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Best Secured Credit Cards for November 2022

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OpenSky® Secured Visa® Credit Card

On Capital Bank N.A.'s secure site
Build Credit
OpenSky reports to all 3 major credit bureaus monthly
Credit Line
$200-$3000 Credit Line*
Regular Purchase APR
20.39% (variable)
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First Progress Platinum Prestige Mastercard® Secured Credit Card

On First Progress's secure site
Establish Credit
Monthly reporting to all three major credit bureaus (TransUnion, Experian, Equifax)
$2000 Credit Line
Get up to a $2000 credit line secured by a fully-refundable deposit
Regular APR
13.74% (V)
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First Progress Platinum Select Mastercard® Secured Credit Card

On First Progress's secure site
Establish Credit
Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
Credit Line
Credit Line Secured by Your Fully-Refundable Deposit of $200 -- $2,000 Submitted with Application
Regular APR
17.74% (V)
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The First Progress Platinum Elite Mastercard® Secured Credit Card

On First Progress's secure site
Build Credit
Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
Credit Line
Get up to a $2000 credit line secured by a fully-refundable deposit
Regular APR
23.74% (V)
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Merrick Bank Secured Credit Card

On Merrick Bank's secure site
Build Credit
Get your FICO® Credit Score for free each month.
Credit Line
Once approved, you’ll have an initial credit line based on your deposit - $200 - $3,000 - you can choose the amount!
Fraud Protection
Fraud coverage if your card is lost or stolen. Access your account 24 hours a day, 7 days a week. Get help staying on track with available Auto Pay and account alerts.
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Applied Bank® Secured Visa® Gold Preferred® Credit Card

On Applied Bank's secure site
Build Credit
Automatic Reporting to All Three National Credit Bureaus
Credit Line
Once approved, your initial credit line is based on your security deposit - $200 - $1,000. You can increase your limit to $5,000 at any time by making additional deposits
Regular APR
9.99% Fixed
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Secured Credit Cards

Secured credit cards have one main difference being that with secured credit cards, you need to pay a deposit in advance to guarantee your credit line. This upfront deposit ensures that the bank has collateral for any late payments you may make. Most cards are unsecured, which means that there is no deposit required to use your card.

During your application for a secured card, the card issuer will analyze your financial history and credit score to evaluate the amount you will have to deposit upfront. The deposit amount then essentially becomes your credit limit, and you can only make purchases up to this amount. If you decide to cancel your card, the card issuer will return your deposit.

Unlike traditional cards however, secured cards tend to have high APR, often greater than 20%. It is also important to distinguish the difference between secured cards and prepaid cards. While both require account holders to make deposits in advance of any transactions, the security deposit you put up in a secured card is only consumed if you miss a payment. With prepaid cards, the transaction amount of each purchase is deducted from the account balance. Furthermore, prepaid and debit cards typically do not report to credit bureaus because there is no line of credit being extended, whereas secured cards do and so can help build credit.

Building Or Establishing Credit

Secured cards are mostly used to strengthen or rebuild credit history. Secured cards also tend to have lower credit limits, which should make it easier for you to make your payments. Traditionally, they are built for those with poor or no credit history, they are pretty straightforward to get approved for, and hence charge a deposit to cover any risk. Thankfully there are now many options - some even with rewards - for individuals who are new to credit. We recommend applying for one of these credit cards rather than a secured card if you have Limited / No credit since it is likely you will be approved for a larger credit limit and can even earn rewards.

Secured cards are much easier to qualify for as compared to other traditional credit cards. If you are eligible, you may even receive a secured card that has a rewards program. Once you have paid your balances consistently for a period of time, your bank will likely pre-approve you to upgrade to one of their unsecured rewards cards.

Since secured cards are taken to mainly rebuild credit, there are a few spending tips that a secured cardholder should follow. Firstly, pay your card balances off in full. This will ensure that you are on the right path towards building better credit and your deposit won’t be consumed by your outstanding balance.
Paying your balance on time not only ensures that your credit score is not negatively impacted due to late payments but will also prevent you from paying interest on your payments. Secured cards also tend to have higher interest rates.

As you follow these tips, you should also keep a close eye on your credit score. You will eventually see it improve and after a few months, you can even contact your card issuer to inquire about a potential upgrade to an unsecured card. Most people using a secured card effectively can expect to improve their credit score in around a year.

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The card offers that appear on this site are from companies from which BestCreditCard receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). BestCreditCard does not include all card companies or all card offers available in the marketplace.
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All content is written by editorial staff or writers engaged by the site, not by marketers/sales staff. Editors responsible for producing the content are not in contact or affiliated with any advertiser and are not compensated based on success of the affiliate links. All decisions regarding recommendations are determined separately from advertising relationships. Any opinions, analyses, reviews or recommendations expressed are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.
Approval Odds
BestCreditCard calculates your approval odds by comparing your credit profile to other BestCreditCard members who were approved for this product. These approval odds are estimates only and do not guarantee approval. Credit card issuers use a variety of different types of credit scores and criteria to make credit decisions. The TransUnion credit score we provide is based on the VantageScore 3.0 model and may not be the credit scoring model used by financial institutions presenting offers on our website.