Best secured cards of December 2023
If you’re not currently eligible for a traditional credit card — due to limited credit history, a poor credit score or a host of other factors — you may want to consider one of our top picks for the best secured credit cards. A secured credit card typically requires a deposit from the cardholder when the account is opened which is then used to determine your credit limit. Your spending on the card is typically reported to the major credit bureaus, helping establish (or improve) your credit. Many even offer the ability to convert to an unsecured card after several months of responsible usage, at which point your initial deposit will be refunded.
Some secured credit cards incur an annual fee, while others offer cash back. It’s important to choose a secured credit card that suits your needs and fits your budget to help you reach your financial goals.
Why We Chose It
The Capital One Platinum Secured Credit Card is one of the few secured credit cards that may extend you a credit line that is greater than your security deposit. The card can be a good choice for people looking for a secured card since it includes no foreign transaction fees, auto rental collision damage insurance, travel accident insurance and extended warranty protection. It also comes with CreditWise, which gives you alerts when your TransUnion or Experian credit report changes.
Pros
- No annual fee.
- No foreign transaction fees.
- Travel insurance and shopping protection.
Cons
- No bonus earning.
- Requires a deposit.
- No annual or hidden fees. See if you're approved in seconds
- Building your credit? Using the Capital One Platinum Secured card responsibly could help
- Put down a refundable security deposit starting at $49 to get a $200 initial credit line
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One's mobile app
Why We Chose It
The Capital One Platinum Secured Credit Card is one of the few secured credit cards that may extend you a credit line that is greater than your security deposit. The card can be a good choice for people looking for a secured card since it includes no foreign transaction fees, auto rental collision damage insurance, travel accident insurance and extended warranty protection. It also comes with CreditWise, which gives you alerts when your TransUnion or Experian credit report changes.
Pros
- No annual fee.
- No foreign transaction fees.
- Travel insurance and shopping protection.
Cons
- No bonus earning.
- Requires a deposit.
- No annual or hidden fees. See if you're approved in seconds
- Building your credit? Using the Capital One Platinum Secured card responsibly could help
- Put down a refundable security deposit starting at $49 to get a $200 initial credit line
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One's mobile app
Pros
- No annual fee.
- No foreign transaction fees.
- Travel insurance and shopping protection.
Cons
- No bonus earning.
- Requires a deposit.
- No annual or hidden fees. See if you're approved in seconds
- Building your credit? Using the Capital One Platinum Secured card responsibly could help
- Put down a refundable security deposit starting at $49 to get a $200 initial credit line
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Get access to your account 24 hours a day, 7 days a week with online banking to access your account from your desktop or smartphone, with Capital One's mobile app
- 5% Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
- 1.5% Earn unlimited 1.5% cash back on every purchase, everywhere
Why We Chose It
The Capital One Quicksilver card is a great option for new cardholders looking for a flat cash back rate. The Quicksilver card earns unlimited 1.5% cash back on all purchases and has no annual fee. Unfortunately, the secured version of the Quicksilver card does not offer a sign-up bonus. In addition, cardmembers can enjoy unlimited 5% cash back on hotels and rental cars booked through Capital One Travel. It is a great card if you are looking for a simple way to earn cash back on all purchases, but it does not offer many additional perks or bonus earnings.
Pros
- No annual fee.
- Cashback on all purchases.
- Unlimited cash back.
Cons
- Minimal bonus earning categories.
- No annual or hidden fees, and you can earn unlimited 1.5% cash back on every purchase, every day. See if you're approved in seconds
- Put down a refundable $200 security deposit to get a $200 initial credit line
- Building your credit? Using a card like this responsibly could help
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Enjoy up to 6 months of complimentary Uber One membership statement credits through 11/14/2024
Why We Chose It
The Capital One Quicksilver card is a great option for new cardholders looking for a flat cash back rate. The Quicksilver card earns unlimited 1.5% cash back on all purchases and has no annual fee. Unfortunately, the secured version of the Quicksilver card does not offer a sign-up bonus. In addition, cardmembers can enjoy unlimited 5% cash back on hotels and rental cars booked through Capital One Travel. It is a great card if you are looking for a simple way to earn cash back on all purchases, but it does not offer many additional perks or bonus earnings.
Pros
- No annual fee.
- Cashback on all purchases.
- Unlimited cash back.
Cons
- Minimal bonus earning categories.
- No annual or hidden fees, and you can earn unlimited 1.5% cash back on every purchase, every day. See if you're approved in seconds
- Put down a refundable $200 security deposit to get a $200 initial credit line
- Building your credit? Using a card like this responsibly could help
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Enjoy up to 6 months of complimentary Uber One membership statement credits through 11/14/2024
Pros
- No annual fee.
- Cashback on all purchases.
- Unlimited cash back.
Cons
- Minimal bonus earning categories.
- No annual or hidden fees, and you can earn unlimited 1.5% cash back on every purchase, every day. See if you're approved in seconds
- Put down a refundable $200 security deposit to get a $200 initial credit line
- Building your credit? Using a card like this responsibly could help
- Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible for unauthorized charges
- You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
- Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
- Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
- Monitor your credit score with CreditWise from Capital One. It's free for everyone
- Enjoy up to 6 months of complimentary Uber One membership statement credits through 11/14/2024
Why We Chose It
The OpenSky Secured Visa Credit Card comes with a $35 annual fee but is a great option for cardholders with a poor credit history. The Opensky Secured card tours a high approval rate, even for people without a bank account. In addition, the card does not require a credit check and cardholders are routinely considered for an increased credit line after six months.
Pros
- No credit pull.
- Approval is possible with short/bad credit history.
Cons
- Annual fee.
- No reward earning.
- Limited Time Offer: $51 funding voucher applied for all new accounts. Get a $200 credit line for $149. Click Apply Now to see additional terms and conditions.
- No credit check to apply. Zero credit risk to apply!
- Looking to build or rebuild your credit? 2/3 of cardholders receive a 48+ point improvement after making 3 on-time payments
- Extend your $200 credit line by getting considered for an unsecured credit line increase after 6 months - no additional deposit required!
- Get free monthly access to your FICO score in our mobile application
- Build your credit history across 3 major credit reporting agencies: Experian, Equifax, and Transunion
- Add to your mobile wallet and make purchases using Apple Pay, Samsung Pay and Google Pay
- Fund your card with a low $200 refundable security deposit to get a $200 credit line
- Apply in less than 5 minutes with our mobile first application
- Choose the due date that fits your schedule with flexible payment dates
- Fund your security deposit over 60 days with the option to make partial payments
- Join over 1.2 million cardholders who have used OpenSky to build their credit
Why We Chose It
The OpenSky Secured Visa Credit Card comes with a $35 annual fee but is a great option for cardholders with a poor credit history. The Opensky Secured card tours a high approval rate, even for people without a bank account. In addition, the card does not require a credit check and cardholders are routinely considered for an increased credit line after six months.
Pros
- No credit pull.
- Approval is possible with short/bad credit history.
Cons
- Annual fee.
- No reward earning.
- Limited Time Offer: $51 funding voucher applied for all new accounts. Get a $200 credit line for $149. Click Apply Now to see additional terms and conditions.
- No credit check to apply. Zero credit risk to apply!
- Looking to build or rebuild your credit? 2/3 of cardholders receive a 48+ point improvement after making 3 on-time payments
- Extend your $200 credit line by getting considered for an unsecured credit line increase after 6 months - no additional deposit required!
- Get free monthly access to your FICO score in our mobile application
- Build your credit history across 3 major credit reporting agencies: Experian, Equifax, and Transunion
- Add to your mobile wallet and make purchases using Apple Pay, Samsung Pay and Google Pay
- Fund your card with a low $200 refundable security deposit to get a $200 credit line
- Apply in less than 5 minutes with our mobile first application
- Choose the due date that fits your schedule with flexible payment dates
- Fund your security deposit over 60 days with the option to make partial payments
- Join over 1.2 million cardholders who have used OpenSky to build their credit
Pros
- No credit pull.
- Approval is possible with short/bad credit history.
Cons
- Annual fee.
- No reward earning.
- Limited Time Offer: $51 funding voucher applied for all new accounts. Get a $200 credit line for $149. Click Apply Now to see additional terms and conditions.
- No credit check to apply. Zero credit risk to apply!
- Looking to build or rebuild your credit? 2/3 of cardholders receive a 48+ point improvement after making 3 on-time payments
- Extend your $200 credit line by getting considered for an unsecured credit line increase after 6 months - no additional deposit required!
- Get free monthly access to your FICO score in our mobile application
- Build your credit history across 3 major credit reporting agencies: Experian, Equifax, and Transunion
- Add to your mobile wallet and make purchases using Apple Pay, Samsung Pay and Google Pay
- Fund your card with a low $200 refundable security deposit to get a $200 credit line
- Apply in less than 5 minutes with our mobile first application
- Choose the due date that fits your schedule with flexible payment dates
- Fund your security deposit over 60 days with the option to make partial payments
- Join over 1.2 million cardholders who have used OpenSky to build their credit
Comparing the best secured cards
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| Credit card | Best for | Intro offer | Earning Rate | Annual Fee | |
| Best for credit card perks |
N/A
|
details
|
$0 | ||
| Best for flat-rate earning |
N/A
|
1.5 - 5% cash-back
1.5 - 5% cash-back
details
|
$0 | ||
| Best for poor credit history |
Limited Time Offer: $51 funding voucher applied for all new accounts. Get a $200 credit line for $ 149
. |
details
|
$35 |
More details on our best secured credit cards
What is a secured credit card?
A secured credit card is a card that requires a security deposit from the cardholder when the account is opened. This security deposit is usually refundable and determines your initial credit limit. Secured credit cards are often used by consumers without credit history or with low credit scores and can be useful for building or repairing credit.
Related: Secured vs. unsecured credit cards: What you should know
How we chose the best secured credit cards
In choosing the best secured credit cards for this guide, we prioritized cards that don’t charge an annual fee and report credit activity to the three main credit bureaus. Reporting activity to credit bureaus is important since you’ll want your activity on the card to help improve your credit score. We also included some cards with modest annual fees with unique perks or aspects that may make them the best option for some consumers.
We didn’t put much weight on the APR rate, as you’ll want to ensure you can pay off your balance each month to work on building or repairing your credit. And, although this article is on The Points Guy, you shouldn’t put too much weight on the rewards earning rate since you’ll generally only keep your secured card until you’ve built or repaired your credit enough to move to a rewards credit card.
Related: How to choose the right credit card for you
Should I get a secured credit card?
Secured credit cards are best used for building or repairing credit. If you don’t have strong enough credit to be approved for most beginner credit cards, and you don’t have any trusted friends or family members that are willing to add you to their account as an authorized user, a secured credit card can be an assured way to getting a credit card and working to improve your credit score.
You should see a secured credit card as a stepping stone to an unsecured (or traditional) rewards credit card. If you can already get approved for an unsecured rewards credit card that doesn’t have high fees, you won’t need to consider getting a secured credit card.
Related: Travel rewards strategies for people with low credit scores
How does a secured credit card help build or repair credit?
If you’re looking to build or repair your credit with a secured credit card, you’ll want to ensure the card you get will report your payment activity to the credit bureaus. All of the cards described in this guide advertise that they do so — after all, card issuers realize that most people using secured credit cards are working to build or repair credit.
With a secured credit card, you’ll generally start with a low credit line. So, to build or repair your credit, you’ll initially want to make small, infrequent purchases and focus on paying off your balance in full each month.
The issuer may eventually offer you a higher credit line, which can help your credit score as long as you keep your utilization low. It’s also a good idea to check your credit score regularly while working to build or repair your credit.
Related: The best first credit cards
Is it worth it to pay an annual fee on a secured credit card?
Generally, it’s not worth paying an annual fee on a secured credit card. However, if you don’t want the issuer to perform a credit check, you may need to pay an annual fee to access a secured credit card that offers no credit check, like the OpenSky Secured Visa. And, although you should be paying your credit card bill in full every month to improve your credit score, if you are looking for a secured credit card with a low APR, you’ll usually need to pay an annual fee.
Related: Guide to credit card annual fees
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