The Best Secured Credit Cards of 2013

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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.

Open Sky^sm Secured Visa® Credit Card

Editor's Pick

No Credit Check Rebuild credit or establish credit with automatic reporting to all major credit bureaus Low variable APR Online Application process

Capital One® Secured MasterCard®

Editor's Pick

Get the credit you need with no application or processing fees Automatic reporting to the 3 major credit bureaus Track credit with access to your credit score and other tools Your refundable security deposit can get you a line up to $3,000 You may qualify for credit line increases with no further security deposit required Use it like any MasterCard credit card, accepted at millions of locations worldwide

First Progress Platinum Select MasterCard® Secured Credit Card
	Nationwide Program - though not yet available in NY, IA, AR, or WI Credit Line Secured by Your Fully-Refundable Deposit of $300 -- $2,000 Submitted with Application Just Pay Off Your Balance and Get Your Deposit Back at Any Time Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History Good for Car Rental, Hotels; Anywhere Credit Cards are Accepted! No Credit History or Minimum Credit Score Required for Approval Full-Feature Platinum MasterCard® Secured Credit Card 24/7 Access to Your Account Online
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfer Credit Needed N/A N/A 14.99% (Variable) $39 N/A Bad Credit

USAA Secured Platinum Card
	It's a real credit card - not a prepaid or debit card, that helps you build or improve your credit score. When you apply - you'll also be opening a USAA 2-year Certificate of Deposit (CD), an interest-earning deposit account that has a two-year term and a $250-minimum initial deposit. Your CD is a security deposit - the money you put in upfront, from $250 to $5,000, is the card's credit limit. Earn interest on your CD - your deposit is guaranteed to grow. Plus the money is yours to keep as long as you don't default on your payments. Start building your credit - opening a CD lets you get a credit card even if you don't have a credit history or have bad credit. Before starting your application, USAA will ask you a few questions to establish your online access and eligibility with USAA. If you are not eligible, USAA credit cards and other products may still be available.
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfer Credit Needed N/A N/A 9.90% (Variable) $35 N/A Bad Credit

USAA Secured Platinum American Express Card
	It's a real credit card - not a prepaid or debit card, that helps you build or improve your credit score. When you apply - you'll also be opening a USAA 2-year Certificate of Deposit (CD), an interest-earning deposit account that has a two-year term and a $250-minimum initial deposit. Your CD is a security deposit - the money you put in upfront, from $250 to $5,000, is the card's credit limit. Earn interest on your CD - your deposit is guaranteed to grow. Plus the money is yours to keep as long as you don't default on your payments. Start building your credit - opening a CD lets you get a credit card even if you don't have a credit history or have bad credit. Before starting your application, USAA will ask you a few questions to establish your online access and eligibility with USAA. If you are not eligible, USAA credit cards and other products may still be available.
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfer Credit Needed N/A N/A 9.90% (Variable) $35 N/A Bad Credit

First Progress Platinum Elite MasterCard® Secured Credit Card
	Nationwide Program - though not yet available in NY, IA, AR, or WI Credit Line Secured by Your Fully-Refundable Deposit of $300 -- $2,000 Submitted with Application Just Pay Off Your Balance and Get Your Deposit Back at Any Time Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History Good for Car Rental, Hotels; Anywhere Credit Cards are Accepted! No Credit History or Minimum Credit Score Required for Approval 24/7 Access to Your Account Online
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfer Credit Needed N/A N/A 19.99% (Variable) $29 N/A Bad Credit

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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.

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