more.
  • Watch out for a high purchase APR and no balance transfers.


3. Justice Federal Credit Union (JFCU) VISA Classic Secured Card

  • $100 minimum deposit

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 0% APR on purchases, balance transfers and cash advances for the first six 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 — click here for a list of affiliates. Furthermore, you’ll need to make a $5 deposit to open a Justice FCU savings account. Learn more about joining the Justice FCU.

Card Details

  • Upfront cost. $130 — includes security deposit, typical affiliate organization membership fee and Justice FCU deposit.
  • No annual fee.
  • Intro APR. 0% APR for 6 months on purchases, balance transfers and cash advances.
  • No balance transfer fees.
  • Late-fee leniency. You’re only assessed a late fee when you pay 10 or more days after your payment due date.
  • Watch out for required membership with Justice FCU.


4. Discover it® Secured

  • $200 minimum deposit

The Discover it® Secured’s required deposit isn’t as low as the one for the DCU Visa® Platinum Secured Credit Card, Secured Card® from Capital One® or Justice Federal Credit Union (JFCU) VISA Classic Secured Card.

But it definitely gives better rewards, like cash back — a percentage of money refunded on eligible purchases.

Card Details

  • Upfront cost. $200.
  • Cash back. Earn 2% cash back at restaurants and gas stations (up to $1,000 each quarter) and 1% on everything else.
  • First-year sweetener. Discover will match the cash back you earn in your first year.
  • Intro balance transfer APR. 10.99% variable for 6 months.
  • Watch out for a high purchase APR and potentially limited acceptance.


5. Citi® Secured Mastercard®

  • $200 minimum deposit

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 like travel benefits and purchase protection.

Card Details

  • Upfront cost. $200.
  • No annual fee.
  • Mastercard perks. Get purchase benefits, travel insurance, roadside assistance and more.
  • Watch out for a high APR for purchases, balance transfers and cash advances.

The five best secured cards with low deposits

Name Product Filter values APR (Annual Percentage Rate) for Purchases Annual Fee Interest Free Period
13.5% variable
$0
Up to 25 days
A great way to establish or improve your credit history.
24.99% variable
$0
Up to 25 days
Take control and build your credit with responsible use.
Justice FCU Visa® Classic Secured
Justice FCU Visa® Classic Secured
16.9% variable
$0
Our VISA Classic Card is the perfect starter card, giving you the freedom to build your credit while enjoying all the exceptional benefits of being a Justice cardholder.
24.99% variable
$0
Up to 25 days
2% Cashback at restaurants or gas stations on up to $1,000 in combined purchases each quarter. Plus 1% cash back on all other credit card purchases.
24.49% variable
$0
Up to 23 days
Start building credit for tomorrow with a secured credit card.

Compare up to 4 providers

Frequently asked questions about secured cards

Kevin Joey Chen

Kevin Chen is a world-travelin', copy-writin', Game of Thrones-watchin' credit cards writer for finder.com. When he's not crunching the numbers on bonus points and comparing APRs, you can find him flying around the world in search of the perfect beer.

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4 Responses

  1. Default Gravatar
    RayNovember 30, 2018

    I was inquiring about the DCU secured card and was told by their representative they had a minimum deposit of $300, is this true?

    • finder Customer Care
      nikkiangcoDecember 6, 2018Staff

      Hi Ray,

      Thanks for getting in touch. As it says on this page, The deposit for this secured card works a little differently from other secured cards. Your deposit isn’t held separately as collateral. You borrow against your savings account, so this card acts more like a debit or checking card. Your deposit isn’t held and then returned after closing the account; it’s always available.

      You need to have at least $5 in your account, and then however much you have up to your credit limit is how much you can put on the card. For example, if your limit is $300, you’d need at least $300 in your account, which includes the minimum $5.

      Hope this helps!

      Best,
      Nikki

  2. Default Gravatar
    MikeFebruary 28, 2018

    What would be the best card to gain better credit standing overall? Does any card in particular provided more credit worthiness?

    Thanks in advance,

    -Mike

    • Default Gravatar
      joelmarceloMarch 7, 2018

      Hi Mike,

      Thanks for leaving a question on finder.

      Credit card providers will carefully consider any “bad credit” details – such as late payments or defaults – that are listed on your credit report. So, if you want to apply for a credit card to help improve your credit rating, sticking to basic options can improve your chances of getting approval.

      Another option is to consider credit cards with no annual fee or a low standard interest rate. These kinds of cards can help keep the cost of the account down and make it easier for you to avoid late payments, defaults and other problems that lead to bad credit.

      Cheers,
      Joel

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