Many consumers feel that applying for their first credit card is a discouraging experience. This can be true if you don’t have a existing credit history. Thankfully, the best secured credit card options are allowing many new consumers to enjoy the convenience and credit-building power of credit cards. Finding the best secured credit card for you can seem like a hard task, but with some reading you can make the process a straightforward one.
Credit cards offer many benefits, features, and fees, so it can take careful consideration to determine the best option to build, or even rebuild, your tarnished credit. Fortunately, we have taken a lot of the difficulty out of the process by suggesting for you 10 options for the best secured credit card.
Secured Credit Card FAQ
1. What Is a Secured Credit Card?
2. What Does the Best Secured Credit Card Do for You?
3. How Does a Secured Credit Card Work?
4. Where Can You Get a Secured Credit Card?
5. Price Range of Annual Costs
How We Reviewed
We reviewed the financial products in this article using the following criteria: benefits offered for using the card, annual price of card, reward rate of card, and minimum credit needed to qualify for the card. We’ve done our best to balance these factors and recommend only the top 10 best secured credit card options available to consumers.
What We Reviewed
Discover It® Secured

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Credit Card Details
The Discover it® Secured is a great option for those looking to build credit. Discover offers an introductory interest rate for the first 6 month, and you can earn 2% cash back at gas stations and restaurants up to $1,000.00 and 1% on all other purchases. Also, after your first year of using the card Discover matches the total amount of earned cash back. This way, they double the rewards for the first year of usage.
pros
cons
Interest Rate
There is an introductory APR offered at about 10.99% for the first 6 months. The regular APR is about 24.99%, and there is an introductory APR offered for transferring balances from another credit card that is 10.99% for balance transfers.
Capital One® Secured Mastercard®

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Credit Card Details
The Capital One® Secured Mastercard® requires a bad to fair credit score (from about 300 to 670) to qualify. There is no annual usage fee, but it offers no cash back, airline miles, or the ability to earn points.
pros
cons
Interest Rate
There is no purchase introductory APR and no introductory APR for transferring balances from another credit card. The regular APR is about 24.99%.
Citi® Secured Mastercard®

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Credit Card Details
The Citi® Secured Mastercard® requires no credit history to qualify, making it a great option for those looking to build future credit worthiness. Although there is no an annual fee, they also don't offer many perks. There is no cash back, no miles, and no introductory or balance transfer APR.
pros
cons
Interest Rate
The regular APR is about 24.99%, and there is no purchase introductory APR and no introductory APR for transferring balances from another credit card.
Green Dot primor® Visa® Classic Secured Credit Card

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Credit Card Details
The Green Dot Primor® Visa® Classic Secured Credit Card requires an annual usage fee of $39, and its interest rate is not much lower than competitors. It is a smart option, however, for those needing to carry a card balance because of its overall lower interest fees.
pros
cons
Interest Rate
The regular APR is about 13.99%, and there is no purchase introductory APR and no introductory APR for transferring balances from another credit card.
USAA® Secured Visa Platinum® Card
Credit Card Details
The USAA® Secured Visa Platinum® Card offers competitive interest rates if you already have established credit, but it requires an annual usage fee of $35. Variable interest rates range from 11.90 to about 21.90%, and they require you to have at least bad-to-fair (300 to 670 credit score) to qualify. There are no cash back rewards or airline miles to earn for spending, making this card a lot less competitive than other cards.
pros
cons
Interest Rate
The regular APR is about 11.90% to 21.90% variable rate, and there is no purchase introductory APR and no introductory APR offered for transferring balances from another credit card.
OpenSky® Secured Visa® Credit Card

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Credit Card Details
The OpenSky® Secured Visa® Credit Card carries a $35 annual fee for the life of the card, and it offers no cash back or airline miles that can get earned with your spending. The interest rate is lower than some but not the lowest on this list with a 19.14% variable rate. You can put as low as $200 down in a deposit and the deposit is refundable.
pros
cons
Interest Rate
The regular APR is about 19.14%, and there is no purchase introductory APR and no introductory APR offered for transferring balances from another credit card.
OpenSky® Secured Visa® Credit Card
Credit Card Details
The OpenSky® Secured Visa® Credit Card carries a $35 annual fee for the life of the card, and it offers no cash back or airline miles that can get earned with your spending. The interest rate is lower than some but not the lowest on this list with a 19.14% variable rate. You can put as low as $200 down in a deposit and the deposit is refundable.
pros
cons
Interest Rate
The regular APR is about 19.14%, and there is no purchase introductory APR and no introductory APR offered for transferring balances from another credit card.
First Progress Platinum Prestige MasterCard® Secured Credit Card

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Credit Card Details
The First Progress Platinum Prestige MasterCard® Secured Credit Card offers a competitive annual variable interest rate around 10.24%, making it one of the lowest interest rates on our list. There is an annual fee of $49, one of the highest on our list. Card users earn no cash back rewards or airline miles.
pros
cons
Interest Rate
The regular APR is about 10.24%, and there is no purchase introductory APR and no introductory APR offered for transferring balances from another credit card.
USAA® Secured American Express® Card

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Credit Card Details
The USAA® Secured American Express® Card is not a debit or prepaid card, it is a full credit card that allows users to build their credit by using it responsibly. There is an annual fee of $35 for the life of the card, and you get a variable interest rate that ranges from 11.90% to about 21.90%. Card users do not earn cash back rewards or airline miles.
pros
cons
Interest Rate
The regular APR is about 11.90% to 21.90%, and there is no purchase introductory APR and no introductory APR offered for transferring balances from another credit card.
First Progress Platinum Elite MasterCard® Secured Credit Card

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Credit Card Details
The First Progress Platinum Elite MasterCard® Secured Credit Card requires an annual fee, but it is one of the lowest on our list at just $29 per year. There are no cash back rewards or airline miles, but the variable interest rate, which is lower than some other options, is around 20.24%. They require you to have at least a small amount of credit to qualify, a credit score ranging between 300 to 670.
pros
cons
Interest Rate
There is no purchase introductory APR offered. The regular APR is about 20.24%, and there is no introductory APR offered for transferring balances from another credit card.
The Secured Visa® from Merrick Bank

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Credit Card Details
The Secured Visa® from Merrick Bank carries an annual fee of $36, and they bill the fee at $3 per month for the first year. The card offers a competitive variable interest rate at 19.45%. There are no introductory interest rates, or balance transfer rates, and no cash back rewards or airline miles offers. However, after the first year of responsible use, you can increase your credit limit with no additional deposit.
pros
cons
Interest Rate
There is no purchase introductory APR offered. The regular APR is about 19.45%, and there is no introductory APR offered for transferring balances from another credit card.
The Verdict
In conclusion, you can take your first step towards building a bright financial future by applying for one of the best secured credit card options we reviewed in this article. You can use your credit needs plus benefits a card offers to determine which card is your best value.
If you need to carry a balance on your credit card, finding the lowest interest rate will benefit you greatly. Either the First Progress Platinum Prestige MasterCard® Secured Credit Card or the Green Dot Primor® Visa® Classic Secured Credit Card would be a good option since they have the lowest interest rates on our list.
If you plan to pay off your balance each month and are looking for the lowest annual fee and the most perks, the Discover it® Secured would be the best option. It has no annual fee, and you also get cash back rewards, which is rare even among the best secured credit card options.
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Last update on 2021-03-24 at 18:50 / Affiliate links / Images from Amazon Product Advertising API
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