Credit Cards»Secured Credit Cards

Secured Credit Cards

What are secured credit cards?

A secured card is a credit card you put a deposit down on, similar to a prepaid card. That deposit is used as collateral. Unlike a prepaid card, when you spend on your secured credit card, it's not deducted from deposit. You must pay off the credit card balance every month.

By using a secured card responsibly, it helps individuals build, or rebuild, their credit history. Secured credit cards offer limited credit lines and report your activity to the three major credit bureaus, giving you the tools necessary to establish a history.

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Is my credit good enough?

Do you have bad credit or a limited credit history? Secured cards from our partners can help you rebuild or establish your credit, extending to you a limited credit line and reporting your payment behavior. If you keep a low balance relative to your credit limit and pay on time, a secured credit card can put you on the track to a better relationship with the three major credit bureaus.

These cards are typically designed for and offered to those with no credit or bad credit. Keep in mind that if you have good credit, you may qualify and benefit from a more rewarding card.

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What are some pros and cons?

Secured cards offer a stepping stone to building excellent credit, even after a financial hardship. Some even offer credit line increases based on creditworthiness and good payment history. But they typically come with higher APRs, making them unsuitable for carrying a balance. Many also have annual fees.

Tips on secured credit cards

Don't make the mistake of thinking secured cards will automatically improve your credit score. It's important to pay off your balance in full each month and remain in good standing with your credit card company in order to effectively build credit.

Understand that a secured card requires a deposit that will reflect your credit limit.

Take a look at our list of cards and get on the path to better credit.

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