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The Best Secured Credit Cards 2022: Compare Rates

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The Best Secured Credit Cards for November 2022

OpenSky® Secured Visa® Credit Card
OpenSky® Secured Visa® Credit Card
Credit Card
  • Variable APR of 17.64%
  • Get approved even with no previous credit history
  • Minimum security deposit of $200
  • Reports to all three credit bureaus
Chime Credit Builder Secured Visa® Credit Card
Chime Credit Builder Secured Visa® Credit Card
Credit Card
  • No credit check to apply
  • 0% APR - No interest or annual fees
  • Get cash at over 60K fee-free ATMs
  • No minimum security deposit required
Capital One Platinum MasterCard®
Capital One Platinum MasterCard®
Credit Card
  • No annual fee
  • 26.99% variable APR
  • No foreign transaction fees
  • Automatic credit line reviews
Citi® Secured MasterCard®
Citi® Secured MasterCard®
Credit Card
  • Purchase APR 23.99% variable APR
  • $0 Liability on Unauthorized Charges
  • No Annual Fee
  • Helps you build your credit
Citi Rewards+ Card
Citi Rewards+ Card
Credit Card
  • 0% Intro APR on balance transfers for 15 months from date of first transfer and on purchases from date of account opening
  • 13.49% - 23.49% Variable APR
  • $0 annual fee
  • Recommended credit score 690-850
Citi Premier® Card
Citi Premier® Card
Credit Card
  • Earn 3X points on restaurants, supermarkets, and more.
  • No foreign transaction fees
  • Enjoy $100 off a single hotel stay of $500 or more
Assent Platinum 0% Intro Rate MasterCard® Secured Credit Card
Assent Platinum 0% Intro Rate MasterCard® Secured Credit Card
Credit Card
  • Enjoy 0% APR on Purchases for Six Months
  • Full-Feature Platinum Mastercard® Secured Credit Card
  • 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
Bank of America® Customized Cash Rewards Card
Bank of America® Customized Cash Rewards Card
Credit Card
  • $200 online cash rewards bonus offer and 3% cash back in the category of your choice
  • 0%† Intro APR for your first 15 billing cycles for purchases
  • 3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs
  • $0 annual fee
Capital One® Quicksilver® Cash Rewards Credit Card
Capital One® Quicksilver® Cash Rewards Credit Card
Credit Card
  • 0% intro APR on Purchases for 15 month
  • 15.49% - 25.49% Variable APR
  • $0 annual fee
  • Recommended credit score 690-850


Please note that loan amounts, interest rates and other loan terms may vary according to your state and credit profile.

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What Is a Secured Credit Card?

A secured credit card is a type of credit card that requires a cash deposit from the cardholder as security.

This deposit serves as security on the card account, providing the issuer with collateral in the event that the cardholder can’t make payments.


A secured credit card is backed by a cash deposit that serves as security for the issues if the cardholder defaults on card payments.

Secured credit cards are often issued to people with a bad credit history, or with no credit history (also called thin-file borrowers).

How a Secured Credit Card Works

Most credit cards are unsecured; there is no security for the money owed to the credit card company. This is also one of the reasons why credit card interest rates are so high – unsecured debt is always more expensive.

A secured credit card is like a driver’s permit which allows you to first master navigating the credit card universe. This prepares you to advance to the next level or license of obtaining an unsecured credit card.

Unlike a debit card, your secured credit card shares your activity, such as your monthly payment history and balances, with the major credit bureaus.

With sustained favorable reports from a secured credit card, you may be able to upgrade to an unsecured credit card, which doesn’t require a deposit.

There are some cases where the deposit is saved in an interest-earning account, but this shouldn’t weigh heavily in choosing the best secured credit card for you.

How Much Do You Need to Deposit?

This often depends on the card issuer, so here are some examples:

  • The Citi® Secured MasterCard® requires a deposit of $200 – $2,500.
  • Capital One Secured MasterCard® requires a $200 minimum deposit.
  • Don’t fret if you can’t afford these deposits. There are some secured credit cards for bad credit that allow you to pay the deposit in installments.

    Depending on your financial situation, these deposit requirements will determine which card would be best for your situation.

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Secured Credit Card Terms

Apart from the required deposit, the best secured credit cards for bad credit work in the same way as regular (unsecured) credit cards.

They are issued by leading credit card companies like Visa, MasterCard, and Discover. As a cardholder you can use the card anywhere the brand is accepted and may be eligible for rewards and other perks.

You will receive a monthly credit card statement showing your balance and you are required to pay at least the minimum balance.


Note: As with other credit cards, secured credit cards may also have annual credit card fees, monthly maintenance fees and balance inquiry fees.

The APRs of secured cards are often quite high – as much as 20% – but still in line with the national average of just over 20% as of January 2021.

On the other hand, if you are a candidate for a secured credit card, your credit score is probably not very strong so you wouldn’t qualify for great rates anyway.

How to Get a Secured Credit Card

Approval will often depend on criteria other than the deposit. For instance, Capital One requires applicants to have a functioning bank account.

They generally don’t check your credit score and do not require a bank account.

Step 1

Rates and fees

As secured credit cards often offer higher interest rates, review the card’s annual percentage rate (APR), annual fee and any miscellaneous fees carefully.

Step 2

Cardholder benefits

Compare the benefits various secured cards offer.

Step 3

Deposit requirements

Although the deposit amount will vary, many secured credit cards require a minimum deposit of $200 and some allow you to make deposits of up to $2,500. 

Step 4

Additional options

When you apply for a secured card, look for a lender that also issues traditional, unsecured credit cards. This will make it easier for you to transition to an unsecured card when you are ready.

The Pros and Cons of Secured Credit Cards


  • Can help you build credit
  • Easier to get approved
  • Your deposit is refundable
  • Payments reported to credit bureaus
  • You can earn rewards


  • They may have an annual fee
  • Higher APR than an unsecured card
  • Requires a deposit
  • Lowered credit score with missed payments

Why Do Many Secured Cards Have Higher APR Than Unsecured Cards?

The issuer views a customer who is not creditworthy as high risk, and because of this risk, they must pay a premium in the form of a higher Annual Percentage Rate (APR).

The best way to deal with this setback is to keep your utilization ratio low.

For instance, if your card has a $1,000 limit, you should keep your credit balance lower than $300. This ensures you are below the 30% utilization mark.

Emergencies do occur of course, so you may be pressed into exceeding this limit. To be safe, pick a card with the lowest interest rate and APR possible.

How to Use Your Secured Credit Card

Once your secured credit card has arrived, you will want to begin building good credit. Remember these tips to ensure your best path to good credit.

Tip 1

Use it for small purchases

Try to avoid using your credit card for larger purchases and take interest rates into account.

Tip 2

Pay the total off immediately

Try to pay the total off as soon as possible to avoid additional fees and interest payments.

Tip 3

Never miss a minimum payment

Always pay at least the minimum due amount on your credit card.

Tip 4

Set payment alerts

This can help you to be alerted when your credit card is used.

Tip 5

Enroll in auto-pay

An easy way to pay your credit card by having the card company debit a payment from your bank account on a set day each month.

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Compare Secured Cards with helps you compare the best secured credit cards and get the lowest rates from leading U.S. lenders.

We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.

Use our free credit card comparison to find the right credit card for your needs.

Secured Credit Cards - FAQs

What are the benefits of a secured credit card?

It allows people with a poor credit history to rebuilt their credit. It’s also good for people without a credit history to start somewhere.

What is credit card autopay?

Credit card autopay is an easy way to make payments on your credit card every month by having the card company to debit a payment from your bank account on a set date each month.

Autopay is offered by all major credit card companies such as Capital One, Discover, Chase, American Express, and more.

What is a semi-secured credit card?

A semi-secured credit card requires the card holder to make a deposit before the they issue credit. However, the credit limit granted may exceed the deposit made, unlike a secured credit card.

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