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The 10 Best Secured Credit Card You Should Definitely Consider For 2019

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.

Quick Navigation
Secured Credit Card FAQ
How We Reviewed
What We Reviewed
The Verdict
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Secured Credit Card FAQ

1. What Is a Secured Credit Card?

A secured credit card is a card that gets backed by a cash deposit upon opening the account. These cards are an effective way for people new to credit cards, those with a limited credit history, and people with a tarnished credit history to gain the ability to use a credit card.

2. What Does the Best Secured Credit Card Do for You?

Not only are credit cards convenient and more secure than cash, they allow users to build their credit score by establishing a positive credit history when used responsibly and paid off regularly.

3. How Does a Secured Credit Card Work?

With a secured credit card, the issuing bank holds a cash deposit the user makes when opening the account. Most times, the deposit will equal the credit limit offered for the card which limits risk for the card issuer. If the card user cannot pay back the balance, the bank can use the deposit to recoup the balance owed.

4. Where Can You Get a Secured Credit Card?

You can apply for many of the best secured credit card options listed below at the card issuer’s website. We've included links for each card at the end of each review.

5. Price Range of Annual Costs 

Some cards do not charge an annual fee for using the card, but some companies do. These fees can be as high as $100 or more per year, so think about this factor when choosing the best secured credit card for you.

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
  • Capital One® Secured Mastercard®
  • Citi® Secured Mastercard®
  • Green Dot primor® Visa® Classic Secured Credit Card
  • USAA® Secured Visa Platinum® Card
  • OpenSky® Secured Visa® Credit Card
  • Capital One® Secured Mastercard®
  • First Progress Platinum Prestige MasterCard® Secured Credit Card
  • USAA® Secured American Express® Card
  • First Progress Platinum Elite MasterCard® Secured Credit Card
  • The Secured Visa® from Merrick Bank

Discover It® Secured

Discover It® Secured

Photo credit by: mybanktracker.com

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

  • No annual fee
  • No credit history needed to qualify
  • 2% cash back at gas stations and restaurants

cons

  • $1000 limit per quarter on 2% cash back
  • Higher APR than some competitors

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.

APPLY HERE

Capital One® Secured Mastercard®

Capital One® Secured Mastercard®

Photo credit by: creditcards.com

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

  • Doesn’t require much credit worthiness to qualify   
  • Get up to $200 of credit with as low as $49 deposit
  • Reports to credit bureaus every 3 months

cons

  • No cash back
  • No balance transfer APR
  • No introductory APR offer

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%.

APPLY HERE

Citi® Secured Mastercard®

Citi® Secured Mastercard®

Photo credit by: finder.com

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

  • Doesn’t require much credit to get card 
  • Auto-pay, online bill pay, and automatic alerts

cons

  • No cash back
  • No introductory APR

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.

APPLY HERE

Green Dot primor® Visa® Classic Secured Credit Card

Green Dot primor® Visa® Classic Secured Credit Card

Photo credit by: creditcards.com

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

  • Credit lines from $200 to $5,000 available 
  • No penalty rate 
  • 13.99 fixed rate is very competitive

cons

  • May be harder to qualify for than other cards
  • You will pay an annual fee for the life of the card

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.

APPLY HERE

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

  • Up to $5,000 credit line available
  • Lower interest rate than some other cards

cons

  • Variable interest rate
  • Annual fee of $35
  • No cash back rewards

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.

APPLY HERE

OpenSky® Secured Visa® Credit Card

OpenSky® Secured Visa® Credit Card

Photo credit by: openskycc.com

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

  • Refundable, low deposit amount
  • Lower APR than some other options
  • Reports to all major credit bureaus

cons

  • No cash back rewards
  • No introductory APR
  • Variable interest rate

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.

APPLY HERE

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

  • Refundable, low deposit amount
  • Lower APR than some other options
  • Reports to all major credit bureaus

cons

  • No cash back rewards
  • No introductory APR
  • Variable interest rate

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.

APPLY HERE

First Progress Platinum Prestige MasterCard® Secured Credit Card

First Progress Platinum Prestige MasterCard® Secured Credit Card

Photo credit by: creditkarma.com

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

  • Competitive interest rate, around 10.24%
  • No application or processing fees
  • Deposits as little as $200

cons

  • Requires at least some credit to qualify
  • Annual fee of $49
  • No cash back

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.

APPLY HERE

USAA® Secured American Express® Card

USAA® Secured American Express® Card

Photo credit by: usaa.com

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

  • Lower interest rate than some other options 
  • Deposit as low as $200

cons

  • Variable interest rate
  • Annual fee
  • No cash back rewards

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.

APPLY HERE

First Progress Platinum Elite MasterCard® Secured Credit Card

First Progress Platinum Elite MasterCard® Secured Credit Card

Photo credit by: creditkarma.com

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

  • Build your credit with responsible use
  • Deposit as low as $200
  • Online bill pay and alerts

cons

  • No cash back
  • Variable interest rate
  • Requires bad to fair credit to get started

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.

APPLY HERE

The Secured Visa® from Merrick Bank

The Secured Visa® from Merrick Bank

Photo credit by: pinterest.com

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

  • Includes free monthly credit score report    
  • Competitive interest rate at 19.45%
  • Increase credit limit after 1 year without additional deposit

cons

  • Annual fee of $36
  • No cash back rewards
  • Variable interest rate

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.

APPLY HERE

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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