The best secured credit cards of 2021

If you are looking to increase or replenish your credit, a secured credit card is one option that you will want to consider.

Secured credit cards offer those with limited, poor, or no credit a chance to get a credit card. The best secured credit cards offer low fees and a chance to accumulate credit. Consumers help consumers build credit by reporting monthly credit card payments to credit bureaus.

A secured credit card is different from an unsecured credit card. Your approved credit limit depends on the amount of your initial deposit. Unsecured credit cards provide credit to cardholders without having to put anything as collateral. A secured credit card, on the other hand, only works when the cardholder deposits money with the card issuer.

This amount is the amount of credit the cardholder will receive. If the cardholder defaults, the issuer can simply dip into the funds deposited to cover the default. Secured cards usually come with unfavorable terms and high fees, but we’ve compiled a list of our favorite secure cards that offer great terms with very low fees. One of the main benefits of a secured credit card is the ability to accumulate credit. Secure cards report your payments to the credit bureaus, allowing you to accumulate credit. It is essential to make your monthly payment on time.

Here’s a look at some of the best secure credit cards available to consumers today. Some offer higher credit while others keep fees very low. Most importantly, all of them relate to the major credit bureaus to help you get your credit back on track.

Best Secure Credit Cards

Capital One Secure Mastercard®

The Capital One Secured Mastercard® is a great option for those with a really bad credit rating. There is a $ 0 annual fee (and no fee to acquire the card) and the minimum deposit for a line of credit is $ 49, $ 99 or $ 200. The amount of your deposit will depend on your credit history and your initial line of credit will be $ 200. You can always deposit more money for a higher secured line of credit.

After making five payments on time, Capital One will give you access to a higher line of credit. Capital One may also examine your account to see if you qualify for any of its unsecured credit cards. My very first credit card was a step above their secure card, the Capital One Platinum. Eventually, I turned it into a Capital One Quicksilver Cash Rewards credit card. The variable APR on the Capital One Secured Mastercard® is 26.99% (variable).


One of the hardest parts of opening a secure credit card is finding the hundreds of dollars required for a security deposit. The Self Visa card makes your job easier thanks to its unique structure.

To get a Self Visa® card, you need to start by opening a Self Credit Builder account. When you do this, you can choose your account’s monthly payment (minimum $ 25) and the duration. As you make payments on the account, Self reports these payments to the credit bureaus, strengthening your credit. It also places your money in an FDIC insured certificate of deposit. When you have finished paying your account, Self gives you the CD, turning the account into a forced savings plan that helps build your credit.

After you open the Self Credit Builder account, make three monthly payments, and accumulate a balance of at least $ 100, you can get a Self Visa card. There is no approval process, if you are eligible you will have one. You can customize your credit limit up to a maximum of the balance you created with the Credit Builder account and use the card anywhere Visa is accepted.

The fees for the card are also reasonable compared to many secured credit cards. There is a $ 15 fee for opening the Credit Builder account and an annual fee of $ 25 for the card. The late charge is $ 15, but Self waives the first charge.

By allowing you to build up your security deposit over the months, the Self Visa® card removes one of the main obstacles to opening a secure card.

DCU Visa® Platinum Secure Credit Card

If you are someone who renews a credit card balance, the DCU Visa Platinum Secure Credit Card is a must. The selling point is that the variable APR is a cool 12.50%. This is significantly less than other secured cards and can save you a boat charge of interest each month if you carry a balance. There is no minimum monthly interest charge (which is also unique) and no annual fee.

As a bonus, every purchase you make with this secure card between Thanksgiving and New Years will receive 1% cash back. Since this is a visa, additional protections such as rental car insurance and extended warranty benefits are also included. The line of credit you will receive will match your deposit, a minimum of $ 500. The money is held in a DCU savings account.

The catch, however, is that in order to own the DCU Visa Platinum Secure Credit Card, you must be a member of Digital Federal Credit Union. The easiest way to do this if you are not directly eligible is to join an organization by donating.

OpenSky® Secured Visa® Credit Card

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As we move further down the list, the conditions are not as favorable. the OpenSky® Secured Visa® Credit Card offers a line of credit between $ 200 and $ 3,000 which is linked to your fully refundable security deposit. There is an annual fee of $ 35 and the variable APR for purchases is 17.39% (which is actually quite good).

The best selling point is that there is no credit check and no checking account required to own the OpenSky® Secured Visa® Credit Card. Depending on your credit history, you may be refused for other cards on this list. As long as you have the necessary security deposit, OpenSky welcomes you with open arms. If you decide to close your account and it was in good standing, your initial deposit will be refunded to you within six weeks.

Lily Doughroller OpenSky® Secured Visa® Full Review

First Progress Platinum Select MasterCard® Secure Credit Card

First progress offers a solid secure credit card in their Platinum Select MasterCard. The variable APR is 13.99% and there is an annual fee of $ 39, which is the highest fee on our list. You are subject to a minimum interest charge of $ 1.50 per month and if you request a cash advance; the fee is 3% or $ 10 (whichever is greater).

First Progress does not require a credit history or minimum credit score to obtain this card. They also offer two other secure credit cards with slightly different price details; depending on your appetite for a higher / lower annual fee.

Another option

the Petal 1 The Visa credit card, issued by FDIC member WebBank, is a great choice for consumers without a strong credit history or credit score. By creating a unique Cash Score, a decision is made based on your banking history.

Higher limits, more competitive interest rates, and no annual fees make the Petal 1 credit card stand out in a crowded industry. Credit limits range from $ 500 to $ 5,000, with interest rates of 19.99% to 29.49%.

In addition to the absence of annual fees, there are no international fees. Plus, you can receive between 2% and 10% cash back at select merchants, in person and online.

As long as you pay your bill on time each month, you can use the Petal 1 Visa credit card to build up your credit without paying an annual fee. Eventually, this will lead you to an opportunity to apply for other credit cards. Read more about this in our Petal 1 credit card review.

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