Top 10 Best Secured Credit Card – Reviewed & Ranked 2022

Reviewed by Jazmin Castello - MBA
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Discover it Secured Credit Card

Discover It® Secured Credit Card

Editor’s Choice

5.0 stars

Capital One Platinum Secured Credit Card

Capital One Platinum Secured Credit Card

Best for Low Deposit

5.0 stars

OpenSky® Secured Visa® Credit Card

OpenSky® Secured Visa® Credit Card

Best for No Bank Account

5.0 stars

Secured credit cards require that a person fulfill a certain number of conditions before getting the credit card. Sometimes it may be that you need to make an initial deposit, pay an annual fee, or other conditions. Those who use this type of credit card often end up rebuilding their credit score if they ever had a bad setback. 

The best-secured credit card will be affordable to own for the year, gives regular rewards, has low or no annual fees, low APR, and more. You should always consider checking out various card issuers to find the correct one in the market. To help you decide on the best option, go through the list discussed below.

Top 10 Best Secured Credit Cards October 2022

Discover it Secured Credit Card

Discover it® Secured Credit Card

  • No annual fee with the card
  • Earn impressive cash back
  • Great customer support
Capital One Platinum Secured Credit Card

Capital One Platinum Secured Credit Card

  • There are no hidden charges
  • Can be good for building credit
  • Get a higher credit line in 6 months
OpenSky® Secured Visa® Credit Card

OpenSky® Secured Visa® Credit Card

  • Does not need credit check
  • The deposit is refundable
  • Building credit takes less time
Petal® 1 “No Annual Fee” Visa® Credit Card

Petal® 1 “No Annual Fee” Visa® Credit Card

  • Good credit limits 
  • Has no foreign transaction fees
  • Reports to major credit bureaus
Capital One QuicksilverOne Cash Rewards Credit Card

Capital One Quicksilver Secured Cash Rewards Credit Card

  • Has no annual fees 
  • Get a higher credit line in 6 months 
  • Has a $0 fraud liability policy
Citi® Secured Mastercard®

Citi® Secured Mastercard®

  • Reports to the credit bureaus 
  • Offers autopay feature to track payments
  • Manage your account online with ease
UNITY® Visa Secured Credit Card

UNITY® Visa Secured Credit Card

  • Low APR rates 
  • Good for building credit 
  • Offers balance transfer benefits
U.S. Bank Secured Visa® Card

U.S. Bank Secured Visa® Card

  • Fast approval
  • Good customer support
  • Has zero fraud liability policy
Bank of America Secured Credit Card

BankAmericard® Secured credit card

  • Has no annual fee
  • Get monthly FICO score updates
  • Returns your security deposit
Self-Credit Builder Visa Credit Card

Self – Credit Builder Account + Secured Visa® Credit Card

  • Get FICO score online free 
  • No credit check is necessary 
  • Good for building credit fast

Top 10 Best Secured Credit Card – Reviewed & Ranked 2022

Discover It® Secured Credit Card

This credit card issuer will give you a credit card that you can use in almost any place for daily purchases. This is vital for ensuring that you can use the card whenever you want.

  • There are no annual fees
  • You can easily earn cash back 
  • You can improve your credit line with ease
  • A high initial deposit is required

This is a top choice for secured credit cards. The best part about it is that it has no annual fee. Many people would want this type of secured card because it can help them earn more cashback in the end. There is no doubt you would end up with a card that helps you earn back something whenever you spend money. 

The card issuer will also report your credit history to the three major credit bureaus. This is vital for ensuring you can also grow your credit limit over time. More people like it when they can improve their credit score considering it opens them to better credit cards. 

As for the credit score, it does not require much. The minimum credit score required is 300 to 629. This is not bad at all. This credit score requirement should make it even easier for those with low scores to get this secured card. 

The customer support team will also help you get more information overall. In case you have any questions, the support team can always help you learn more. 

Capital One Platinum Secured Credit Card

With no annual fee and a low security deposit, more people would consider using it. Also, the initial credit line is impressive for the amount.

  • It does not have hidden fees
  • The approval process is fast
  • Good for getting a higher credit line
  • Sometimes the support team takes longer to respond

This is another popular choice among secured credit cards. Since it has no annual or hidden fees, you will find more people are comfortable with it. Also, it has a faster approval process. When you compare it to some other secured cards, this one is approved almost instantly. So, it is a reliable credit card company. 

The credit score required for approval is 300 to 629. This is something that people can achieve with ease. So as long as you continue paying your charges on time, you can also expect to see an improvement in your credit limit. This means you can get more on your secured card. 

The required deposit for this card starts at $49. This should give an initial credit line $200. It is good news for those who might have had a problem getting secured cards before. 

The card allows you to earn the security deposit back as a statement credit. What you need to do is to use your card responsibly to get the best out of it. More people also enjoy the fact that it comes with a $0 fraud liability policy. As a result, you are not liable for any unauthorized charges. 

OpenSky® Secured Visa® Credit Card

Most people find the annual fee is affordable. Since there is no credit check necessary, it should appeal to many people as well.

  • No credit checks are necessary
  • Great card for building credit 
  • Impressive education page on credit
  • It has no $0 intro APR

Those who may have an average credit score can definitely get this type of secured credit card. The best part is that there is no credit check when applying for this type of card. This card issuer is one among credit card companies that believe in giving everyone the opportunity to get secured credit cards. 

You also get a refundable deposit which will give you more confidence in the company. The credit line limit requires a deposit as low as $200. This is enough for most people who may be looking for such a card. Building credit is also possible with this card. This is because the company will report your progress to the three major credit bureaus. 

99% of the customers who start with this credit card often have lower scores. However, they are able to have a better record with the credit bureaus within just 6 months. You can see that it would be the best card for you to build your credit score. 

The company has a good online community on social media platforms such as Facebook. Here, people share their experiences and how they managed to build their credit score. There is also a dedicated credit education page on the website to help learn more about credit cards. 

Petal® 1 “No Annual Fee” Visa® Credit Card

It is a great card with no annual fee and does not need a minimum deposit. So, it should be great to work for most people who wish for a quick way to get a credit card. Even with very poor credit, this card can be for you.

  • No deposit required
  • Improve credit score in just 6 months 
  • No foreign transaction fees
  • Earn rewards with only specific merchants

There is no annual fee with this secured credit card. Anyone who finds it worth saving some money on secured credit cards would find this a great card feature among the secured cards options. Also, you can get impressive credit limits of up to $5,000. This is a nice feature for a company that does not charge an annual fee. 

Improving your credit limit can happen in as little as six months. Of course, there are a few terms and conditions to conform to, but it is an easy process overall. Even if your credit score is not the best, you can still apply for this credit card. It will still be a great card to help improve your overall credit score within a couple of months. 

Most people will like the fact that there are no foreign transaction fees too. You can expect it to be a great choice for you to use for foreign purchases without paying more. 

Users will also like it for having a mobile app where you can check out the expenditures and repayments you are making to your card. Here is where you can also manage automated payments. You can always know when to cancel them. 

Capital One Quicksilver Secured Cash Rewards Credit Card

It is always possible to earn back the security deposit in the form of a statement credit. Also, you could improve your credit score a lot faster than when using other cards. 

  • There are no annual fees
  • Building your credit is simple and fast
  • No additional deposit is needed for a higher credit line
  • It has a high upfront deposit

This secured card should be what you get for yourself today, considering it has no annual or even hidden fees. What you see on the company website is what you get. No one wants to end up with a secured card that has more charges not mentioned upfront. 

Whenever you are using this secured card, you will find that earning an impressive 1.5% cashback is possible. This is unlimited, considering you would earn this with no limit. So as long as you are making regular purchases, you can always earn more. 

How about the approval process? More people are likely to consider this card since it is easy to get approved for it. It may even take seconds to get approved. All you need is to put down a deposit of $200. Do not worry, the deposit is refundable. Once you make the deposit, you get a $200 initial credit line. 

It is possible to be considered for a higher credit limit within six months. At this point, you do not need an additional deposit. The users also enjoy its low credit score requirement. Anyone with a low credit score knows how hard it can be to get a secured card. It is then good to know that this card will be an option for you. 

Citi® Secured Mastercard®

You can choose a flexible repayment plan with the card. This ensures you can always have a great card to use more often without worrying about the repayment timeline all the time.

  • Online tracking of the card is available 
  • It helps with building a high credit limit 
  • The card is easily accepted worldwide
  • High APR on the card

This is a great choice as a secured card among the many secured credit cards. Considering it has no annual fee, it will appeal to many people who want a secured card. It will be a great choice as a card to help you build your credit. However, we recommend that you always use the card responsibly. 

The company will also report to the major credit bureaus. We all know that this is vital for ensuring you can always improve your credit score. Once the reporting is done, you will get free access to your FICO score online. 

Since it is a Mastercard, you would be able to use it more often in different stores. As long as Mastercard is accepted, it can be used. Even worldwide purchases are possible with this card. 

You still have to make a security deposit. The minimum amount is $200. It may be slightly high, but you will get a lot more perks, including getting a card, even for those with a low credit score. 

UNITY® Visa Secured Credit Card

It is considered a great secured card for building your credit. Anyone who is in the market for improving their credit should always consider using this type of product. You will also like the low APR on balance transfers.

  • Affordable intro APR for six months
  • Easy to get approved for the card
  • Works great for those with no credit history or have bad credit
  • It has no welcome offer

Anyone interested in building their credit score would definitely consider this card. It will report your progress to the three major credit bureaus to ensure that you always have a better credit line limit within a short time. As a result, you are advised to continue making your payments on time and keeping the balances low.

There is also the option of balance transfer benefits you could enjoy. The company has a relatively low intro APR period. This will affect the balance transfers by ensuring it is fixed at 9.95% during the first six months of owning the card.

There is also the option of using Speedpay. This is an online system that improves how fast you make your payments. This is crucial for ensuring you never have to miss a payment date. This should generally help you maintain a clean record with the company.

How about the fees? Well, you will face several fees when using this credit card. The annual fee is $39. It is not high, but it is also not zero. The regular APR is 17.99%, and it remains fixed. Most people should generally find it affordable.

U.S. Bank Secured Visa® Card

Having a low credit score also means that you can end up with the best-secured visa card too. Even if the initial deposit is high, there will be other perks for you to like. 

  • Good for those with a low credit score record 
  • Has the zero fraud liability policy 
  • The annual fee is zero
  • The initial deposit is high

We could not forget to include this on the list of best-secured credit cards. This is because it works so well for those with bad credit and has almost non-existent credit limits. If you have a FICO score of below 600, there is hope for you. This is the secured card that will suit you best. 

However, with such conditions, do not expect a lot of rewards or promotional interest rates. However, you may be comfortable with the credit limit you get with the card for having a low credit score. Most people would even use it as a way of rebuilding their credit history. 

The card requires that you make a security deposit of $300. The more you deposit, the more you get as the credit line. The line of credit for the card is equal to the amount of money you make as a deposit. It may not appeal to all, but it sure serves some people who find it necessary. 

Having a zero fraud liability policy is highly welcomed. This is because of the rate at which credit cards are stolen. So in case, there are some unauthorized charges, you will not be liable. 

BankAmericard® Secured Credit Card

Getting approved for this credit card is fast. You can have it approved in minutes once you meet all the requirements. It should be the reason you consider having it today.

  • It is easy to qualify for the card
  • Easy to access your FICO score 
  • The credit line is easy to build
  • High late payment fees

Among the best secured credit cards, you also get this one as an option. The first thing you have to provide is a security deposit. The minimum is $300, and the maximum is $4,900. The amount of credit line you get will depend on how much you deposit. It is simply equal to what you deposit. 

Your credit history does not have to be an impediment when seeking this card. Most people find that it will be among the easiest to qualify for compared to some other options in the market. Also, having such a high deposit makes the issuer trust you with ease. 

Some people may be worried that their deposit will not be refunded. However, that is not the case. You can always get a refund based on your credit history. Also, the processing is done faster than any other secured card you have used before. 

You should find that having no annual fee makes it a great choice as well. Once you have been approved to use the card, you can start using it right away. You can now see how it would be a great choice for you with no annual payments too. 

Self – Credit Builder Account + Secured Visa® Credit Card

You have the chance of paying the initial deposit over three or more months. Not many other credit cards will offer you such an option. 

  • You can get approved faster
  • You can pay the security deposit over time 
  • It is possible to increase the credit limit with ease
  • High late repayment fee

This is a nice choice for a credit card to build your credit. Even those who do not have a credit history or want to repair their bad credit with time will enjoy its services. Considering that it also has a low annual fee, you could find it a major choice for anyone who needs a secured card. 

Looking at the APR rate, we find that it has an average rate of 15.65%. For most people, this is an affordable option for most people who want the best credit card. You can always visit the official website to get more information on the APR you can expect with the different loan amounts and their APR rates. 

Who would get approved for this card? The good news about the card is that you can easily qualify for it compared to the other options in the market. Those who apply for it often get their card approved or declined within minutes. So, you should know if you qualify for it or not faster. 

You also have the option of paying your security deposit of $100 over three or more months. That is not the same with other credit cards. You would start using the credit card right away even when the initial deposit is not complete. 

How to Pick a Secured Credit Card

If you want to pick a secured credit card, there are a few things you should keep in mind. Here are some of them. 

Credit Bureau Reporting 

Those who are trying to improve their credit score often want the company to report their progress with the credit bureaus. This helps ensure your credit score can improve over time if you make the payments on time. 

The main credit bureaus include Experian, TransUnion, and Equifax. 

The Deposit Amount 

A security deposit is what makes a secured card different from the unsecured option. So, look at how much you need as the deposit amount. Most cards will require a minimum deposit of around $200. The more you deposit, the more you qualify for a higher credit limit. 

Most companies who require a deposit would need you to deposit the money immediately after approval. However, some may give you more time to get it together. 

The Fees Should Be Reasonable 

Before settling for a credit card, you should always inquire more about the fees to expect. Do not think that the fast approval process is good for you without understanding the company’s fees. 

If there is an annual fee, it should not be more than $50. You may get several companies having no annual fees. Also, look at the maintenance fees, the APR, foreign transaction fees, and more. Just ensure you know all the fees and that there are no hidden fees. 

There Is A Chance Of Upgrading 

A secured card, unlike unsecured credit cards, is supposed to help you with building your credit. So, what happens after building your credit? You should be in a position to upgrade your credit limit. This would be one thing you should always check before getting a credit card. 

How To Make The Most Of Secured Credit Cards

A secured credit card can be your best bet for building credit. However, how would you do it to ensure that the secured card helps you out with the process?

  • The first thing would be choosing the right card. Ensure it is affordable in terms of fees, deposits, and that it reports to the credit bureaus. 
  • You should then pay the deposit quickly. This ensures that your credit card is approved fast so that you can start using it right away. 
  • Use the credit card often. However, you need to use it wisely. Remember that your credit score will only improve if you can make the payments on time. So ensure that you can use the card and pay it off on time to improve your score. 
  • Monitor your credit score more often. A good credit card company will help you access your FICO score monthly for free. This helps you know if you are improving or not. 

Alternatives To Secured Credit Cards

Unsecured Cards For Bad Credit

You can get an unsecured credit card which will help you access credit even when you have bad credit. As much as an unsecured card for bad credit might sound great, take note of the fees that would come with such a card. 

You can expect high maintenance fees, annual fees, activation fees, processing fees, and so much more. So, take your time to research more about the card before going for it. 

Prepaid Debit Cards

Prepaid debit cards would require that you deposit some amount to the card before using it. Since you would not be using a credit card, it would not affect your credit score. This can be good, but it also means you would not be building your credit score. 

Credit-Builder Loans

This is an interesting option for you to consider. This type of loan is common among credit unions and community banks. The loans are generally designed to help in building a great payment history. 

The money you borrow will not be released to you directly. It will be held in a savings account while you pay the monthly installments of the loan. Once you finish making the payment, the money is released to you with a credit report showing you have paid off the loan. 

Personal Loans

Such loans can either be unsecured or secured. Unsecured loans will not have collateral and will tend to attract higher interest rates compared to secured loans. If you want to build your credit, consider those with low rates. If you have bad credit, expect very high rates with such loan types. 

Frequently Asked Questions (FAQs)

What is the difference between unsecured credit cards and secured cards?

The regular, or unsecured, cards will not require an initial deposit that the secured cards would require.

What is the credit limit you get with secured cards?

For the most part, the credit limit would be what you pay as the security deposit. So, if you deposit $300 then your credit limit would be $300. Check with the card issuer for more details.

How does online banking work?

You can initiate transactions online through the bank’s mobile app, by phone, or by mail. Some banks allow you to link the online accounts with your other accounts at a traditional bank or credit union.

Will the secured credit card come with annual fees?

It depends on the card issuer. Some will have no annual fee, while others will have it. Even if a company does not have annual fees, be on the lookout for other hidden charges.

Can you get a secured card with bad credit?

Yes. However, be careful with such cards. Sometimes you may end up paying exorbitant fees. Make sure that you understand the different charges because some companies can take advantage of the situation.




Jazmin Castello holds a Master's degree in Business Management, owns two companies, and has also published a self-help book. When she is not working or writing, she likes to spend time with her family and to travel.

+ 1 sources

Bizreport Advisor adheres to strict editorial integrity standards avoids using tertiary references. We have strict sourcing guidelines and rely on peer-reviewed studies, academic research. To ensure the accuracy of articles in Bizreport, you can read more about the editorial process here.

  1. Santucci, L. (2016). The Secured Credit Card Market. [online] Available at: [Accessed 21 Feb. 2022].