The Best Secured Credit Cards of 2016

If you find yourself being turned down for unsecured credit cards, one of the options you have in obtaining credit comes from a secured credit card.  A secured credit card is different than an unsecured credit card because your approved credit limit depends on the amount of your initial deposit.

Unsecured credit cards provide cardholders credit without having to put anything up for collateral.  Therefore, should the cardholder default, the process to recoup the funds is costly and time consuming.  A secured credit card on the other hand, works only when the cardholders deposits an initial amount of money to the card issuer.  That amount is the amount of credit the cardholder will receive and should a cardholder default, the issuer can simply draw from the deposited funds to cover the default. Secured cards generally come with unfavorable terms and high fees but we’ve compiled a list of our favorite secured cards that offer good terms with very low fees.

Featured Offer: The Capital One® Secured MasterCard® offers a no annual fee card with credit building features when you use the card responsibly. It offers regular reporting to all 3 major credit reporting agencies.

Get details on this and other secured credit cards here.

Discover it® Secured Credit Card - No Annual Fee*

Discover it<sup>®</sup> Secured Credit Card - No Annual Fee*

Apply Now
  • No annual fee. No late fee on your first late payment.
  • No increase to your APR for paying late.*
  • Earn 2% cash back at restaurants & gas stations on up to $1,000 in combined purchases each quarter. Earn 1% cash back on all other purchases.
  • Discover doubles all the cash back you've earned at the end of your first year. New cardmembers only.*
  • Your credit line will equal your security deposit amount of $200 or more.*
  • Monthly reviews start at 12 months to see if you qualify to get your security deposit back while you continue to enjoy your card benefits.*
  • Reports to 3 major credit bureaus so you can build or rebuild credit with responsible use.*
  • See your FICO® Credit Score for free on monthly statements & online.*


OpenSky® Secured Visa® Credit Card

OpenSky® Secured Visa® Credit Card

Apply Now
  • Build Your Credit fast with our monthly reporting to all 3 major credit bureaus.
  • Choose your credit line as low as $200 up to $3000, secured by a fully-refundable* security deposit.
  • Security deposit needs to be submitted before the credit card can be issued.
  • No credit check necessary and no checking account required; apply in less than 5 minutes.
  • Extra credit when you need it, increase your credit line up to $5000 in your first year*
  • Access to online financial education.
  • *View our Cardholder Agreement located at the bottom of the application page for details of the card. Click the Apply Now button to get to the application page.


First Progress Platinum Select MasterCard® Secured Credit Card

First Progress Platinum Select MasterCard® Secured Credit Card

Apply Now
  • Fund your new MasterCard® secured credit card with your tax refund today!
  • Receive Your Card More Quickly with New Expedited Processing Option
  • No Credit History or Minimum Credit Score Required for Approval
  • Good for Car Rental, Hotels; Anywhere Credit Cards are Accepted!
  • Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
  • Credit Line Secured by Your Fully-Refundable Deposit of $200 - $2,000 Submitted with Application
  • Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
  • 24/7 Online Access to Your Account


First Progress Platinum Elite MasterCard® Secured Credit Card

First Progress Platinum Elite MasterCard® Secured Credit Card

Apply Now
  • Fund your new MasterCard® secured credit card with your tax refund today!
  • Receive Your Card More Quickly with New Expedited Processing Option
  • No Credit History or Minimum Credit Score Required for Approval
  • Good for Car Rental, Hotels; Anywhere Credit Cards are Accepted!
  • Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
  • Credit Line Secured by Your Fully-Refundable Deposit of $200 - $2,000 Submitted with Application
  • Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
  • 24/7 Online Access to Your Account


First Progress Platinum Prestige MasterCard® Secured Credit Card

First Progress Platinum Prestige MasterCard® Secured Credit Card

Apply Now
  • Fund your new MasterCard® secured credit card with your tax refund today!
  • Our card reports monthly to all three major bureaus and approval is based upon a fully-refundable security deposit.
  • We can approve you at any credit score, no minimum required.
  • No processing or application fees required.
  • Full-featured Platinum MasterCard, accepted for car rentals, hotels, and millions of other locations worldwide.
  • Credit Line Secured by Your Fully-Refundable Deposit of $200 - $2,000 Submitted with Application
  • Nationwide Program though not yet available in NY, IA, AR, or WI



Published or Updated: May 12, 2016
About Rob Berger

Rob founded the Dough Roller in 2007. A litigation attorney in the securities industry, he lives in Northern Virginia with his wife, their two teenagers, and the family mascot, a shih tzu named Sophie.

Comments

  1. Brenda Russell says:

    All I am trying to do is subscribe to your newsletter.

  2. Glory says:

    Fantastic publish, very informative. I ponder why the opposite specialists of this sector don’t understand this. You should continue your writing. I’m confident, you have a great readers’ base already!|What’s Happening i am new to this, I stumbled upon this I’ve found It positively useful and it has helped me out loads. I am hoping to give a contribution & help other users like its helped me. Good job.

  3. Iura says:

    I wonder if you open a secure credit card, does the bank pulls a hard check on your credit history. I know it affects your credit if you do too many hard-pulls so I’m not sure.

    • Rob Berger says:

      Lura, they will do a hard pull you your credit, just like any credit card application. By itself, it shouldn’t hurt your score by a lot, however.

  4. Capital One Secured credit card and Open Sky Secured card are 2 of the best secured credit cards for people to build or rebuild credit.

  5. SidK says:

    Between the CapitalOne and OpenSky Secured Credit Cards, which one do you think does a better job in helping to re-establish credit? Since CapitalOne is a bigger bank with a stronger history as compared to OpenSky’s Capital Bank, will CapitalOne provide any advantages besides the fact that it doesn’t have an annual fee, foreign transaction fee and a more reliable online portal?

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