Loading
Tap on the profile icon to edit
your financial details.

Best Secured Credit Cards

Your Details Done
by Eric Rosenberg | Updated Mar. 30, 2017
We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been provided, reviewed or otherwise endorsed by our advertising partners. Please visit our Advertiser Disclosure for more information and to view our partners.

Overview

Secured credit cards are great tools for building credit. For those of us that have little to no credit history, or those who may have had a derogatory marks on their credit, secured cards are often a good bet to start rebuilding. In many cases, issuers will accept your application regardless of your credit score. A downside tends to be that many secured cards lack features and often come with a minimum deposit requirement to open the account. With the help of our model, we explored the secured credit card options out there to bring you the best offers. Below, you can find our top picks for different needs, including secured credit cards with cash back (a rarity!), low interest rates, and more. See More

Best Secured Credit Card with Rewards

More Details

  • No Annual Fee, cash back on every purchase, and helps you build your credit with responsible use.
  • A security deposit of $200 or more will establish your credit line (up to the amount we can approve). Automatic monthly reviews starting at 7 months to see if we can transition you to an account with no security deposit.
  • Earn 2% cash back at restaurants & gas stations on up to $1,000 in combined purchases each quarter. Plus, unlimited 1% cash back on all your other purchases.
  • Tools to assist you; email alerts, text reminders and 24/7 customer service. Plus get your FICO® Credit Score for free on monthly statements and online.
  • Get a dollar-for-dollar match of all the cash back you've earned at the end of your first year, automatically.
  • No late fee on your first late payment. And paying late won't raise your APR.

Annual Fee

$0

Purchase Intro APR

N/A

Balance Transfer Intro APR

10.99% APR for 6 Months

Regular APR

23.49% Variable

Benefits

In the world of secured credit cards, it is hard to find appreciable rewards. The Discover it Secured Credit Card offers the best of both. It is a real credit card you can use to build your credit score. Further, earn 2% on up to $1,000 in purchases per quarter at gas stations and restaurants. Earn 1% everywhere else. This card comes with a free FICO credit score to monitor your progress. It also has no annual fee.

Things to Consider

Secured credit cards require a deposit to open the account. For a $500 limit, for example, you would have to deposit $500. This deposit is returned when you close the account. Since secured credit card customers are considered high risk, this card has a high annual fee. The current APR is 23.49%.

Our Verdict

If you have bad credit and want to improve it while earning rewards, this is the card for you. Most secured cards have an annual fee; this one pays you. While secured cards are not ideal, if you have bad or no credit, this card can get you started. After your credit improves, apply for new cards with even better rewards.

Best Secured Credit Card for Military Members

More Details

  • Best for members rebuilding or establishing credit.
  • Determine your own credit limit ($250 to $5,000) with an interest-earning CD.
  • No foreign transaction fees when you travel outside the United States.

Annual Fee

$35

Purchase Intro APR

N/A

Balance Transfer Intro APR

N/A

Regular APR

10.40% - 20.40% Variable

Benefits

Credit mistakes can make it really hard to get new credit cards. The USAA Secured Card Visa Platinum is a credit card secured by a two-year certificate of deposit (CD). This is a real credit card that can help build your credit. It is much easier to get approved for secured cards than most other cards, even with bad credit.

Things to Consider

This card offers no rewards, but also comes with no foreign transaction fees. The card has a $35 annual fee. That annual fee is partially offset by CD interest earnings, but the CD does not pay nearly enough to offset the entire annual fee. Please note that USAA is primarily for military members and their families.

Our Verdict

This card offers a lower fee than some competing cards and is backed by the great service at USAA. Military members get an additional bonus with a 4% APR on balances up to 12 months during deployment or relocation (PCS). For someone with bad credit looking to get on a path to better credit, this card is a perfect option.

Best Secured Credit Card with Low Interest Rate

More Details

  • Low fixed interest rates with no penalty rate!
  • Reports to all three nationwide credit bureaus
  • Fast, easy application process
  • No processing or application fees!
  • Guaranteed Approval* as long as your monthly income exceeds your monthly expenses by $100 or more
  • *See application for additional details

Annual Fee

$39.00

Purchase Intro APR

N/A

Balance Transfer Intro APR

N/A

Regular APR

13.99% (F)

Benefits

Bad credit got you down? primor® Secured MasterCard Classic Card is for people with a negative credit history. Get approved as long as your monthly income is at least $100 more than your expenses with no credit check. Secured accounts are available with limits ranging from $200 to $5,000. This is an excellent option to rebuild your credit after divorce, bankruptcy or credit history mistakes.

Things to Consider

This secured credit card has a $39 annual fee. If you have good enough credit to qualify for a no-annual fee card, this is not the best choice. It also requires a deposit of $200-$5,000 to open the card, tying up your money as long as you have the account open. It offers no cash back or travel rewards.

Our Verdict

If your credit is in bad shape, there may be few options to rebuild and fix your credit. This credit card is an option no matter what your credit history looks like. You can use it as an opportunity to start over. If you do get this card, use it as an opportunity to maintain perfect credit going forward. Otherwise it is a waste of $39 each year for the annual fee.

Our Methodology

SmartAsset has developed a quantitative and independent system for evaluating the relative value of a credit card offer versus other offers in the marketplace. Our system evaluates cards based exclusively on their features, such as their rewards earning rate (if applicable), fees, perks, and rewards program redemption options. The annual rewards values on this page are calculated using annual spending assumptions in various categories such as, but not limited to, gas, restaurants, airfare, and US supermarkets. These spending assumptions are built on research that SmartAsset has conducted on existing secured credit cardholders. Our promise with our credit card recommendations is that we will always strive to have the most comprehensive, accurate, and objective method of evaluating credit card offers. Any recommendations are solely determined by the result of this research and model, and is never influenced by any fees, commissions, or other forms of compensation that SmartAsset may receive from credit card issuers for leads generated on our website.

Comparing
Add your details
Credit Score
Credit Rating
Select Your Credit Rating Do this later
Dismiss
Add your details
Card Type
Do this later
Dismiss
Best Credit Cards on SmartAsset.com Best Credit Cards by Issuer Best Credit Cards by Credit Score
How helpful was this page in answering your question?
not helpful
very helpful
​If you could change one thing about ​this page what would it be?​
Thank you for your answer! Your feedback is very important to us.
We are working hard to improve our product and could use your help!
We pay $30 for 30 minutes on the phone to hear your thoughts on what we can do better.
Please enter your email if you'd like to be contacted to help.

Please enter your name