Secured Credit Cards of May 2024

Secured
Apply for a Secured Credit Card. On 29.05.2024 you have access to 7 credit cards. Increase your chances of getting money — fill out a multi-application with a free credit rating check.
Offers: 7
Updated:
14.03.2024
08:20
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Capital One
Capital One Platinum Secured®
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Rate
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Effective interest rate on the product

24.74 – 29.74 %
Citi
Citi® Secured Mastercard® Credit Card®
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Submit your credit card application online
Submit your credit card application online

Take advantage of our credit card selection system with a free credit check!

PNC
PNC Secured Visa® Credit Card®
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U.S. Bank
U.S. BANK SECURED VISA® CARD
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300.00 – 5000.00 $
KeyBank
Key Secured Credit Card®
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Rate
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Effective interest rate on the product

to 27.49 %
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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Credit Card Online Application of May 2024

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500 $
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Reviews
CreditFresh
4.8
The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
Review
JG Wentworth
4.6
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
Review
OneMain Financial
4.4
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
Review
My Funding Choices
4.6
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
Review
Plain Green Loans
2
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
Review
Advance America
4.6
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...
Review
Secured Credit Cards of May 2024

What is a secured credit card?

A secured credit card is specifically designed for individuals with limited or poor credit. Unlike traditional credit cards, a secured credit card requires a security deposit from the cardholder, which acts as collateral for the credit line extended by the issuing bank. The security deposit is typically equal to the credit limit on the card and is held in a savings account.

Secured credit cards are used as a tool for building or improving credit. By using a secured credit card responsibly, such as by making timely payments and keeping the balance low, individuals can demonstrate their creditworthiness to the credit bureaus, which can help to improve their credit score over time. The responsible use of a secured credit card can also help to build a positive credit history, making it easier to obtain traditional credit products, such as unsecured credit cards or loans, in the future.

Secured Cards vs. Traditional Credit Cards

The application for a secured credit card is similar to that of a traditional credit card, although the cardholder is required to provide a security deposit to obtain the card. In some cases, the security deposit may be refundable, although some card issuers may keep a portion of the deposit to cover any unpaid balances or fees. The credit limit on a secured credit card depends on the amount of the security deposit, with some issuers allowing cardholders to increase their credit limit by making additional deposits.

The fees associated with a secured credit card can vary depending on the issuer. Some common fees include an annual fee, security deposit fee, balance transfer fee, and cash advance fee. Cardholders should carefully review the fees and terms associated with their secured credit card to understand the costs involved and to avoid any surprises.

In terms of interest and payments, a secured credit card operates similarly to a traditional credit card. Cardholders are required to make minimum payments each month, and any unpaid balances may accrue interest at the card's annual percentage rate (APR). The APR for a secured credit card is often higher than for unsecured credit cards, reflecting the added risk posed by the secured nature of the card.

Today Best Secured Credit Cards on 29.05.2024 

Platinum Secured Credit Card

The Platinum Secured Card is a secured credit card that is designed for individuals who are looking to build or rebuild their credit history. The card has no annual or hidden fees, as well as no foreign transaction fees.

The minimum security deposit is $49, $99, or $200. The initial credit limit will be $200. If you deposit more, your credit limit can increase. The maximum refundable security deposit is $1,000.

You get the security deposit back if you manage your Platinum Secured card responsibly.

The credit card account allows you to transfer balances, add an authorized user, and set up automatic payments and alerts.

The card does not have any rewards. You can only use it to improve your credit scores and upgrade to an unsecured card.

Discover It® Secured Credit Card

The Discover It® Secured Credit Card is a secured credit card offered by Discover. This card is designed for individuals who are looking to build or rebuild their credit history and establish a good credit score.

This credit card account is good for starting your credit-building journey. You can review your FICO score online for free and get a cash back match.

The secured card earns 2% cash back on restaurant and gas station purchases of up to $1,000 quarterly. You get unlimited 1% cash back on other purchases. The rewards are redeemable for statement credit, rewards transfers to the bank account via online banking, and gift cards.

The credit limit will be equal to the security deposit. The minimum security deposit required is $200.

This is no annual fee credit card. The annual percentage rate (APR) is 27.24% on purchases.

Capital One Quicksilver Secured Cash Rewards Credit Card

The Capital One Quicksilver Secured Cash Rewards Credit Card is a secured credit card offered by Capital One in the USA. This card is designed for individuals who want to build or rebuild their credit history while also earning rewards on their purchases.

The card has no annual fee. The purchase rate is 29.74% variable APR. There are no foreign transaction fees.

The security deposit is $200 minimum. If you make on-time payments on your credit card bill, your credit limit will increase. You may additionally qualify for a credit card upgrade and get your security deposit back.

You will earn 1.5% unlimited cash back on everyday purchases. The rewards can be redeemed for statement credit or a check, cover purchases or opt for gift cards.

Chime Credit Builder Visa Credit Card

The Chime Credit Builder Visa Credit Card is a secured credit card offered by Chime Bank. This card is designed for individuals who want to build or rebuild their credit history, as it reports to all three major credit bureaus.

The card requires a security deposit, which is held in an FDIC-insured account, to secure the credit line. The credit limit is equal to the security deposit amount and can range from $200 to $1,000.

In terms of fees, the Chime Credit Builder Visa Credit Card has no annual fee, no monthly fee, no foreign transaction fee, and no penalty fee. There is a one-time fee of $25 to open the card.

The APR for purchases on the card is 24.99%, and the APR for cash advances is 29.99%.

The card offers some basic rewards, such as cash back on everyday purchases, but the main focus is on helping users build or improve their credit history. By making on-time payments and using the card responsibly, cardholders can improve their credit score over time.

The card is linked to a Chime Bank account, which provides cardholders with access to a range of financial services, such as direct deposit, mobile check deposit, and bill pay.

OpenSky Secured Visa Credit Card

The OpenSky Secured Visa Credit Card is a secured credit card offered by Capital Bank in the USA. This card is designed for individuals who are looking to build or rebuild their credit history, as it reports to all three major credit bureaus.

To get the card, the user must provide a security deposit, which is held in a Capital Bank account, to secure the credit line. The credit limit is equal to the security deposit amount and can range from $200 to $3,000.

The card has no credit check, which makes it accessible to a wide range of individuals, including those with bad credit or no credit history. There is also no annual fee, no monthly fee, no foreign transaction fee, and no penalty fee.

The APR for purchases on the card is 19.39%, which is on the higher side compared to other secured credit cards.

The card does not offer any rewards or cash back, as the main focus is on helping users build or improve their credit history. By making on-time payments and using the card responsibly, cardholders can improve their credit score over time.

Pros and Cons of Secured Credit Cards

Pros

  • Improved credit score. By using a secured credit card responsibly, such as by making timely payments and keeping the balance low, individuals can demonstrate their creditworthiness to the credit bureaus and improve their credit score over time.
  • Establishing a credit history. Secured credit cards are a useful tool for building a positive credit history, which can make it easier to obtain traditional credit products, such as unsecured credit cards or loans, in the future.
  • Access to credit. Secured credit cards can provide individuals with limited or poor credit access to a line of credit, which can be useful for emergencies or unexpected expenses.
  • Lower risk for issuers. Secured credit cards are less risky for issuers as they require a security deposit from the cardholder, which acts as collateral for the credit line.

Cons

  • Higher fees. Secured credit cards may come with higher fees, such as an annual fee, security deposit fee, balance transfer fee, and cash advance fee.
  • Higher interest rates. The annual percentage rate (APR) for a secured credit card is often higher than for unsecured credit cards, reflecting the added risk posed by the secured nature of the card.
  • Limited credit line. The credit line on a secured credit card is typically lower than for unsecured credit cards and is determined by the amount of the security deposit.
  • Risk of losing a security deposit. If the cardholder cannot make timely payments, they risk losing their security deposit.
  • No rewards. Secured credit cards rarely offer rewards programs, unlike some unsecured credit cards.
  • No automatic credit line increase. Cardholders may not have the option to automatically increase their credit line, unlike some unsecured credit cards, and may need to make additional security deposits to increase their credit limit.

Who Should Get a Secured Credit Card?

A secured credit card is good for individuals who are looking to build or improve their credit. This type of credit card is specifically designed for individuals with limited or poor credit and can be used to demonstrate their creditworthiness to the credit bureaus and improve their credit score over time.

Individuals who are just starting out with credit, such as young adults or those who have recently immigrated to the United States, can benefit from a secured credit card. A secured credit card can help these individuals establish a positive credit history, which is an important factor in obtaining traditional credit products, such as unsecured credit cards or loans, in the future.

Individuals who have had credit problems in the past, such as bankruptcy or a history of late payments, can also benefit from a secured credit card. By using a secured credit card responsibly, such as by making timely payments and keeping the balance low, these individuals can demonstrate their improved creditworthiness to the credit bureaus and work towards rebuilding their credit score.

Additionally, individuals who are unable to obtain an unsecured credit card due to their limited or poor credit may find that a secured credit card is a viable option. A secured credit card can provide access to a line of credit, which can be useful for emergencies or unexpected expenses and can help these individuals demonstrate their improved creditworthiness over time.

When considering a secured credit card, it is important to carefully review the fees and terms associated with the card. Some secured credit cards come with high fees, such as an annual fee, security deposit fee, balance transfer fee, and cash advance fee, which can add to the cost of using the card. Additionally, the annual percentage rate (APR) for a secured credit card is often higher than for unsecured credit cards, reflecting the added risk posed by the secured nature of the card.

How To Get a Secured Credit Card?

Getting a secured credit card in the United States is a straightforward process, but it is important to consider several factors to ensure that you choose a suitable card for your needs.

  1. Determine your needs. Consider the reasons why you need a secured credit card, such as to build or improve your credit, to access a line of credit, or to establish a positive credit history. This will help you determine the features you need in a secured credit card, such as a low annual percentage rate (APR), low fees, and a high credit line.
  2. Review your credit reports. Before applying for a secured credit card, it is important to obtain a copy of your credit reports from the three major credit bureaus: Equifax, Experian, and TransUnion. Review your credit reports to ensure that they are accurate and to identify any potential errors that may impact your ability to obtain a secured credit card.
  3. Shop around. Compare the terms and fees of several secured credit card offers to find the card that best fits your needs. Consider factors such as the annual fee, APR, credit line, rewards program, and other features that are important to you.
  4. Provide a security deposit. Secured credit cards require a security deposit, which acts as collateral for the credit line. The amount of the security deposit typically determines the credit line, with some cards requiring a deposit of a few hundred dollars while others may require a deposit of several thousand dollars.
  5. Apply for the card. Once you have selected the secured credit card that best fits your needs, you can apply for the card online, by phone, or in person. The application process typically requires that you provide personal information, such as your name, address, income, and social security number, and may require a security deposit or a processing fee.
  6. Use the card responsibly. Once you have obtained a secured credit card, it is important to use the card responsibly to build or improve your credit. This means making timely payments, keeping your balance low, and using the card only when necessary.
  7. Monitor your credit reports. Regularly review your credit reports to ensure that your credit history is accurately reflected and to monitor your progress in building or improving your credit.

How To Upgrade To An Unsecured Card?

Upgrading from a secured credit card to an unsecured credit card in the United States is a common goal for many consumers, as it typically offers greater flexibility, lower fees, and a higher credit line.

One of the most important factors in upgrading from a secured credit card to an unsecured credit card is demonstrating a positive credit history. This involves making all of your payments on time, keeping your credit utilization low, and avoiding any negative marks such as late payments or collection accounts. This will allow you to improve your credit score.

Your credit score is a representation of your creditworthiness. It is based on factors such as payment history, credit utilization, and length of credit history. A good credit score is typically 700 or higher, and you should aim to maintain or improve your score over time.

Obtain a copy of your credit reports from the three major credit bureaus (Equifax, Experian, and TransUnion) to ensure that your credit history is accurately reflected. Check for any errors or inaccuracies and take steps to correct them.

Contact your secured credit card issuer to ask about the possibility of upgrading to an unsecured card. Some issuers may offer an automatic upgrade program, while others may require you to reapply for a new card.

If your secured credit card issuer does not offer an upgrade program, you may want to consider other options, such as applying for a new unsecured credit card. Shop around for unsecured credit cards that offer favorable terms, such as low APRs, low fees, and high credit lines.

Once you have upgraded to an unsecured credit card, it is important to continue to use your credit card responsibly. This means making all of your payments on time, keeping your credit utilization low, and avoiding any negative marks such as late payments or collection accounts.

Alternatives To Secured Credit Cards

If you're looking for alternative options to secured credit cards in the United States, there are several options to consider:

  • Unsecured credit cards are traditional credit cards that do not require a security deposit. They are generally more flexible and offer lower fees and higher credit lines compared to secured credit cards. However, to be eligible for an unsecured credit card, you generally need a good credit history and a high credit score.
  • Student credit cards are made specifically for college students and are often easier to get compared to unsecured credit cards. They typically offer lower credit lines and higher APRs, but they can help students build their credit history while they are still in college.
  • Retail store credit cards are credit cards that are issued by specific retail stores and can only be used at those stores. They often offer discounts and special promotions to cardholders and can be easier to get compared to other types of credit cards. However, they also typically have high APRs and limited acceptance compared to unsecured credit cards.
  • Authorized user status. Becoming an authorized user on a credit card can help you build your credit history. As an authorized user, you will have access to the credit card and can make purchases, but you are not responsible for paying the bill. However, it's important to be careful and choose someone you trust, as their credit history and payment habits will be reflected on your credit reports.
  • Secured personal loans are loans that are backed by a security deposit. They can be a good option for building credit, as they are reported to the credit bureaus and can help improve your credit history. However, they also typically have higher APRs compared to secured credit cards.
  • Credit builder loans are small loans designed specifically to help consumers build their credit history. They are generally offered by credit unions and other non-profit organizations, and the loan amount is typically held in a savings account until the loan is paid off.

FAQ

What does a secured credit card mean?

A secured credit card is one of many types of credit cards that requires a cash security deposit from the cardholder when they open an account. Also, it is an invaluable tool that allows credit cardholders to access credit and provides them with the opportunity to build credit and qualify for an unsecured card.

Do Secured cards build credit?

Yes, a secured credit card is one of the easiest and quickest ways to build a customer's credit. To build good credit and qualify for various financial solutions, clients must use the card regularly, keep their balance below 30% of the credit limit, or, even better, stay below 10%.

Do Secured credit cards pull your credit?

Secured credit cards are a highly convenient instrument for building a customer's credit score. So, there are no hard checks and pulls on the client's credit history and‌ no credit reports from particular credit bureaus. Instead, secured credit cards require card members to deposit cash in a bank account to hold as collateral.

What are secured credit card disadvantages?

Even though secured credit cards have many advantages over other types of credit cards, they still have some drawbacks that should be considered when a customer considers that option. First, secured credit cards have high fees and interest rates. Second, secured credit cards may charge high application, processing, or annual fees. These cards typically have high-interest rates, as credit card issuers require high default rates from customers with poor credit scores.