A secured credit card is designed for those with less than perfect credit. A security deposit is required, but the card can be used just like a traditional credit card. Your payments are reported to the credit bureaus, helping you build your credit. Here are some of the best secured credits available today.

If you have poor (or nonexistent) credit, a secured card may be the best method for you to get a new credit card and begin to build a good credit history. Secured cards require a deposit, usually in the same amount as the line of credit — so a card with a $200 limit typically would require a $200 deposit.
Most secured cards also charge an annual fee. There are, however, a few that do not charge an annual fee, and we begin our list of the top secured card offers with a no fee option.
The Best Secured Credit Cards
1. Secured MasterCard® from Capital One—Editor’s Pick
The Secured MasterCard® from Capital One is our Editor’s Pick for several reasons. First, it doesn’t charge an annual fee. That alone sets it apart from many other secured cards. Second, the refundable security deposit can be as low as $49. Capital One requires a security deposit of $49, $99 or $200 based on a review of your credit history. In return, you’ll get an initial line of credit of $200. You can choose to deposit more than $200 to increase your credit limit.
Capital One offers another excellent feature. Once you’ve had the card for as little as six months, Capital One will automatically consider your account for a higher credit limit. In addition, Capital One monitors how you are handling the account. As you make on-time payments, you may be able to earn back your refundable deposit as a statement credit.
The card reports payments and balance to all three major credit bureaus. It also offers features such as email and text alerts, automatic bill pay, a balance transfer, autopay, and 24/7 customer support.
- No annual fee
- It builds credit when used responsibly, with regular reporting to the 3 major credit bureaus
- You will get an initial $200 credit line after making a security deposit of $49, $99, or $200, determined based on your creditworthiness
- Get access to a higher credit line after making your first 5 monthly payments on time with no additional deposit needed
- Manage your account 24/7 with online access, by phone or using our mobile app
- It’s a credit card accepted at millions of locations worldwide
2. OpenSky(R) Secured Visa(R) Credit Card
The OpenSky(R) Secured Visa(R) Credit Card is designed to help build credit. It doesn’t require a credit check and you cannot be declined for having bad credit. There is an annual fee, but it’s just $35. The card is accepted worldwide and the minimum security deposit is $200.
The online application takes just 5 minutes. The security deposit is of course refundable. The card reports to all 3 major credit bureaus, so making on-time payments will improve your credit score. It also comes with a mobile app to track your account.
- No credit check necessary to apply.
- The refundable* deposit you provide becomes your credit line limit on your Visa card.
- Choose it yourself, from as low as $200.
- OpenSky reports to all 3 major credit bureaus.
- 99% of our customers who started without a credit score earned a credit score record with the credit bureaus in as little as 6 months
- We have a Facebook community of people just like you; there is a forum for shared experiences, and insights from others on our Facebook Fan page. (Search “OpenSky Card” in Facebook.)
- OpenSky provides credit tips and a dedicated credit education page on its website to support you along the way.
- *View our Cardholder Agreement located at the bottom of the application page for details of the card.
3. First Progress Platinum Prestige Mastercard Secured
The offers credit limits up to $2,000. Your credit limit is determined by the amount of your refundable security deposit. Approval is not based on your credit score or history, and the card reports to all 3 major credit bureaus.
You can apply in minutes with no negative affect on your credit file. The minimum security deposit is $200. The annual fee is $49.
- Receive Your Card More Quickly with New Expedited Processing Option
- No Credit History or Minimum Credit Score Required for Approval
- Quick and Complete Online Application
- Good for Car Rental, Hotels; Anywhere Credit Cards Are Accepted
- Monthly Reporting to all 3 Major Credit Bureaus to Establish
- Credit History Credit Line Secured by Your Fully-Refundable Deposit of $200 — $2,000 Submitted with Application
- Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
- 24/7 Online Access to Your Account
- Nationwide Program though not yet available in NY, IA, AR, or WI * See Card Terms.
- Apply in just a few moments with no negative impact to your credit score; no credit inquiry will be recorded in your credit bureau file
4. Self Secured Visa Credit Card
We’ve included the Self Secured Visa Credit Card because it combines a secured card with a credit builder loan. First, however, a warning–the fees are high. With a credit builder loan, you take out a loan for the sole purpose of building your credit. The lender puts the loan proceeds in a savings account that you do not have access to until you’ve paid the loan in full. In the case of Self, the APR is around 16%.
Of course, most secured cards have high interest rates as well. The difference is that you can avoid the finance charges by paying your balance in full each month. With a credit builder loan, you cannot. Still, it does force you to “save” by requiring the monthly payment. So it can be a good option for those who are having a hard time staying on track.
With Self, you need to first set up a credit builder loan. Then you can apply for the secured card once you’ve made 3 monthly payments on time.
- Combined credit builder account and secured card products to help you build credit and save money.
- No credit check.
- No credit history required.
- Start with a credit builder account that reports to all 3 credit bureaus.
- Each on-time monthly payment builds credit history and savings. Choose the plan that works for you.
- Make at least 3 monthly payments on time, have $100 or more in savings progress in your account, and be in good standing.** You’ll automatically be eligible for the Self Visa® Credit Card, without a credit check.
- Your savings progress from your Credit Builder Account acts as your refundable security deposit.
- The Self Visa® Credit Card is accepted at millions of locations in the U.S.
- Stay on track with credit utilization monitoring, auto pay, account reminders, a mobile app, and dedicated customer support.
5. Assent Platinum 0% Intro Rate Mastercard Secured Credit Card
The Assent Platinum 0% Intro Rate Mastercard Secured Credit Card is unique in that it offers 0% on purchases for the first six months. Credit limits range from $200 top $2,000 based on your refundable security deposit. The annual fee is $49.
- Enjoy 0% APR on Purchases for Six Months
- Full-Feature Platinum Mastercard® Secured Credit Card
- Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
- Good for Car Rental, Hotels; Anywhere Credit Cards Are Accepted
- Credit Line Secured by Your Fully-Refundable Deposit of $200 — $2,000 Submitted with Application
- 24/7 Online Access to Your Account
- Nationwide Program though not yet available in NY, IA, AR, or WI * See Card Terms.
Secured Credit Card with Cash Back Rewards
If you still haven’t found what you want, there is another option. There’s one secured card that charges no annual fee. It also offers cash back on purchases, something unusual for secured cards. You earn 2% back at restaurants and gas stations, up to $1,000 spent each quarter. All other purchases earn 1% cash back. And after 8 months, you are automatically considered for a traditional credit card.
So what is this mystery card? You can get all of the details about this card here.
How a Secured Credit Card Works
To the outside world, secured credit cards work just link any other credit card. Most are either on the Visa or Mastercard network and are accepted anywhere traditional credit cards are accepted. In fact, one cannot tell from the face of a credit card whether it’s a secured card.
There are, however, some important differences behind the scenes. Unlike an unsecured credit card, a secured credit card requires a refundable security deposit. The amount of the deposit usually is equal to the amount of the credit limit. Security deposits and credit limits typically range from about $200 to $2,000, although a few cards offer lower options.
The credit card company typically holds the security deposit in an FDIC-insured back account. While the account is active, the card is used just like a traditional card. Charges are made to the card. If they are paid in full each month, no interest is charged. If the balance is not paid in full, the credit card company will charge interest on the unpaid balance.
Here it’s important to understand that the security deposit is not used to pay the monthly credit card bill. When the account is closed, the security deposit is refunded.
Credit card issuers report monthly payments on the card to one or more of the major credit bureaus. Continue to make on-time monthly payments, avoid charging too close to your credit limit, and pay the card in full each month, will allow you to establish a solid credit history, bump up your FICO® score, and, eventually, move to an unsecured card.
Important: This is the biggest difference between secured cards and prepaid debit cards — secured cards, if managed responsibly, can allow you to build your credit, whereas prepaid cards cannot improve your credit score.
Secured Credit Card Alternatives
There are several cards designed to improve your credit that do not require a security deposit.
- Designed for those with low-to-fair credit or cash flow who are seeking to improve their credit score.
- $0 Annual Fee
- 2% – 10% cash back from select merchants
- $500 – $5,000 credit limits
- No annual or international transaction fees.
- Build credit alongside tens of thousands of Petal Card members
- Cash flow technology may help applicants without credit history get approved
- Petal’s mobile app makes it easy to manage your money, track your spending, and automate payments
- See if you’re pre-approved within minutes without impacting your credit score
- Petal reports to all 3 major credit bureaus
- No deposits required
FAQs
Yes. In fact, secured credit cards are designed for those with bad credit or no credit history at all.
Yes. Secured credit cards, as the name suggests, are secured by a refundable security deposit you must make in order to get the card.
Typically, the credit limit is equal to the amount of your security deposit. It’s common for secured cards to require at least a $200 security deposit.
Yes, assuming you make your payments on time, don’t go over the card’s credit limit, and avoid maxing out the card.
Final Thoughts
A secured credit card can be a reasonable way to repair or build your credit. Look for a card that charges no annual fee or at least a reasonable fee. Also avoid secured cards with high interest rates, unless you plan to pay off your card in full each month.