A secured credit card gives you a line of credit based on a security deposit that you put down when you apply for the card. Some secured cards give you a bigger line of credit then others, but the rule of thumb is that your credit line matches the deposit you put down. The main downer is that you will not earn interest on the security deposit you put down.

If your credit card needs are pretty basic, for example if you use your card mostly to pay for purchases, and you aren't sure that you will be approved for a non-secured card, then a secured card can be a good idea. Being refused for a card that you apply for can negatively affect your credit score. A secured card is also a good choice if you prefer not to carry debt, since your credit line is actually covered by your security deposit.

Most issuers offer instant approval for secured cards, and in many cases they may not even draw your credit score from a credit bureau. Drawing your credit score from credit bureaus can also affect your score.

A handful of secured credit cards even let you earn rewards, and the shopping and travel benefits that you can get with some secured cards match the benefits of cards reserved for those with excellent credit. Another secured card perk is that your credit behavior is reported to major credit bureaus, which makes them a useful tool for building or repairing credit.

If you don't mind tying up a bit of cash in exchange for approval for a card, then consider applying for one of our best-rated secured cards.

Credit CardFeaturesIntro APRRegular APRAnnual FeeWhy we like itWe least likeCredit RequiredRelated links
Capital One<sup>®</sup> Secured Mastercard<sup>®</sup>

Capital One® Secured Mastercard®

  • No annual fee, and all the credit building benefits with responsible card use
  • Unlike a prepaid card, 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
  • Get access to a higher credit line after making your first 5 monthly payments on time with no additional deposit needed
  • Easily 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

N/A

26.49% (Variable)

$0

Why we like it
  • No annual fee, and all the credit building benefits with responsible card use.
Limited, Bad
Green Dot primor<sup>®</sup> Visa<sup>®</sup> Classic Secured Credit Card

Green Dot primor® Visa® Classic Secured Credit Card

APPLY NOWAt Green Dot primor's secure website
  • Credit lines available from $200 to $5,000! Low fixed 13.99% interest rate on purchases - with no penalty rate!
  • No minimum credit score requirements! We invite all credit types to apply! No processing or application fees!
  • Helps strengthen your credit with responsible card use. Reports to three national bureaus
  • Fast, easy application process. Choose your credit line and open your Personal Savings Deposit Account to secure your line.
APPLY NOWAt Green Dot primor's secure website

N/A

13.99% (Fixed)

$39

No credit check
First Progress Platinum Prestige Mastercard<sup>®</sup> Secured Credit Card

First Progress Platinum Prestige Mastercard® Secured Credit Card

APPLY NOWAt First Progress' secure website
  • 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
  • Full-Feature Platinum Mastercard® Secured Credit Card
  • 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 NOWAt First Progress' secure website

N/A

10.74% (Variable)

$49

Bad Credit
Green Dot primor<sup>®</sup> Visa<sup>®</sup> Gold Secured Credit Card

Green Dot primor® Visa® Gold Secured Credit Card

APPLY NOWAt Green Dot primor's secure website
  • Credit lines available from $200 to $5,000! Super Low Fixed 9.99% interest rate on purchases - with no penalty rate!
  • No minimum credit score requirements! We invite all credit types to apply! No processing or application fees!
  • Helps strengthen your credit with responsible card use. Reports to three national bureaus
  • Fast, easy application process. Choose your credit line and open your Personal Savings Deposit Account to secure your line.
APPLY NOWAt Green Dot primor's secure website

N/A

9.99% (Fixed)

$49

Limited/No Credit
First Progress Platinum Elite Mastercard<sup>®</sup> Secured Credit Card

First Progress Platinum Elite Mastercard® Secured Credit Card

APPLY NOWAt First Progress' secure website
  • 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
  • Full-Feature Platinum Mastercard® Secured Credit Card
  • 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 NOWAt First Progress' secure website

N/A

20.74% (Variable)

$29

Why we like it
  • Credit Line Secured by Your Fully-Refundable Deposit of $200 -- $2,000 Submitted with Application.
We least like
  • Security deposit does not earn interest.
  • No introductory APR available.
Bad Credit
First Progress Platinum Select Mastercard<sup>®</sup> Secured Credit Card

First Progress Platinum Select Mastercard® Secured Credit Card

APPLY NOWAt First Progress' secure website
  • 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
  • Full-Feature Platinum Mastercard® Secured Credit Card
  • 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 NOWAt First Progress' secure website

N/A

14.74% (Variable)

$39

Bad Credit
OpenSky<sup>®</sup> Secured Visa<sup>®</sup> Credit Card

OpenSky® Secured Visa® Credit Card

APPLY NOWAt Capital Bank's secure website
  • No credit check necessary to apply. OpenSky believes in giving an opportunity to everyone.
  • The refundable* deposit you provide becomes your credit line limit on your Visa card. Choose it yourself, from as low as $200.
  • Build credit quickly. 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 our website to support you along the way.
  • *View our Cardholder Agreement located at the bottom of the application page for details of the card.
APPLY NOWAt Capital Bank's secure website

N/A

19.14% (variable)

$35

Why we like it
  • No credit check necessary to apply.
  • OpenSky believes in giving an opportunity to everyone.
No credit check