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Secured credit cards: What to know

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Just like other cards, secured credit cards can come with an annual fee. But there's "no typical annual fee," says Jeff Sklar, a CPA who has worked with banks and issuers of secured cards.

While some issuers charge about $75 per year, Sklar says many others choose to waive the fee. But there are other fees to consider. Charges for going over the credit limit can be as high as $25 per transaction, says Sklar, while late payment fees can range up to about $39 for each month the account is overdue.

According to Wayne Sanford, owner of the credit counseling firm New Start Financial in Allen, Texas, issuers can be quite creative in assessing fees. But, he says, "All of the fees are disclosed in the rates and disclosures section of the agreement."

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