Best secured credit cards: build and establish good credit!
Check out which are the best secured credit cards in the market today. These credit cards will help you establish and maintain a positive credit score with your monthly payments!
Get back on your feet financially with the help of these credit cards
Secured cards can be the best way to rebuild your credit if you’ve had some problems in the past.
They’re also a solid option if you’re not approved for a regular unsecured card or if you need to manage your spending. But how do you choose the best secured card for your needs?
Find out the best cash back credit cards for your everyday purchases. We’ve compiled a list with the cards that offer top rated rewards to help you get more rewards
People looking for a secured credit card have several options to choose from. The best secured credit cards, however, offer competitive interest rates, no annual fees, and other perks.
You don’t have to settle for a mediocre product just because you have a less-than-perfect score right now.
In this article, we’ll look at the best secured credit cards available today. We’ll also discuss how to choose the right one for you and explain the benefits of using a secured card.
So if you’re ready to start rebuilding your credit, read on!
What is the deal with these credit cards?
A secured credit card is best for people who are just starting to establish credit or who have bad credit.
Unlike a debit card, which is linked to your checking account, a secured credit card requires you to put down a deposit, which becomes your credit limit.
You can usually choose your own credit limit as long as it’s equal to or greater than your deposit. For example, if you put down a $500 deposit, your credit limit will be $500.
Using these cards responsibly by making charges and payments on time and in full can help you gradually improve your credit score.
And because the deposit you make is typically equal to your credit limit, there’s no risk of overspending and getting into debt.
You will be redirected to another website
The five best secured credit cards you can find right now
We all know that it’s important to build up our credit scores, and there are specific credit cards that can help you do just that.
Secured credit cards are a great way to improve your rating, and they’re available from many different issuers.
So what are the best secured credit cards of 2022? Read on to find out!
Rewards with no annual fee? Try the Discover it® Secured Credit Card
The Discover it® Secured Credit Card is one of the very few cards in its segment that offers:
- a welcome bonus at the end of your first year
- cash back rewards to redeem while you build your credit score
It also doesn’t require a credit score to apply and doesn’t charge an annual fee.
The security deposit is also on the low-end, starting at only $200. Keep in mind that the amount equals your spending limit.
With responsible use and on-time payments, you’ll get an automatic review from Discover in just 7 months to check if you’re able to upgrade to an unsecured card.
The bank helps you repair your score by reporting all payments you make to the three main credit bureaus in the U.S.
Those are just some of the reasons why the Discover it® Secured Credit Card is our first pick for this best secured credit cards list.
Low security deposit? Try the Capital One Platinum Secured Credit Card
While the Capital One Platinum Secured Credit Card offers no rewards on purchases, it has a feature that makes it stand out amongst secured cards.
What that is, is that a $49 security deposit can get you a $200 starting credit limit.
You’ll also be considered for a limit increase in just 6 months of responsible use, with no additional deposit required.
There are no monthly or membership fees, and paying your bill on time and in full each month will help you increase your score gradually.
One interesting thing about this card is that it doesn’t charge any foreign transaction fees. However, its high APR at 28.49% is one to look out for.
Even though carrying a balance on a secured card is not a good idea in the first place, you’ll pay a lot of interest if you do.
Gratifying rewards? Try the Capital One Quicksilver Secured Cash Rewards Credit Card
The Capital One Quicksilver Secured Cash Rewards Credit Card is one of the best secured credit cards for several reasons.
One, it provides great value for everyday use with its 1.5% cash back rewards. Two, you can get up to 5% back for travel expenses booked through Capital One Travel. Three, it has no annual fee to worry about!
There’s a $200 minimum security deposit with the possibility of a limit increase after just six months of good use.
This is basically a very low-maintenance card that helps you repair your score by providing a great ongoing rewards rate.
While this is a solid credit building card with a relatively low security deposit, keeping it to the minimum amount is not the best choice.
That is because it’ll harm your chances of maximizing your earnings. Plus, it’ll be harder to keep a low credit utilization, which interferes with the credit building process.
No credit checks? Try the OpenSky® Secured Visa® Credit Card
The OpenSky® features in our best secured credit cards list mainly for two very important reasons. The first is that you can put down a security deposit up to $3,000.
That helps with your credit utilization and credit building. And the second is that the bank performs no credit checks for approval, so you can get the card even with a damaged score.
There are a couple of drawbacks that might affect your decision to apply though. The card doesn’t have an unsecured option, so you can’t upgrade even with responsible use and on-time payments.
There’s also a $35 annual fee and no rewards to offset that cost.
However, OpenSky® does report all payments to the credit bureaus to help you with your credit repair. Plus, if you can’t qualify for other secured cards, this is still a great alternative.
Low APR? Try the First Progress Platinum Prestige Mastercard® Secured Credit Card
The First Progress Platinum Prestige Mastercard® Secured Credit Card is an interesting card because it doesn’t perform any credit checks.
You don’t even need a credit history to apply, and your security deposit can go up to $2,000.
With time and good use, you can increase that amount to $5,000, which will help you keep your credit utilization in check.
The card charges an annual fee of $49 and doesn’t offer any rewards that justify such a costly fee. However, it has one of the lowest APR among secured cards, at just 12.99%.
While you should never carry a balance on a secured card, a low APR is a money saver in case of an emergency.
What are the best 0% APR credit cards?
Are you looking for a credit card with a 0% APR? Then you’re in luck. There are a number of great cards available with no interest for a set period of time.
But which one is right for you? Check out our list of the best 0% APR credit cards below to find out.
First Digital Mastercard Credit Card application
Getting your First Digital Mastercard credit card will help you improve your credit score and your finances. We'll tell you how to get one!Keep Reading
Learn how to start your own emergency fund fast
Are you trying to start your emergency fund, but don't know how? This article will show you how to start with easy tips. Keep reading.Keep Reading
Choose your fitness and health apps to improve your routine
Are you looking for ways to stay healthy? If so, read on to discover the cream of the crop in fitness and health apps!Keep Reading
You may also like
American Express Serve® FREE Reloads Card application
Learn all the details about the American Express Serve® FREE Reloads Card application process and how you can request yours.Keep Reading
Auto Credit Express application: Get your auto loan today!
Learn how to apply with Auto Credit Express and get access to multiple lenders and car dealers with flexible payment options.Keep Reading
First Progress Platinum Elite Mastercard® Secured application
Learn everything you need to know about the First Progress Platinum Elite Mastercard® Secured Card application process and apply today!Keep Reading