The Best Secured Credit Cards of 2015

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® Secured Visa® Credit Card

Editor's Pick

Open Sky® Secured Visa® Credit Card

Apply for the Open Sky® Secured Visa® Credit Card
  • Build Your Credit with our monthly reporting to all 3 credit bureaus
  • Control Your Finances, start with a security deposit and credit line as low as $200
  • Apply in less than 5 minutes, NO credit check necessary
  • Avoid paying interest, no interest charged on new purchases if the balance is paid in full by the due date each month.
First Progress Platinum Elite MasterCard® Secured Credit Card
First Progress Platinum Elite MasterCard® Secured Credit Card

Apply Now...
  • Nationwide Program though not yet available in NY, IA, AR, or WI
  • 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 $300 -- $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
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

First Progress Platinum Select MasterCard® Secured Credit Card
First Progress Platinum Select MasterCard® Secured Credit Card

Apply Now...
  • Nationwide Program though not yet available in NY, IA, AR, or WI
  • 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 $300 -- $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
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 Card® Platinum MasterCard®
USAA Secured Card® Platinum MasterCard®

Apply Now...
  • USAA Bank products are only available to military members, veterans who have received an Honorable discharge, and their eligible family members.
  • 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.
Intro APR Intro APR
Period
Regular
APR
Annual
Fee
Balance
Transfer
Credit
Needed
N/A N/A 9.90%-19.90% (Variable) $35 N/A Bad Credit

USAA Secured Card® American Express® Card
USAA Secured Card® American Express® Card

Apply Now...
  • USAA Bank products are only available to military members, veterans who have received an Honorable discharge, and their eligible family members.
  • 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.
Intro APR Intro APR
Period
Regular
APR
Annual
Fee
Balance
Transfer
Credit
Needed
N/A N/A 9.90%-19.90% (Variable) $35 N/A Bad Credit

First Progress Platinum Prestige MasterCard® Secured Credit Card
First Progress Platinum Prestige MasterCard® Secured Credit Card

Apply Now...
  • 24/7 Online Access to Your Account
  • 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.
  • Refundable security deposit required at time of application, only apply when you have a min of $300 to deposit immediately from a checking account or debit card.
  • Nationwide Program though not yet available in NY, IA, AR, or WI
Intro APR Intro APR
Period
Regular
APR
Annual
Fee
Balance
Transfer
Credit
Needed
N/A N/A 11.99% (Variable) $44 N/A Bad Credit

Published or Updated: February 19, 2015
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.

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