Best secured credit cards for June 2023

Written by
Ashley Parks
Edited by
Courtney Mihocik
Reviewed by
Jason Steele
Edited by
Courtney Mihocik
Reviewed by
Jason Steele
Updated June 02, 2023

Even if you have no credit history or a low credit score, a credit card might be more attainable than you think. Secured credit cards are an accessible way to build or repair your credit, and some even provide solid rewards without an annual fee. However, you’ll need to offer up a refundable security deposit to establish your credit limit. Check out our recommendations for the best secured credit cards from our partners and start building credit today.
Image of Capital One Platinum Secured Credit Card
Credit Card Best Editor's Pick

Best for building credit

Capital One Platinum Secured Credit Card
Apply now Lock
on Capital One's secure site
4.1 Bankrate review
Info

Intro offer

N/A

Annual fee

Recommended credit

No Credit History
Info
Image of Secured Chime® Credit Builder Visa® Credit Card

Best for flexible deposit

Secured Chime® Credit Builder Visa® Credit Card
Apply now Lock
on Chime's secure site
4.2 Bankrate review
Info

Intro offer

N/A

Annual fee

Image of Discover it® Secured Credit Card

Best beginner card

Discover it® Secured Credit Card
Apply now Lock
on Discover's secure site
5.0 Bankrate review
Info
See Rates & Fees

Intro offer

Info

Annual fee

Recommended credit

No Credit History
Info
Image of Self - Credit Builder Account with Secured Visa® Credit Card

Best for building a credit mix

Self - Credit Builder Account with Secured Visa® Credit Card
Apply now Lock
on Self's secure site
3.1 Bankrate review
Info

Intro offer

N/A

Annual fee

Recommended credit

No Credit History
Info
Image of OpenSky® Secured Visa® Credit Card

Best for after bankruptcy

OpenSky® Secured Visa® Credit Card
Apply now Lock
on Capital Bank's secure site
3.1 Bankrate review
Info

Intro offer

N/A

Annual fee

Recommended credit

No Credit History
Info
Image of First Progress Platinum Elite Mastercard® Secured Credit Card

Best for high credit limit

First Progress Platinum Elite Mastercard® Secured Credit Card
Apply now Lock
on First Progress's secure site
3.4 Bankrate review
Info

Intro offer

N/A

Annual fee

Recommended credit

No Credit History
Info
Image of Capital One Quicksilver Secured Cash Rewards Credit Card

Best starter rewards card

Capital One Quicksilver Secured Cash Rewards Credit Card
Apply now Lock
on Capital One's secure site
3.9 Bankrate review
Info

Intro offer

N/A

Annual fee

Recommended credit

No Credit History
Info
Image of First Progress Platinum Prestige Mastercard® Secured Credit Card

Best for low interest

First Progress Platinum Prestige Mastercard® Secured Credit Card
Apply now Lock
on First Progress's secure site
2.8 Bankrate review
Info

Intro offer

N/A

Annual fee

Recommended credit

No Credit History
Info
On This Page

Compare Bankrate's top secured credit cards

Card Name Best For Annual fee Bankrate Review Score
Capital One Platinum Secured Credit Card Building credit $0 4.2 / 5
(Read full card review)
Secured Chime Credit Builder Visa Credit Card Flexible deposit $0

4.2 / 5
(Read full card review)
Discover it® Secured Credit Card Beginner card $0 5 / 5
(Read full card review)
Self – Credit Builder Account with Secured Visa Credit Card Building a credit mix $25 3.1 / 5
(Read full card review)
OpenSky Secured Visa Credit Card Card for after bankruptcy $35 3.1 / 5
(Read full card review)
First Progress Platinum Elite Mastercard Secured Credit Card High credit limit $29 3.4 / 5
(Read full card review)
Capital One Quicksilver Secured Cash Rewards Credit Card Starter rewards card $0 3.9 / 5
(Read full card review)
First Progress Platinum Prestige Mastercard Secured Credit Card Low interest $49 2.8 / 5
(Read full card review)

A closer look at our best secured credit cards

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Best for building credit

Capital One Platinum Secured Credit Card

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You can start with a uniquely low security deposit of either $49, $99 or $200, but your initial credit limit will always be at least $200. After just six months of responsible card use, Capital One may increase your credit limit and refund your deposit.
Credit newcomers and credit repairers who might not have $200 upfront for a security deposit but are looking for a streamlined card centered around affordability and building credit.
While the Capital One Platinum is great for simplicity, it still has the drawback of a high interest rate. If you want a lower interest rate in case  you carry a balance, the First Progress Platinum Prestige Mastercard Secured Credit Card may be a better fit. Plus, you can earn 1 percent cash back on all purchases for a low annual fee of $49. 
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Best for flexible deposit

Secured Chime® Credit Builder Visa® Credit Card

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This card makes it easy for people with no or bad credit to build their scores because it requires no credit check to apply and no traditional security deposit to open the account. Instead, cardholders deposit  funds into a checking account tied to the credit card.
People with no or bad credit who would rather not tie up a ton of money in a traditional security deposit.
The Self – Credit Builder Account with Secured Visa Credit Card works similarly to the Secured Chime Credit Builder Visa. The added plus with the Self-Credit Builder account is that it pairs a credit-builder loan with a credit card to improve cardholders’ credit mix when used responsibly. 
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Best beginner card

Discover it® Secured Credit Card

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This card offers some of the best cash back potential of any secured credit card. Plus, Discover will match all the cash back you’ve earned at the end of your first year. Although some secured cards may provide stronger rewards rates, Discover’s first-year offer can make this card the most rewarding on the market since you likely won’t use a secured card long term.
Rewards seekers and credit builders alike who don’t want to sacrifice earning opportunities because they are building or rebuilding credit.
If you want to focus on building credit but don’t want to put down a security deposit, the Secured Chime®️ Credit Builder Visa®️ may be a better fit. There’s no annual fee or ongoing APR to worry about and the funds you deposit into your account become your credit limit. 
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Best for building a credit mix

Self - Credit Builder Account with Secured Visa® Credit Card

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The savings account and credit card combination is a unique pairing and adds an exclusive credit-boosting dimension with its mix of credit types (installment and revolving). Its credit builder loan means you can even contribute to your credit profile before ever using the Self secured card.
Savvy savers and credit builders interested in building up savings, establishing a credit mix and working on their credit score all at once.
As unique as this card and savings account combo is, all the moving parts can get complicated. The Capital One Quicksilver Secured card offers low-maintenance flat-rate rewards and skips the annual fee, so you won’t have to foot the bill for much outside of your security deposit.
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Best card for after bankruptcy

OpenSky® Secured Visa® Credit Card

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The card doesn’t require a credit check to apply. Skipping this common application step allows applicants with negative marks like bankruptcy on their credit report to still have the opportunity for approval. 
Since you don’t even need a checking account to apply, this card is an accessible option for self-starters who want to set their own credit limit and don’t mind putting up a security deposit.
The greatest drawback of this card is its $35 annual fee on top of whatever you put down as a security deposit. A great alternative is the Capital One Platinum Secured Credit Card. You can put down a deposit as low as $49 and get a credit limit up to $200 and don’t have to worry about an annual fee.
Read our full OpenSky Secured Visa Credit Card review or jump back to offer details.
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Best for high credit limit

First Progress Platinum Elite Mastercard® Secured Credit Card

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You can put down as much as $2,000 as a security deposit and get a matching credit limit after you get the card. Over time, you may be able to increase your deposit up to an impressive $5,000 if your request is approved, which could help keep your credit utilization in check.
No-fuss credit builders who want to get a card right away with few questions asked.
While the $35 annual fee is a bit higher than the First Progress Platinum Elite’s, the OpenSky Secured Visa Credit Card has a potential $3,000 maximum credit limit, which is great for people who need more leeway managing their credit utilization ratio.
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BEST STARTER REWARDS CARD

Capital One Quicksilver Secured Cash Rewards Credit Card

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Few secured credit cards offer rewards and many impose caps on earnings. So this card’s unlimited 1.5 percent cash back on every purchase is a standout offer.
Credit builders who want hassle-free rewards as they work to build better credit. You won’t have to change your spending habits to earn rewards, and you can even set your cash back to redeem automatically so you won’t be distracted from your credit-building goal.
Depending on your spending habits, the Discover it® Secured Credit Card’s bonus categories may be more lucrative. This card’s first-year cash back match is especially impressive considering how few credit-building cards carry a welcome offer.
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Best secured card for no required credit check

First Progress Platinum Prestige Mastercard® Secured Credit Card

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The APR is lower than the rate you’ll find on most cards — secured or unsecured — making it a great choice if you know you’ll have to carry a balance. There’s also no credit check, so you’ll avoid a hard credit inquiry and won’t take any major dings to your score for the application.
Credit rebuilders looking for a card that doesn’t require a credit check.
This card is a decent choice for consumers who may need to carry a balance occasionally, but it’s pricey. If you don’t see yourself carrying a balance often, it may be better to opt for the First Progress Platinum Elite Mastercard Secured Credit Card, which also avoids credit checks but is cheaper to carry with its $29 annual fee.

What is a secured credit card?

A secured credit card is a type of card backed by collateral, usually in the form of a deposit from the cardholder. This deposit often serves as your credit limit. The typical consumer who gets a secured card has no credit history or a low credit score. There are some unsecured cards for bad credit, but the deposit makes a secured card easier to qualify for. You might have an opportunity to upgrade to an unsecured card with no deposit if you use the secured card responsibly.

Want to learn more? Read our full guide on how secured credit cards work. 

Pros and cons of secured credit cards

Pros

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    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.

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    Lighter application requirements. Applications for secured credit cards often have features that make them more accessible to people with limited or low credit scores. A common example of this idea is when applications don’t require a credit check to apply.

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    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.

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 regular 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 a sign-up bonus, intro APR offers or other perks that add value.

Who should get a secured credit card?

Getting a secured card can be an excellent path to take on the journey to a good credit score. Their relaxed application requirements make them a great fit for many types of people who want to build or repair their credit:

Still unsure if a secured credit card is right for you? Check out our Credit Card Spender Type Tool, where you can get personalized credit card recommendations based on your credit score, spending habits and daily needs.

How to get a secured credit card in 5 steps

Thanks to lenient approval requirements, secured credit cards are far more accessible than traditional credit cards. However, you can still get denied if you look like too much of a risk or apply for the wrong card. Follow these tips to make sure you’re ready to get a secured card.

  1. Correct any errors on your credit report.

    Inaccurate information in your credit history could cause issuers to deny your card applications. Be mindful of any recent name or address changes, as this can affect your credit. You can get a free weekly copy of your online credit report from the three major credit bureaus at AnnualCreditReport.com. If you find any errors, contact the bureau immediately.

  2. Link utility and rent payments.

    If you have a limited credit history, a traditional credit score might not tell the whole story. Newer credit score products put added emphasis on good credit habits like timely payments on utility bills, rent payments and positive bank account balances. UltraFICO, Experian Boost or similar options benefit people who handle their finances responsibly but don’t have experience with credit cards or loans.

  3. Seek out secured cards that report to at least one of the major credit bureaus.

    Reports of good payment behavior to Equifax, Experian or TransUnion are essential for building or repairing credit. Make sure that your card reports to at least one of the bureaus so that your good habits — on-time payments, low utilization,  paying utilities and more — don’t go unnoticed.

  4. Look for prequalified offers.

    Many issuers will let you know ahead of time whether you’ll be approved for a card. Preapproval helps you avoid taking unnecessary hits to your credit by narrowing your options to the card applications where you have the best chances of approval. Bankrate’s CardMatch feature is an easy way to find a selection of cards you may be prequalified for.

  5. Make sure you have enough money for the deposit.

    A deposit could be as low as $49 or as high as a few thousand dollars, depending on the card and the issuer. Some cards require a bank account to pay for the deposit, while others allow payment by check or money order.

How to upgrade to an unsecured card

After using your secured card responsibly for a while, your credit score should start to rise. Depending on your personal financial situation, progress may happen quickly if you keep your balances low and make your payments on time. Once you’ve achieved a good credit score (FICO or VantageScore of 670 or greater), you can think about shopping around for an unsecured card that might offer better rewards programs and lower fees. Here are some steps on how to upgrade to an unsecured card.

  • Look for secured cards that also have an unsecured option.
    Some credit cards have both a secured and unsecured version. If that’s the case with your secured card, you may be able to simply call the customer service line and ask to upgrade for free. Some issuers might even allow you to upgrade to a variety of unsecured cards while keeping the same account.
  • Apply for an additional card instead of upgrading your existing account.
    With credit cards for fair credit and beyond, you have more room to explore credit card options from other issuers. Applying for a new card may temporarily lower your credit score and decrease your average account age since you’re asking for new credit. Still, your deeper pool of available credit will more than level out these drawbacks in the long run.
  • Keep or close your secured card.
    If your secured card comes with fees, such as a maintenance or inactivity fee, 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 cancel your secured card, you should make sure to get your security deposit back. Once the account is closed, it’ll take 30 to 90 days to process. You will receive your deposit in the form of either a check or statement credit on your new unsecured card. If you have not received it in this time frame, contact your issuer.

 

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Bankrate Insight

Secured credit card issuers have different time requirements for graduating to an unsecured card. In any case, you can contact your issuer and request to upgrade your card after you’ve demonstrated good habits. It’s a good idea to reach out to your issuer after six months about upgrading before you begin applying elsewhere for a bigger and better card.

Alternatives to secured credit cards

Applying for a secured card is a simple and effective way to build up less-than-ideal credit, but it may not be your only option. If you struggle to qualify for a secured credit card, here are a few alternative options. 

How we chose the best secured credit cards

Every card that Bankrate reviews is evaluated on a 5-star scoring system. If you need a secured credit card, you’re probably focused on establishing or re-establishing credit. Making our choices for cards in this category involves putting special attention on factors such as:
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    Annual fee
    A lot of secured credit cards will charge cardholders an annual fee. Our analysis takes into account the overall value offered by the card, through rewards and other perks, against the annual fee to help you find the most value.
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    Additional fees
    Secured cards can sometimes have extra fees that you may not see on other credit cards. We pay close attention to the fine print so we can factor these fees into the overall scores and make sure you’re aware of them beforehand.
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    Rewards
    Some secured cards offer rewards programs, such as cash back. Rewards can be complicated, but we make it simple with a breakdown that clearly shows the real value they offer to cardholders.
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    Extras and perks
    Some cards have extra advantages for cardholders. Introductory offers and credit monitoring are examples of benefits that add to a card’s overall value.

More information on secured credit cards

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 above benefits are 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

Ashley Parks Arrow Right Credit Cards Editor
As a Bankrate credit cards editor, Ashley Parks is fascinated by the ways people can make credit cards work for them when armed with the right knowledge.
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Courtney Mihocik Arrow Right Credit Cards Editor
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.