Best Secured Credit Cards to Build Your Credit

Credit Cards / Credit Cards for Bad Credit

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Last Updated:December 08, 2023

Best Secured Credit Cards to Build Your Credit

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Building a strong credit profile and improving your credit score takes time. It also takes effort. And a secured credit card is one of the tools you can reach to help you build your credit.

But not all secured credit cards are alike. Secured credit cards offer varying amounts of a required deposit. Some cards charge an annual fee for usage. Other secured cards ding cardholders with a higher interest rate. Let’s take a look at what features you should look for and our pick for the best-secured credit cards to build, or rebuild, the right way.

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What is a secured credit card?

A secured credit card requires you to put down a refundable security deposit, in turn, the credit card company issues you a credit line that matches the amount of your deposit. The idea is you can’t go too crazy with your spending because you’re limited in the amount you can charge to your credit card. A secured credit card provides guardrails for your card usage. Basically, it is like having a debit card provided by credit card issuers.

Most secured credit cards do not have a minimum credit score requirement or even perform a credit check. You typically only need an authorized bank account and a refundable security deposit to get started. Because these are prepaid cards, in a sense, if you don't have funds on the card, you won't be able to complete the charge. It also means you won't have late payments and can build credit as the lenders report responsible use.

Some cards will accept a security deposit and assign a limited line of credit, allowing you to make monthly payments by the due date and earn creditworthiness. The issuer trusts you to make on-time payments and, at the end of your first year, may transfer your account to a regular credit card account with more freedom in your good standing.

Overview of the best-secured credit cards

Card issuer	Best for
Capital One Platinum Secured Credit Card	Low initial deposit
Discover it Secured	Earning cash back
Citi® Secured Mastercard®	No credit history
OpenSky Secured Visa Credit Card	Low APR
U.S. Bank Secured Visa	Account perks
First Progress Platinum Elite Mastercard Secured Credit Card	Choices with secured cards
Capital One Quicksilver Secured Cash Rewards Credit Card	Cash back and earn deposit back

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5 star service trusted by over 450,000 members
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No deposit, no credit check, no interest
New member promotions available

*Potential increase based on StellarFi member data. StellarFi numbers observed an average of 80 points VantageScore® 3.0 increase during a member’s lifetime. Score increase based on members with an incoming score range of 300-499 pts, who made regular on-time payments, with regular on-time payments. Results may vary.

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Best-secured credit cards

Capital One Platinum Credit Card

Card Name

Capital One Platinum Credit Card

APR

29.99%

Recommended Credit Score

Average, Fair, Limited

Annual Fee

Special Offer

No annual or hidden fees.

Special Offer Terms

See if you're approved in seconds

Rewards Rate

N/A

Terms

See Terms

Why We Like It

No annual or hidden fees.
You are automatically considered for a higher credit line in as little as six months.
You can monitor your credit score for free with CreditWise from Capital One.

Discover it Secured

Discover It® Secured Credit Card

Card Name

Discover It® Secured Credit Card

APR

28.24%

Recommended Credit Score

N/A

Annual Fee

Rewards Rate

Earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, automatically. Earn unlimited 1% cash back on all your other purchases automatically. 2x cash back with Cashback Match, get an unlimited dollar-for-dollar match of all the cash back you've earned at the end of your first year, automatically.

Why We Like It

Credit-building credit card with limit you set with your deposit.
Automatic review in 7 months to see if you can transition into an unsecured line of credit and return your deposit.

Read a full review on Discover it Secured Card.

Citi® Secured Mastercard®

Card Name

Citi® Secured Mastercard®

APR

26.74%

Recommended Credit Score

Limited History, No Credit, New-to-Credit

Annual Fee

Special Offer

N/A

Special Offer Terms

Rewards Rate

Why We Like It

No annual fee.

OpenSky Secured Visa Credit Card

Card Name

OpenSky Secured Visa Credit Card

APR

25.64%

Annual Fee

$35

Why We Like It

No credit check required
Credit limit from as low as $200 and as high as $3,000
Reports to all three credit bureaus
85% average approval rate

Read a full review on OpenSky Secured Visa.

U.S. Bank Visa Secured Credit Card

Card Name

U.S. Bank Visa Secured Credit Card

APR

29.24%

Recommended Credit Score

N/A

Annual Fee

Why We Like It

Set your credit limit with a refundable deposit.
View your credit score at any time
24/7 account access

Card Details

Use your card wherever credit cards are accepted. It works just like a traditional credit card, and it looks the same, too – merchants can’t tell the difference between a secured card and traditional card.

First Progress Platinum Elite Mastercard Secured Credit Card

Card Name

First Progress Platinum Elite Mastercard Secured Credit Card

APR

25.24%

Card Type

MasterCard

Recommended Credit Score

Bad

Annual Fee

$29

Why We Like It

No credit history or minimum credit score required for approval
A discharged bankruptcy will not cause you to be declined
Make six on-time payments and be invited for an unsecured First Digital Mastercard

Card Details

You determine the credit limit up to $2,000 with your fully-refundable security deposit.

Capital One Quicksilver Secured Cash Rewards Credit Card

Card Name

Capital One Quicksilver Secured Cash Rewards Credit Card

APR

29.99%

Recommended Credit Score

Limited, Bad

Annual Fee

Special Offer

No annual or hidden fees,

Special Offer Terms

and you can earn unlimited 1.5% cash back on every purchase, every day. See if you're approved in seconds.

Rewards Rate

1.5 % Cash Back on every purchase, every day. 5 % Cash Back on hotels and rental cars booked through Capital One Travel (terms apply).

Terms

See Terms

Why We Like It

No annual or hidden fees.
Earn unlimited cash back every day.
You can automatically be considered for a higher credit line in as little as six months with no additional deposit needed.

Raise Your Credit 80 Points

Raise Your Credit 80 points*

5 star service trusted by over 450,000 members
Have processed over $11,000,000 in bill payments for members
No deposit, no credit check, no interest
New member promotions available

Raise Your Credit 80 Points with StellarFi

A glance at the best-secured credit cards

Card issuer	APR	Annual fee	Minimum deposit required	Time required for credit line increase
Capital One Platinum Secured Credit Card	29.99%	$0	$49	6 months
Discover It Secured	28.24% variable	$0	$200	7 months
Citi® Secured Mastercard®	26.74%	$0	$200	6 months
OpenSky Secured Visa Credit Card	25.64% variable	$35	$200	6 months
U.S. Bank Secured Visa	29.24% variable	$0	$300	Not listed
First Progress Platinum Elite Mastercard Secured Credit Card	15.24% variable	$29	$200	N/A
Capital One Quicksilver Secured Cash Rewards Credit Card	29.99%	$0	$200	6 months

FAQs

Is a secured credit card a “real” credit card?

Yes, a secured credit card is a real credit card. You can use it for all the same applications and circumstances you would use with an unsecured card. The only difference is your credit line is limited to the amount you put towards your refundable security deposit.

Can I rent a car with a secured credit card?

Yes, you can rent a car with a secured credit card, similar to an unsecured version. If you do rent a car, make sure you have enough available credit for the rental car company to hold and charge against your credit line.

Will a secured card raise my credit score?

Although exact numbers are hard to pinpoint, if you make your payments on time and use your card responsibly, you will see an improvement in your credit score over time. It may take a few months to see the positive impact, but eventually, your score will reflect your hard work.

Who should use a secured credit card?

If you don’t have any credit history, you may find it difficult to apply and get approved for an unsecured credit card. A secured credit card however, gives you the opportunity to establish a creditworthiness, with a simple refundable security deposit structure. Your credit profile will be shared with the credit bureaus, and your history is established. But a secured credit card offers a chance to those who have established credit and your FICO score is less than ideal. Once you show you can make payments on time, your credit score can show an improvement, and help you rebuild your credit.

Raise Your Credit 80 Points

Raise Your Credit 80 points*

5 star service trusted by over 450,000 members
Have processed over $11,000,000 in bill payments for members
No deposit, no credit check, no interest
New member promotions available

Raise Your Credit 80 Points with StellarFi

The bottom line

Building or rebuilding your credit profile takes work. And a secured credit card is one of the many tools available to you to aid you during the building process. Like other types of credit cards, each secured credit card has its own unique features and benefits to fit your profile and lifestyle. Use our guide to help you find the best one, and watch your path to a strong credit score take shape.

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JoyWallet has partnered with CardRatings for our coverage of credit card products. JoyWallet and CardRatings may receive a commission from card issuers.

Sara Coleman is a former corporate gal turned creative entrepreneur. She began writing professionally several years ago and now contributes to multiple websites, blogs, and magazines. She’s also an avid reader and can’t resist a great historical fiction novel. Sara holds a BA in journalism from the University of Georgia and can be found supporting her Bulldogs every chance she has. She resides in Charlotte, North Carolina, with her wonderfully supportive husband and three children. When she’s not ushering her kids to sports and dance lessons, she can be found creating content for her own website, TheProperPen.com.

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