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Secured Credit Card

Secured credit cards are great if you are new to credit or need to rebuild your credit. With secured cards you place a deposit down which covers your line of credit so there is no risk to the lender. With responsible use by you by making regular on-time payments and keeping your balances low in relation to your credit limit, you can then begin to build a good credit history, working your way towards an unsecured line of credit.

Advertiser Disclosure

Capital One Platinum Secured Credit Card

Regular APR
30.74% (Variable)
Annual Fee
$0
Credit Needed
Limited, Bad
Highlights
  • No annual or hidden fees. See if you're approved in seconds
  • Building your credit? Using the Capital One Platinum Secured card responsibly could help
  • Put down a refundable security deposit starting at $49 to get a $200 initial credit line
  • You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
  • Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
  • Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
  • Monitor your credit score with CreditWise from Capital One. It's free for everyone
  • Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One's mobile app
Regular APRAnnual FeeCredit Needed
30.74% (Variable)$0Limited, Bad

First Progress Platinum Prestige Mastercard® Secured Credit Card

Regular APR
15.24% (Variable)
Annual Fee
$49
Credit Needed
Poor/Limited/No Credit
Highlights
  • 1% Cash Back Rewards on payments
  • Choose your own credit line - $200 to $2000 – based on your security deposit
  • Build your credit score.¹ Reports to all 3 credit bureaus
  • No minimum credit score required for approval!
  • ¹ Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.
Regular APRAnnual FeeCredit Needed
15.24% (Variable)$49Poor/Limited/No Credit

Capital One Quicksilver Secured Cash Rewards Credit Card

Regular APR
30.74% (Variable)
Annual Fee
$0
Credit Needed
Limited, Bad
Highlights
  • No annual or hidden fees, and you can earn unlimited 1.5% cash back on every purchase, every day. See if you're approved in seconds
  • Put down a refundable $200 security deposit to get a $200 initial credit line
  • Building your credit? Using a card like this responsibly could help
  • Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
  • You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
  • Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
  • Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
  • Monitor your credit score with CreditWise from Capital One. It's free for everyone
  • Enjoy up to 6 months of complimentary Uber One membership statement credits through 11/14/2024
Regular APRAnnual FeeCredit Needed
30.74% (Variable)$0Limited, Bad

First Progress Platinum Select Mastercard® Secured Credit Card

Regular APR
19.24% (Variable)
Annual Fee
$39
Credit Needed
Poor/Limited/No Credit
Highlights
  • 1% Cash Back Rewards on payments
  • Choose your own credit line - $200 to $2000 – based on your security deposit
  • Build your credit score.¹ Reports to all 3 credit bureaus
  • No minimum credit score required for approval!
  • ¹ Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.
Regular APRAnnual FeeCredit Needed
19.24% (Variable)$39Poor/Limited/No Credit

First Progress Platinum Elite Mastercard® Secured Credit Card

Regular APR
25.24% (Variable)
Annual Fee
$29
Credit Needed
Poor/Limited/No Credit
Highlights
  • Choose your own credit line - $200 to $2000 – based on your security deposit
  • Build your credit score.¹ Reports to all 3 credit bureaus
  • No minimum credit score required for approval!
  • ¹ Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.
Regular APRAnnual FeeCredit Needed
25.24% (Variable)$29Poor/Limited/No Credit

First Latitude Select Mastercard® Secured Credit Card

Regular APR
19.24% (V)
Annual Fee
$39.00
Credit Needed
Poor/Limited/No Credit
Highlights
  • Earn 1% Cash Back Rewards on payments made to your First Latitude Secured credit card account.
  • Past credit issues shouldn’t prevent you from getting a credit card with great benefits & rewards!
  • Choose your own fully-refundable credit line - $200 to $2000 – based on your security deposit.
  • Build or rebuild your credit!¹
  • Accepted wherever Mastercard® is accepted
  • Reports to all 3 credit bureaus
  • No minimum credit score required for approval!
  • ¹Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.
  • *See Important Disclosures for complete offer details https://images.totalcardinc.com/documents/disclosures/FirstLatitude/Important_Disclosures_Select.pdf
Regular APRAnnual FeeCredit Needed
19.24% (V)$39.00Poor/Limited/No Credit

About secured credit cards

A secured card is an option to consider when it comes to building or rebuilding credit. If you fit that criteria and have money that you can deposit into an account for the secured line of credit, once your application is reviewed and approved, the required deposit has been made, and the funds are verified, you may be approved for the card. Typically the amount requested for security deposit starts at about $200, but this amount varies by the issuer.

A secured credit card is a type of credit card where your credit limit is typically based on the amount of money that you deposit into an account. If you deposit $1,000 you will either have $1,000 as an available line of credit or a percentage of that $1,000 will be available as a line of credit, again this depends on the issuer. It is important to keep in mind that this limit is not set in stone with some card issuers and that the card issuer may raise your credit limit if you manage your accounts responsibly, such as paying your balances on-time every month. A secured card is different then a prepaid card because a secured card is a credit card, a line of credit will be extended to you generally based on the amount of your deposit into an account which is held by the card issuer, the deposit is used for collateral and you must pay the credit card balance due each month. While with a prepaid card each time you make a purchase that purchase amount is immediately deducted from the balance on the prepaid card and when the balance is gone you will need to deposit more money in order to continue to use the prepaid card.

If you currently have bad, poor or fair credit then this type of card may be an option to start building or rebuilding your credit history. Although a secured card generally won’t have the best benefits and does require a deposit, it’s still an option to consider. Make sure to read about the benefits of each card and what they offer and compare any fees that might be charged.

The benefit of a secured card is that it can be used as a tool to help you build or rebuild your credit, even if you have a low credit score right now, you can use the card as a stepping stone to establish your creditworthiness by making on-time payments and managing your account responsibly. The downside is there is a minimum deposit that has to be made in order to get started. Other downsides may include having an annual fee and a high interest rate.

Advertiser Disclosure: Many of the offers that appear on this site are from companies from which Credit Sesame receives compensation. This compensation may impact how and where products appear (including, for example, the order in which they appear). Credit Sesame provides a variety of offers, but these offers do not include all financial services companies or all products available.

Credit Sesame is an independent comparison service provider. Reasonable efforts have been made to maintain accurate information throughout our website, mobile apps, and communication methods; however, all information is presented without warranty or guarantee. All images and trademarks are the property of their respective owners.

Editorial Content Disclosure: The editorial content on this page (including, but not limited to, Pros and Cons) is not provided by any credit card issuer. Any opinions, analysis, reviews, or recommendations expressed here are the author’s alone, not those of any credit card issuer, and have not been reviewed, approved or otherwise endorsed by any credit card issuer.

Approval Odds: Credit Sesame calculates your approval odds by comparing your credit profile to other Credit Sesame members who were approved for this product. These approval odds are estimates only and do not guarantee approval. Lenders, credit card issuers, and other financial institutions use a variety of different types of credit scores and criteria to make credit and lending decisions. The TransUnion credit score we provide is based on the VantageScore 3.0 model and may not be the credit scoring model used by financial institutions presenting offers on our website.

†† Average and Lowest Scores: “Average” and “Lowest” scores refer to the scores of Credit Sesame members who were approved for this product. These scores are estimates only and do not guarantee approval. Lenders, credit card issuers, and other financial institutions use a variety of different types of credit scores and other criteria to make credit and lending decisions. The TransUnion credit score Credit Sesame provides you is based on the VantageScore 3.0 model and may not be the credit scoring model used by the financial institutions presenting offers on the Credit Sesame website.

Provider’s Terms: *See the online provider’s application for details about terms and conditions. Reasonable efforts have been made to maintain accurate information, however, all information is presented without warranty or guarantee. When you click to apply, you can review the terms and conditions on the provider’s website. Offers are subject to change and the terms displayed may not be available to all consumers.

Loan APR Estimates: Annual Percentage Rates, loan terms and monthly payments shown are estimated based upon analysis of your credit profile, information you entered, and/or rate information provided by lenders. While efforts have been made to maintain accurate information, the loan information is presented without warranty and the estimated APR or other terms shown do not bind any lender. All loans are subject to credit review and approval. When evaluating offers, please review the lender’s terms and conditions for additional details.

Reviews: User reviews and responses are not provided, reviewed, approved or otherwise endorsed by the banks, issuers and credit card advertisers. It is not the banks, issuers, and credit card advertiser’s responsibility to ensure all posts are answered. The Credit Sesame website star ratings are an average based on contributions from independent users not affiliated with Credit Sesame. Banks, issuers and credit card advertisers are not responsible for star ratings, nor do they endorse or guarantee any posted comments or reviews.

Advertiser Disclosure

Many of the offers that appear on this site are from companies from which Credit Sesame receives compensation. This compensation may impact how and where products appear (including, for example, the order in which they appear). Credit Sesame provides a variety of offers, but these offers do not include all financial services companies or all products available.

Credit Sesame is an independent comparison service provider. Reasonable efforts have been made to maintain accurate information throughout our website, mobile apps, and communication methods; however, all information is presented without warranty or guarantee. All images and trademarks are the property of their respective owners.