The Best Secured Credit Cards

These are 6 great secured credit cards for establishing or re-establishing credit (all cards report to the 3 credit bureaus). This list includes two cards by credit unions. A lot of credit unions offer great benefits to their members like no annual fees, low APR’s and more personalized service. If you have been denied by the big banks, my suggestion is to visit your local credit unions and find out if you are eligible for an unsecured or secured credit card with them.

• Capital One Secured Master Card
• Bank of America Secured Visa
• Wells Fargo Secured Visa
• Navy Federal Credit Union Rewards Secured Visa
• EMV Savings Secured Visa Platinum Card
• Discover it Secured Credit Card (no info available online)

Please make sure to leave your comments below, especially if you have experience with any of these cards or if you want to recommend other secured cards. I have experience using both the Capital One and the Bank of America secured cards. I used these two cards successfully to rebuild my credit, however, any secured card should work for you if used responsibly.

Secured Credit Card Descriptions

Capital One Secured Master Card. Required Security Deposit: $49, $99 or $200 based on your credit. You can deposit more than your minimum required deposit in order to get a higher credit line (up to $3000). APR: 24.9% variable. Annual Fee: $0. Eligibility: Anybody can apply. Fico Credit Score Needed: This card is for people Rebuilding Credit. Graduation: No. Benefits: None. Reports as: Unsecured.

Bank of America Secured Visa. Required Security Deposit: a minimum of $300 or up to $4,900. Your limit will be determined by your income, ability to pay and the amount of the security deposit you provide APR: 20.24% variable. Annual Fee: $39. Eligibility: Anybody can apply. Fico Credit Score Needed: N/A.Graduation: After 12 months, your account may be reviewed and you could qualify to have your security deposit returned while you continue to use your card Benefits: cash back (1% everywhere, 2% at grocery stores and 3% on gas). Reports as: Secured.

Wells Fargo Secured Visa. Required Security Deposit: a minimum of $300, or up to $10,000. Your credit line will be equal to your security deposit. APR: 18.99% variable. Annual Fee: $25. Eligibility: Anybody can apply. Fico Credit Score Needed: N/A. Graduation: You may be eligible for an upgrade to an unsecured credit card. Benefits: None. Reports as: Secured.

Navy Federal Credit Union Rewards Secured Visa. Required Security Deposit: $500 minimum. Your credit line will be equal to your security deposit. APR: as low as 8.99%, based on your credit. Annual Fee: $0. Eligibility: You have to be in the military or related to someone who is to be eligible. Benefits: Rewards (earn one point for every dollar you spend). Reports as: Unsecured.

EMV Savings Secured Visa Platinum Card. Required Security Deposit: $250. Your credit line will be equal to your security deposit. Your deposit will also earn interest. APR: as low as 6.99% variable. Annual Fee: $0. Eligibility: You may join SDFCU if you are an employee of The Department of State or one of these organizations. Additionally, you may be eligible to join SDFCU through the American Consumer Council (ACC) (cost is $5). Fico Credit Score Needed: N/A. Graduation: N/A. Benefits: Flexpoints Rewards for every $1 spent. Reports as: Secured.

Discover it Secured Credit Card. You will not find information for this card online. You have to apply for a Discover It card and if you’re denied, you might get a counteroffer for their secured card. Required Security Deposit: N/A. APR: 22.99% variable. Annual Fee: $0. Eligibility: Anyone can apply. Fico Credit Score Needed: N/A. Graduation: after 12 months. Benefits: cash back (1% on purchases and 5% on rotating categories). Free TransUnion FICO score. Reports as: Unsecured.