Best Secured Credit Cards for People With Bad Credit

A secured credit card may not be your first pick. But if you had credit problems in the past, a secured credit card is the fastest way to rebuild a poor credit history. These credit cards do not require an excellent credit history, and as long as you can afford the refundable security deposit, you’re eligible for an account.

Secured credit cards work just like unsecured credit cards, and in many cases, retailers will never know the difference. If you’re tired of credit rejections and higher interest rates, apply for a secured credit card and build your way to a prime score. Here’s a list of the best secured credit cards for people with bad credit.

Capital One Secured MasterCard

This credit card is accepted at millions of locations worldwide, plus the creditor reports to the three major credit bureaus. Provide a security deposit up to $3000 and enjoy a credit limit of equal amount. Maintain a good payment history and you’re eligible for future credit line increases. There is no processing fee or application fee, but a $29 annual fee.

Applied Bank Secured Visa Gold Credit Card

If you’re looking for a secured credit card that features a low interest rate, get the Applied Bank Secured Visa Gold. There is no credit check and you can get approved with a security deposit as low as $200. This creditor reports to the three major credit bureaus. There is a $50 annual fee, however, the credit card offers a low-fixed rate of 9.99%.

First Progress Platinum Select MasterCard Secured Credit Card

This credit card requires a security deposit between $300 and $2000. Demonstrate good credit habits and the credit card company may convert your account to an unsecured credit card and refund your deposit. This credit card reports monthly to the three credit bureaus, plus you can enjoy the convenience of online account access. There is a $39 annual fee and the credit card features an interest rate of 14.99%. This credit card offer is not available in New York, Iowa, Arkansas or Wisconsin.

Platinum Zero Secured Visa Credit Card

Submit a security deposit between $500 and $5,000 and receive a credit limit of equal amount. Enjoy 0% interest on purchases, plus your interest rate will not increase if you’re late. There is no annual fee, but a monthly fee of $9.95. Apply for this credit card and receive free ID theft protection.