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Best for building credit
Bankrate score
Rating: 4.1 stars out of 5
4.1
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
Bankrate score
Rating: 4.1 stars out of 5
4.1
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
No Credit History
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
on Capital One's secure site
Intro offer
Intro offer is not available for this Capital One credit card.
N/A
Annual fee
$0
Regular APR
29.99% (Variable)
Best for flexible deposit
Bankrate score
Rating: 4.2 stars out of 5
4.2
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
Bankrate score
Rating: 4.2 stars out of 5
4.2
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
No Credit History
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
on Chime's secure site
Regular APR
N/A
Annual fee
None
Best card with a welcome offer
Bankrate score
Rating: 4.5 stars out of 5
4.5
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
Bankrate score
Rating: 4.5 stars out of 5
4.5
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
No Credit History
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
on Discover's secure site
Regular APR
28.24% Variable APR
Annual fee
$0
Best starter rewards card
Bankrate score
Rating: 4 stars out of 5
4.0
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
Bankrate score
Rating: 4 stars out of 5
4.0
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
No Credit History
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
on Capital One's secure site
Regular APR
29.99% (Variable)
Annual fee
$0
Best for high credit limit
Bankrate score
Rating: 3.3 stars out of 5
3.3
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Bankrate review
Bankrate score
Rating: 3.3 stars out of 5
3.3
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Bankrate review
No Credit History
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
on First Progress's secure site
Regular APR
25.24% (Variable)
Annual fee
$29
Best for building a credit mix
Bankrate score
Rating: 3.1 stars out of 5
3.1
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
Bankrate score
Rating: 3.1 stars out of 5
3.1
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
No Credit History
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
on Self's secure site
Regular APR
28.74% (Variable)
Annual fee
$25
Best for low interest
Bankrate score
Rating: 2.8 stars out of 5
2.8
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
Bankrate score
Rating: 2.8 stars out of 5
2.8
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
No Credit History
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
on First Progress's secure site
Regular APR
15.24% (Variable)
Annual fee
$49
Best for after bankruptcy
Bankrate score
Rating: 3.1 stars out of 5
3.1
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
Bankrate score
Rating: 3.1 stars out of 5
3.1
Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Bankrate review
No Credit History
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
on Capital Bank's secure site
Regular APR
25.64% (variable)
Annual fee
$35
Compare Bankrate's top secured credit cards
| Card Name | Best For | Annual fee | Bankrate Review Score |
|---|---|---|---|
| Building credit | 4.1 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on Capital One's secure site | |
| Flexible deposit | 4.2 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on Chime's secure site | |
| Welcome offer | 4.5 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on Discover's secure site | |
| Starter rewards card | 4.0 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on Capital One's secure site | |
| High credit limit | 3.3 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on First Progress's secure site | |
| Building a credit mix | 3.1 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on Self's secure site | |
| Low interest | 2.8 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on First Progress's secure site | |
| Card for after bankruptcy | 3.1 / 5 Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards. (Read card review) on Capital Bank's secure site |
What is a secured credit card?
A secured credit card is similar to an unsecured credit card, except it has a refundable security deposit as collateral. You pay this deposit and it typically acts as the card’s credit limit, and the issuer may refund the deposit and upgrade the card to an unsecured version after you show responsible credit use.
Want to learn more? Read our full guide on how secured credit cards work.
Secured vs. unsecured credit cards
Credit builders often start with a secured credit card, and then graduate to an unsecured credit card with better rewards rates and lower fees as their scores improve. While you may prefer an unsecured credit card for bad credit, especially if you want to avoid the upfront deposit, it might not be the most cost-effective choice. If you’re deciding between these two types of credit cards, here are a few differences to note:
- Require a security deposit
- Can be more accessible than some unsecured cards
- Starting credit lines are often equal to the amount you deposit
- Tend to have more built-in features to help build credit
- Don’t require a security deposit
- Have stricter credit requirements
- May charge annual fees and a higher APR in exchange for lending to borrowers with poor credit
While the biggest cost difference to factor in is the security deposit, there are also other fees and features to keep in mind.
| Factors | Secured card | Unsecured for bad credit |
|---|---|---|
| Minimum credit score | No credit history or bad credit (below 580 FICO) | Bad credit (below 580 FICO) |
| Typical minimum security deposit | $50-$200 | $0 |
| Builds credit? | Yes | Yes |
| Annual fee | Sometimes (typically around $49, but many no-annual-fee options available) | Commonly (can be $99 or more, and no-annual-fee options are harder to find) |
| Rewards | Rarely | Sometimes |
Our data: Secured cards might be easier to get
When you’re building or rebuilding credit, it’s important to apply for a new credit card with the confidence you’ll get approved. Otherwise, your credit score could take a slight hit with a hard inquiry and you don’t even end up with a new card. We analyzed our proprietary data to compare the approval rates for secured cards and unsecured cards that Bankrate readers applied for on our site in 2023.
According to our data, Bankrate users with bad credit and thin credit are 23 percent more likely to get approved for a secured credit card than they are to get approved for an unsecured card for bad credit.
While secured credit cards usually require a security deposit to back your credit limit, this extra requirement makes them easier to get approval for. As long as you can afford to put down the security deposit, you may have better chances of getting approved for a secured card than an unsecured card.
LEARN MORE What’s the difference between secured and unsecured credit cards?
Pros and cons of secured credit cards
Pros
Access to credit: A secured card is handy for times when a merchant doesn’t accept cash, like for a hotel reservation or a rental car.
Lighter application requirements: People with limited or low credit scores typically find application requirements for secured cards to be more forgiving and accessible. For instance, some applications don't even require a credit check to apply.
Accountability: Because you can typically spend only up to the amount of your security deposit, a secured card can help keep your spending in check.
Refundable deposits: You can often get your deposit back after demonstrating responsible card use for a time.
Cons
Extra fees: Some secured cards may charge fees for opening the account, which can reduce the amount of available credit you have left to use.
High APRs: Many secured cards charge higher-than-average APRs, which can be expensive if you don’t pay your credit card bill on time and in full.
Limited features: Secured cards tend to focus on credit-building and typically lack features like welcome offers, intro APR offers or other perks that add long-term value.
In the news: Credit card balances are still on the rise
The struggle between Americans and interest rates continues. While rates have not increased since July 2023, they remain high, with the average credit card interest rate hovering just below 21 percent.
According to Bankrate’s 2024 Credit Card Debt Report, revolving credit card debt has increased in the past year, with around 44 percent of U.S. adults carrying a card balance from month to month and around 39 percent saying they had carried a balance for over two years.
High interest rates make it harder to pay off debt, and heavy debt can bring down credit scores and make it harder to qualify for new loans and credit cards. Even if interest rates decrease soon, the damage will already have been done for many people.
Secured cards can be a good way to recover if your credit score has been impacted.
Expert advice on secured credit cards
When used responsibly, secured credit cards can help you build or rebuild credit. Working on your credit will get you closer to qualifying for cards with better features and benefits. Once you're ready to apply, here’s what to consider when choosing a secured credit card that’s right for you:
Try it out: Bankrate’s CardMatch™ feature is an easy way to find a selection of cards you may be prequalified for.
Tips for rebuilding credit with a secured credit card
While people often hope to avoid secured cards altogether or make plans for a quick upgrade, you can still use your time with your secured card to your advantage. Use the following tips to make sure you get the most out of your secured credit card.
Take this time to practice good habits
Use your secured card as a tool to help build your credit with relative ease. Keep your credit utilization ratio in check and stay on top of your credit card bills. You should pay at least the minimum due every month, but paying off the entire balance is best to avoid interest charges. It takes time to increase your credit score, so be patient as you learn to use credit cards.
Add more to your security deposit if you can
Most secured cards have a minimum security deposit requirement and some let you deposit amounts into the thousands of dollars. Putting down more money could result in a higher credit limit, making it easier to keep your credit utilization in check. Try putting down as much as possible for a deposit to keep your credit utilization low. If you can only put down the required minimum, prioritize keeping your utilization low so you don’t hurt your score.
Upgrade to an unsecured card when possible
Once you’ve worked your way up to fair creditand beyond, you can think about upgrading to an unsecured card that might offer better rewards programs and lower fees. If your secured card has maintenance or inactivity fees, it may be a good idea to close your card. Otherwise, there’s no harm in keeping it open for the occasional small purchase to add to the length of your credit history.
Get your security deposit back
If you decide to close your secured card, make sure to get your security deposit back. It may take 30 to 90 days for the issuer to refund your deposit in the form of a statement credit or check.
What people are saying about secured cards
It’s very important to make sure you’re starting off on the right foot when you begin your credit journey, and advice from people who’ve been in the same spot can be a big help. We explored what Redditors from the r/CreditCards community had to say about their preferred choice for a secured card.
For example, one user on Quora notes that secured cards can be an accessible starting point if you’re nervous about building credit because you don’t have a traditional 9 to 5 job:
“You can get [a secured card] without any credit score or income proof, which makes it an ideal option for students, homemakers, freelancers or first jobbers. A secured credit card also has all the benefits of a regular credit card.”
— Oorja Nair
Along with accessibility, there are other factors that can make some secured cards more useful than others. We explored what Redditors from the r/CreditCards community had to say about their preferred choice for a secured card.
“Check out US Banks secured cards. Excellent rewards, and yes, it may take longer to graduate, compared to Discover’s seemingly automatic 7-month [review] (ymmv), but at least when you graduate with one of US Banks secured cards, you have a great card. When you graduate with Discover, you’re stuck with the [Discover it® Chrome] card, which is 2% restaurants and gas stations, up to $1,000 every quarter [in combined purchases, then 1 percent].”
— fazepatrickstar
As this user notes, when looking for a secured card, it’s important to not only take into consideration your needs now but possible needs in the future. Your choice will most likely depend on the amount of money you want to spend on the security deposit, your personal timeline and future financial goals.
How we assess the best secured cards
50+
cards rated
500+
data points analyzed
250+
fees tracked
40+
perks evaluated
When evaluating the best cards for building credit, we consider a mix of factors, including how cards score in our proprietary card rating system and whether cards offer features that make it easy to build credit history while minimizing costs.
We analyzed over 50 of the most popular cards designed for people with no credit history, bad credit or a fair credit score and rated each based on its cost, APR, credit-building features and more to determine whether it belonged in this month’s roundup.
Here are some of the key factors that we considered:
More information on secured credit cards
How long should you keep a secured card?
7 credit card tips for beginners
Can You Get A Secured Credit Card With No Bank Account?
How to get a credit card with no credit history
Have more questions for our credit cards editors? Feel free to send us an email, find us on Facebook, or Tweet us @Bankrate.
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.
Frequently asked questions about secured credit cards
Courtney MihocikArrow RightSenior Editor, Credit Cards
Courtney Mihocik is an editor at Bankrate Credit Cards and CreditCards.com specializing in credit card news and personal finance advice. Previously, she led insurance content at…
* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.
Editorial Disclosure: Opinions expressed here are the author’s alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.
