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Best secured credit cards for November 2024

Updated November 01, 2024

Advertiser Disclosure: The listings that appear on the website are from credit card companies from which Bankrate receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all credit card companies or all available credit card offers. Here's an explanation for and how we rate our cards.

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Showing 7 results

Best for building credit

Capital One Platinum Secured Credit Card

Bankrate score

star iconstar iconstar iconstar iconstar icon
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4.1
Bankrate review
No Credit History
Apply nowLock

on Capital One's secure site

See Rates & Fees

Intro offer

N/A

Annual fee

$0

Regular APR

29.99% (Variable)

Why you'll like this: It offers a simple, low-cost way to build credit, and Capital One offers a great mix of rewards cards should you want to upgrade in the future.

Best for flexible deposit

Chime Credit Builder Secured Visa® Credit Card

Bankrate score

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4.2
Bankrate review
No Credit History
Apply nowLock

on Chime's secure site

Regular APR

N/A

Annual fee

None

Why you'll like this: It helps establish or rebuild credit with no annual fee, no credit score required for approval and an option to upgrade to an unsecured card over time.

Best card with a welcome offer

Discover it® Secured Credit Card

Bankrate score

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4.5
Bankrate review
No Credit History
Apply nowLock

on Discover's secure site

See Rates & Fees

Regular APR

27.74% Variable APR

Annual fee

$0

Why you'll like this: It allows you to build credit while earning cash back at gas stations and restaurants.

Best starter rewards card

Capital One Quicksilver Secured Cash Rewards Credit Card

Bankrate score

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4.0
Bankrate review
No Credit History
Apply nowLock

on Capital One's secure site

See Rates & Fees

Regular APR

29.99% (Variable)

Annual fee

$0

Why you'll like this: It offers a solid flat cash back rate and a chance at a credit limit increase in as little as six months if you use the card responsibly.

Best for building a credit mix

The Card with No Credit Check - The Secured Self Visa® Credit Card*

Bankrate score

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3.1
Bankrate review
No Credit History
Apply nowLock

on Self's secure site

Regular APR

29.24% (Variable)

Annual fee

$25

Why you'll like this: It helps you build credit and save money with monthly payments into a savings account that secures a credit limit on the accompanying secured credit card.

Best for low interest

First Progress Platinum Prestige Mastercard® Secured Credit Card

Bankrate score

star iconstar iconstar iconstar iconstar icon
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2.8
Bankrate review
No Credit History
Apply nowLock

on First Progress's secure site

Regular APR

14.74% (Variable)

Annual fee

$49

Why you'll like this: Your security deposit determines your credit limit, allowing you to establish credit and potentially receive lower interest rates than with many unsecured cards.

Best for after bankruptcy

OpenSky® Secured Visa® Credit Card

Bankrate score

star iconstar iconstar iconstar iconstar icon
star iconstar iconstar iconstar iconstar icon
3.1
Bankrate review
No Credit History
Apply nowLock

on Capital Bank's secure site

Regular APR

25.14% (variable)

Annual fee

$35

Why you'll like this: Since it doesn’t require a credit check, it’s one of the most accessible options for people without credit histories or poor credit.

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Compare Bankrate's top secured credit cards

Card Name Best For Annual fee Bankrate Review Score

Building credit

$0

4.1 / 5

Info Icon
(Read card review)
Apply now Lock Icon
on Capital One's secure site

Flexible deposit

None

4.2 / 5

Info Icon
(Read card review)
Apply now Lock Icon
on Chime's secure site

Welcome offer

$0

4.5 / 5

Info Icon
(Read card review)
Apply now Lock Icon
on Discover's secure site

Starter rewards card

$0

4.0 / 5

Info Icon
(Read card review)
Apply now Lock Icon
on Capital One's secure site
Image of First Progress Platinum Elite Mastercard® Secured Credit Card
First Progress Platinum Elite Mastercard® Secured Credit Card

High credit limit

$29

Building a credit mix

$25

3.1 / 5

Info Icon
(Read card review)
Apply now Lock Icon
on Self's secure site

Low interest

$49

2.8 / 5

Info Icon
(Read card review)
Apply now Lock Icon
on First Progress's secure site

Card for after bankruptcy

$35

3.1 / 5

Info Icon
(Read card review)
Apply now Lock Icon
on Capital Bank's secure site

What is a secured credit card?

A secured credit card is similar to an unsecured one, except it has a refundable security deposit as collateral. When you open your account, you pay this deposit and typically it acts as the card’s credit limit. The issuer may refund your deposit and upgrade the card to an unsecured version after you show responsible credit use.

Want to learn more? Read our full guide on how secured credit cards work

Secured vs. unsecured credit cards

Credit builders often start with a secured credit card and then graduate to an unsecured credit card with better rewards rates and lower fees as their scores improve.

While the biggest cost difference between secured and unsecured cards is the security deposit, there are also other fees and features to keep in mind.

Factors Secured card Unsecured for bad credit
Minimum credit score No credit history or bad credit (below 580 FICO) Bad credit (below 580 FICO)
Typical minimum security deposit $50–$300 $0
Builds credit? Yes Yes
Annual fee Sometimes (typically around $49, but many no-annual-fee options available) Commonly (can be $99 or more, and no-annual-fee options are harder to find)
Rewards Rarely Sometimes

Our data: Secured cards might be easier to get

When you’re building or rebuilding credit, it’s important to apply for a new credit card with the confidence that you’ll get approved. Otherwise, your credit score could take a slight hit with a hard inquiry, and you may not even end up with a new card. We analyzed our proprietary data to compare the approval rates for secured cards and unsecured cards that Bankrate readers applied for on our site in 2024.

According to our data, Bankrate users with bad credit and thin credit are 46 percent more likely to get approved for a secured credit card than they are to get approved for an unsecured card for bad credit.

While secured credit cards usually require a security deposit to back your credit limit, this extra requirement makes approval far more likely — and it’s good to remember that the deposit is refundable. As long as you can afford to put down at least $200 for the security deposit, you may have better chances of getting approved for a secured card than an unsecured card.

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LEARN MORE What’s the difference between secured and unsecured credit cards?
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Pros and cons of secured credit cards

Pros

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    Access to credit: A secured card is handy when a merchant doesn’t accept cash, like for a hotel reservation or a rental car.

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    Lighter application requirements: People with limited or low credit scores typically find application requirements for secured cards more forgiving and accessible. Some applications don't even require a credit check.

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    Accountability: Because you can typically spend only up to the amount of your security deposit, a secured card can help you control your spending.

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    Refundable deposits: You can often get your deposit back after demonstrating responsible card use.

Cons

  • Extra fees: Some secured cards may charge fees for opening the account, which can reduce the amount of available credit you have left to use.

  • High APRs: Many secured cards charge higher-than-average APRs, which can be expensive if you don’t pay your credit card bill on time and in full.

  • Limited features: Secured cards tend to focus on credit-building and typically lack features like welcome offers, intro APR offers or other perks that add long-term value.

Expert advice on secured credit cards

Secured credit cards can help you build or rebuild credit when used responsibly. Working on your credit will get you closer to qualifying for cards with better features and benefits. Once you're ready to apply, here’s what people advise you to consider when choosing a secured credit card:

What people are saying about secured cards

It’s crucial to start on the right foot when you begin your credit journey, and advice from people who’ve been in your situation can help. We explored what Redditors from r/CreditCards had to say about using secured cards and their favorite choices.

One tried-and-true piece of advice: Be patient with your first card. You won’t see your credit-building efforts reflected in your score for at least six months, so don’t apply to more cards until your score is ready.

“I wouldn't rush to get more cards right now. Focus on building your credit and becoming eligible for non-secured cards. Then, you can go crazy with applications,” one user said in response to another asking if they should get a second secured card.*

But how much should you deposit on a secured credit card? That depends on your financial situation and how you plan to use the card.

“I think the amount you put down for the security deposit depends on your place in life at the moment and how much you trust your own financial responsibility,” one Redditor said in a separate post regarding security deposits and higher limits.* “You may not need a super high limit and choose to put gas/minor purchases on it to rebuild credit, or use a low limit as a deterrent to overspending. Or you may use the card as a more daily driver option and require a higher limit to make your monthly purchases.”

*The quotes and citations included on this page have been verified by our editorial team and are accurate as of the posting date. Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate.

Try it out: Bankrate’s CardMatch™ feature is an easy way to see if you prequalify for select cards within your credit range.

Tips for rebuilding credit with a secured credit card

While you’ll want to upgrade to an unsecured card as soon as possible, you can still use your time with your secured card to your advantage. 

  • Credit Card With Star Icon

    Make sure the card has features you’ll use

    When choosing a secured card, check the fees and features to make sure that it’s worth investing in. Also, check that the issuer reports card usage to at least one of the bureaus so that your good habits — on-time payments, paying in full, low utilization and more — don’t go unnoticed. Credit reports of good payment behavior to Equifax, Experian or TransUnion are essential for building or repairing credit. 

  • Credit Card Time Icon

    Take this time to practice good habits

    Use your secured card as a tool to help build your credit with relative ease. Keep your credit utilization ratio in check and stay on top of your credit card bills. You should pay at least the minimum due every month, but paying off the entire balance is best to avoid interest charges. It takes time to increase your credit score, so be patient as you learn to use credit cards.

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    Submit a large security deposit

    Putting down more money could result in a higher credit limit, making it easier to keep your credit utilization in check. If you can only put down the required minimum, prioritize keeping your utilization low so you don’t hurt your score. 

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    Upgrade to an unsecured card when possible

    Once you’ve worked your way up to fair credit and beyond, you can think about upgrading to an unsecured card that might offer better rewards programs and lower fees. If your secured card has maintenance or inactivity fees, it may be a good idea to close your card. Otherwise, there’s no harm in keeping it open for the occasional small purchase to add to the length of your credit history.

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    Get your security deposit back

    If you decide to close your secured card, make sure to get your security deposit back. The issuer may take 30 to 90 days to refund your deposit in the form of a statement credit or check.

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Bankrate’s take: As you use a secured card to build credit, track your progress on your credit report. You can request a free copy of your credit report from each of the three credit bureaus every year.

In the news: Credit card balances are still on the rise

The struggle between Americans and interest rates continues. While rates may have a possibility of dropping soon, they remain high, with the average credit card interest rate hovering just below 21 percent. 

According to Bankrate’s 2024 Credit Card Debt Report, revolving credit card debt has increased in the past year, with around 50 percent of U.S. adults carrying a card balance from month to month and around 38 percent saying they are willing to go into debt for discretionary purchases, like travel and live entertainment.

When using a secured credit card, remember that high interest rates make it harder to pay off debt. Missed payments and high credit utilization ratios can bring down credit scores, making it harder to qualify for new loans and credit cards. Even if interest rates decrease soon, the damage will already be done to many people. So make sure to use your card only as needed and focus on building up your credit.

How we assess the best secured cards

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50+
cards rated
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500+
data points analyzed
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250+
fees tracked
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40+
perks evaluated

When evaluating the best secured credit cards, we consider a mix of factors, including how cards score in our proprietary card rating system and whether cards offer features that make it easy to build credit history while keeping costs low.

We analyzed over 50 of the most popular cards designed for people with a fair credit score and rated each based on its cost, APR, credit-building features and more to determine whether it belonged in this month’s roundup.

Here are some of the key factors that we considered:

Build credit, minimize fees

  • Cost 45.00%
  • Ease of building credit 25.00%
  • APR 10.00%
  • Perks 10.00%
  • Customer experience 10.00%

More information on secured credit cards

Have more questions for our credit cards editors? Feel free to send us an email, find us on Facebook, or Tweet us @Bankrate.

For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.

Frequently asked questions about secured credit cards