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Best for building credit
Bankrate score
Rating: 4.1 stars out of 5
4.1
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
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Bankrate score
Rating: 4.1 stars out of 5
4.1
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Bankrate review
No Credit History
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
on Capital One's secure site
Intro offer
Intro offer is not available for this Capital One credit card.
N/A
Annual fee
Regular APR
Best for flexible deposit
Bankrate score
Rating: 4.2 stars out of 5
4.2
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Bankrate score
Rating: 4.2 stars out of 5
4.2
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No Credit History
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on Chime's secure site
Regular APR
N/A
Annual fee
Best card with a welcome offer
Bankrate score
Rating: 4.5 stars out of 5
4.5
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Bankrate score
Rating: 4.5 stars out of 5
4.5
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No Credit History
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on Discover's secure site
Regular APR
Annual fee
Best starter rewards card
Bankrate score
Rating: 4 stars out of 5
4.0
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Bankrate score
Rating: 4 stars out of 5
4.0
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No Credit History
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on Capital One's secure site
Regular APR
Annual fee
Best for high credit limit
Bankrate score
Rating: 3.3 stars out of 5
3.3
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Bankrate score
Rating: 3.3 stars out of 5
3.3
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Bankrate review
No Credit History
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on First Progress's secure site
Regular APR
Annual fee
Best for building a credit mix
Bankrate score
Rating: 3.1 stars out of 5
3.1
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Bankrate score
Rating: 3.1 stars out of 5
3.1
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Bankrate review
No Credit History
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on Self's secure site
Regular APR
Annual fee
Best for low interest
Bankrate score
Rating: 2.8 stars out of 5
2.8
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Bankrate score
Rating: 2.8 stars out of 5
2.8
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Bankrate review
No Credit History
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
on First Progress's secure site
Regular APR
Annual fee
Best for after bankruptcy
Bankrate score
Rating: 3.1 stars out of 5
3.1
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
Bankrate score
Rating: 3.1 stars out of 5
3.1
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
No Credit History
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on Capital Bank's secure site
Regular APR
Annual fee
Compare Bankrate's top secured credit cards
| Card Name | Best For | Annual fee | Bankrate Review Score |
|---|---|---|---|
| Building credit | 4.1 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on Capital One's secure site | |
| Flexible deposit | 4.2 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on Chime's secure site | |
| Welcome offer | 4.5 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on Discover's secure site | |
| Starter rewards card | 4.0 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on Capital One's secure site | |
| High credit limit | 3.3 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on First Progress's secure site | |
| Building a credit mix | 3.1 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on Self's secure site | |
| Low interest | 2.8 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on First Progress's secure site | |
| Card for after bankruptcy | 3.1 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on Capital Bank's secure site |
What you need to know about secured credit cards
A secured credit card is similar to an unsecured credit card, except it has a refundable security deposit as collateral. You pay this deposit and it typically acts as the card’s credit limit, and the issuer may refund the deposit and upgrade the card to an unsecured version after you show responsible credit use.
Want to learn more? Read our full guide on how secured credit cards work.
Secured vs. unsecured credit cards
Credit builders often start with a secured credit card, and then graduate to an unsecured credit card with better rewards rates and lower fees as their scores improve. While you may prefer an unsecured credit card for bad credit, especially if you want to avoid the upfront deposit, it might not be the most cost-effective choice. If you’re deciding between these two types of credit cards, here are a few differences to note:
- Require a security deposit
- Can be more accessible than some unsecured cards
- Starting credit lines are often equal to the amount you deposit
- Tend to have more built-in features to help build credit
- Don’t require a security deposit
- Have stricter credit requirements
- May charge annual fees and a higher APR in exchange for lending to borrowers with poor credit
Our data: Secured cards might be easier to get
When you’re building or rebuilding credit, it’s important to apply for a new credit card with the confidence you’ll get approved. Otherwise, your credit score could take a slight hit with a hard inquiry and you don’t even end up with a new card. We analyzed our proprietary data to compare the approval rates for secured cards and unsecured cards that Bankrate readers applied for on our site in 2023.
According to our data, Bankrate users with bad credit and thin credit are 23 percent more likely to get approved for a secured credit card than they are to get approved for an unsecured card for bad credit.
While secured credit cards usually require a security deposit to back your credit limit, this extra requirement makes them easier to get approval for. As long as you can afford to put down the security deposit, you may have better chances of getting approved for a secured card than an unsecured card.
LEARN MORE What’s the difference between secured and unsecured credit cards?
Pros and cons of secured credit cards
Pros
Access to credit: A secured card is handy for times when a merchant doesn’t accept cash, like for a hotel reservation or a rental car.
Lighter application requirements: People with limited or low credit scores typically find application requirements for secured cards to be more forgiving and accessible. For instance, some applications don't even require a credit check to apply.
Accountability: Because you can typically spend only up to the amount of your security deposit, a secured card can help keep your spending in check.
Refundable deposits: You can often get your deposit back after demonstrating responsible card use for a time.
Cons
Extra fees: Some secured cards may charge fees for opening the account, which can reduce the amount of available credit you have left to use.
High APRs: Many secured cards charge higher-than-average APRs, which can be expensive if you don’t pay your credit card bill on time and in full.
Limited features: Secured cards tend to focus on credit-building and typically lack features like welcome offers, intro APR offers or other perks that add long-term value.
Expert advice on secured credit cards
When used responsibly, secured credit cards can help you build or rebuild credit. Working on your credit will get you closer to qualifying for cards with better features and benefits. Once you're ready to apply, here’s what to consider when choosing a secured credit card that’s right for you:
1
Take a look at the security deposit
A minimum deposit could be as little as $49 or $200 and as much as $2,000 to $5,000, depending on the card and the issuer. Some cards require a bank account to pay for the deposit, while others allow payment by check or money order. In the best-case scenario, you should get a credit limit high enough to keep your credit utilization ratio below 30 percent, once you’ve accounted for your usual monthly spending.
2
Ask if there is a path to upgrade the card in the future
Some secured cards will let you upgrade to an unsecured version of the card once your credit improves. While it’s a good idea to see what other cards are available to you, upgrading with the same issuer is an easy way to graduate to an unsecured credit card without going through a hard credit check.
3
Check the fees
On top of higher interest rates, watch out for common credit card fees. With the right card and careful use, you can avoid late payment fees, foreign transaction fees and penalty APRs. It’s still a good idea to know what your potential card will charge if you miss a payment. You can even avoid an annual fee with some of the top secured cards.
4
Consider whether you value rewards
Some of the best-reviewed secured credit cards earn rewards. While a rewards program isn’t a defining feature of a secured credit card, it can give the options that have one more value.
5
Make sure it reports to all three credit bureaus
Reports of good payment behavior to Equifax, Experian or TransUnion are essential for building or repairing credit. Make sure that the issuer reports card usage to at least one of the bureaus so that your good habits — on-time payments, paying in full, low utilization and more — don’t go unnoticed.
6
Determine if you can prequalify
While secured cards are among the easiest to qualify for, some issuers won’t give cards to people with past bankruptcies, high levels of debt or low income. Depending on your financial situation, consider looking at cards that let you see if you are prequalified before you apply. Doing so can give you a better idea of how likely you are to be approved for a card and potentially help you avoid a hard credit pull for a card you aren't likely to be approved for.
Try it out: Bankrate’s CardMatch™ feature is an easy way to find a selection of cards you may be prequalified for.
Tips for maximizing a secured credit card
While people often hope to avoid secured cards altogether or make plans for a quick upgrade, you can still use your time with your secured card to your advantage. Use the following tips to make sure you get the most out of your secured credit card.
Take this time to practice good habits
Use your secured card as a tool to help build your credit with relative ease. Keep your credit utilization ratio in check and stay on top of your credit card bills. You should pay at least the minimum due every month, but it’s best to pay off the entire balance to avoid interest charges. It takes time to increase your credit score, so be patient as you learn to use credit cards.
Add more to your security deposit if you can
Most secured cards have a minimum security deposit requirement and some let you deposit amounts into the thousands of dollars. Putting down more money could result in a higher credit limit, making it easier to keep your credit utilization in check. Try putting down as much as you can for a deposit and stay within the 30 percent rule on credit utilization. If you can only put down the required minimum, prioritize keeping your utilization low so you don’t hurt your score.
Upgrade to an unsecured card when possible
Once you’ve worked your way up to fair credit and beyond, you can think about upgrading to an unsecured card that might offer better rewards programs and lower fees. If your secured card has maintenance or inactivity fees, it may be a good idea to close your card. Otherwise, there’s no harm in keeping it open for the occasional small purchase to add to the length of your credit history.
Get your security deposit back
If you decide to close your secured card, make sure to get your security deposit back. It may take 30 to 90 days for the issuer to refund your deposit in the form of a statement credit or check.
What people are saying about secured cards
It’s very important to make sure you’re starting off on the right foot when you begin your credit journey, and advice from people who’ve been in the same spot can be a big help. We explored what Redditors from the r/CreditCards community had to say about their preferred choice for a secured card.
When asked which card they considered the best secured card, many Redditors were quick to point to the Discover® it Secured Credit Card. Users especially appreciated the card’s 2 percent cash back rate and $0 annual fee. U.S. Bank secured cards were also highlighted as great options.
“Check out US Banks secured cards. Excellent rewards, and yes, it may take longer to graduate, compared to Discover’s seemingly automatic 7-month [review] (ymmv), but at least when you graduate with one of US Banks secured cards, you have a great card. When you graduate with Discover, you’re stuck with the [Discover it® Chrome] card, which is 2% restaurants and gas stations, up to $1,000 every quarter [in combined purchases, then 1 percent].”
— fazepatrickstar
As this user notes, when looking for a secured card, it’s important to not only take into consideration your needs now but possible needs in the future. Your choice will most likely depend on the amount of money you want to spend on the security deposit, your personal timeline and future financial goals.
How we assess the best secured cards
50+
cards rated
500+
data points analyzed
250+
fees tracked
40+
perks evaluated
When evaluating the best cards for building credit, we consider a mix of factors, including how cards score in our proprietary card rating system and whether cards offer features that make it easy to build credit history while minimizing costs.
We analyzed over 50 of the most popular cards designed for people with no credit history, bad credit or a fair credit score and rated each based on its cost, APR, credit-building features and more to determine whether it belonged in this month’s roundup.
Here are some of the key factors that we considered:
More information on secured credit cards
How long should you keep a secured card?
7 credit card tips for beginners
Can You Get A Secured Credit Card With No Bank Account?
How to get a credit card with no credit history
Have more questions for our credit cards editors? Feel free to send us an email, find us on Facebook, or Tweet us @Bankrate.
For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
Frequently asked questions about secured credit cards
* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.
Editorial Disclosure: Opinions expressed here are the author’s alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.
