The Ultimate Guide to Credit Cards
Sunday, January 29, 2023

11 Banks That Offer Secured Credit Cards

Banks That Offer Secured Credit Cards

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Eric Bank

Written by: Eric Bank

Eric Bank

Eric Bank has been covering business and financial topics since 1985, specializing in taking complex subject matters and explaining them in simple terms for consumer audiences. In addition to his work on CardRates.com, Eric has appeared regularly on Credible.com, eHow, WiseBread, The Nest, Get.com, Zacks, Chron and dozens of other outlets. A former software engineer, Eric holds an M.B.A. from New York University and an M.S. in finance from DePaul University.

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Edited by: Lillian Guevara-Castro

Lillian Guevara-Castro

Lillian brings more than 30 years of editing and journalism experience. She has written and edited for major news organizations, including The Atlanta Journal-Constitution and the New York Times, and she previously served as an adjunct instructor at the University of Florida. Today, she edits all CardRates content for clarity, accuracy, and reader engagement.

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Reviewed by: Ashley Dull

Ashley Dull

With more than a decade of experience as a content manager and marketer, Ashley has specialized in finance coverage since 2015. She has worked closely with the world’s largest banks and financial institutions, up-and-coming fintech companies, and press and news outlets to curate comprehensive content and media campaigns. Her credit card commentary is featured on national media outlets that include CNBC, MarketWatch, Investopedia, and Reader's Digest, among others.

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Advertiser Disclosure

Love ‘em or hate ’em, banks play a vital role in the economy. In addition to paying interest on savings and making loans, banks also issue credit cards.

Banks that offer secured credit cards range in size from behemoth to boutique. We’ve assembled a list of banks in alphabetical order that offer widely available secured cards you may want to consider. When you don’t have good credit, secured credit cards provide easier access and lower costs than do their unsecured cousins. 

1. Applied Bank

Applied Bank describes itself as the healthiest bank in America for deposits. It is Delaware’s top-rated bank, offering protection, personalized services, and products that its customers need.

Applied Bank® Secured Visa® Gold Preferred® Credit Card Review

at the issuer’ssecure website

SECURED RATING

★★★★

4.4

OVERALL RATING

  • Better than Prepaid…Go with a Secured Card! Load One Time – Keep On Using
  • Absolutely No Credit Check or Minimum Credit Score Required
  • Automatic Reporting to All Three National Credit Bureaus
  • 9.99% Low Fixed APR – Your Rate Won’t Go Up Even if You Are Late
  • Activate Today with a $200 Minimum Deposit – Maximum $1,000.
  • Increase Your Credit Limit up to $5,000 by Adding Additional Deposits Anytime
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
9.99% Fixed
$48
Poor/Fair/Limited/Damaged

We think the bank’s secured Visa USA credit card is one reason for the institution’s financial health, as it charges interest (albeit a low APR) on purchases starting on the transaction date. In contrast, most credit cards provide interest-free grace periods.

2. Bank of America

Bank of America began as the Bank of Italy in 1904, serving America’s expanding immigrant population. The bank rebranded itself in 1930 and created the first general-use credit card. 

Bank of America® Customized Cash Rewards Secured Credit Card

Bank of America Customized Cash Rewards Secured Credit Card
  • Earn 3% cash back in the category of your choice
  • $200 minimum security deposit ($5,000 maximum)
  • Periodic reviews to return your security deposit
  • $0 annual fee

BankAmericard® Secured Credit Card

BankAmericard Secured Credit Card
  • No rewards offered
  • $200 minimum security deposit ($5,000 maximum)
  • Periodic reviews to return your security deposit
  • $0 annual fee

Bank of America’s well-regarded mobile and online banking make it easier for its customers to manage a credit card or another account type. Its cards are no-brainers for consumers with Bank of America bank accounts.

3. Capital Bank

If you’re looking for a job as well as a credit card, know that American Banker has three times ranked Capital Bank as one of the best banks at which to work. That’s just one of several accolades this Maryland bank has won in the last few years.

OpenSky® Secured Visa® Credit Card Review

at Capital Bank N.A.’ssecure website

SECURED RATING

★★★★★

4.5

OVERALL RATING

  • No credit check to apply and find out instantly if you are approved
  • OpenSky gives everyone an opportunity to improve their credit with an 85% average approval rate for the past 5 years
  • Get considered for a credit line increase after 6 months, with no additional deposit required
  • You could be eligible for the OpenSky Gold Unsecured Card after as few as 6 months
  • Reports to all 3 major credit bureaus monthly, unlike a prepaid or debit card
  • View your FICO® Score through your OpenSky account, an easy way to stay on top of your credit
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
21.64% (variable)
$35
Poor

This Visa secured credit card is one of the easiest to obtain since it doesn’t perform a credit check on applicants. Moreover, about 20% of cardholders improve their credit score by 70 or more points within six months.

4. Capital One

Capital One can provide you with a credit card account whether your credit history is excellent or poor. With free credit scores via CreditWise and 24/7 customer service, Capital One offers valuable tools and premium benefits, including the opportunity to build or rebuild credit, to all its cardholders.

SECURED RATING

★★★★★

4.7

OVERALL RATING

4.0/5.0
  • No annual or hidden fees. See if you’re approved in seconds
  • Building your credit? Using the Capital One Platinum Secured card responsibly could help
  • Put down a refundable security deposit starting at $49 to get a $200 initial credit line
  • You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
  • Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
  • Enjoy peace of mind with $0 Fraud Liability so that you won’t be responsible for unauthorized charges
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
29.74% (Variable)
$0
Limited, Bad

SECURED RATING

★★★★★

4.8

OVERALL RATING

4.0/5.0
  • No annual or hidden fees, and you can earn unlimited 1.5% cash back on every purchase, every day. See if you’re approved in seconds
  • Put down a refundable $200 security deposit to get a $200 initial credit line
  • Building your credit? Using a card like this responsibly could help
  • Enjoy peace of mind with $0 Fraud Liability so that you won’t be responsible for unauthorized charges
  • You could earn back your security deposit as a statement credit when you use your card responsibly, like making payments on time
  • Be automatically considered for a higher credit line in as little as 6 months with no additional deposit needed
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
29.74% (Variable)
$0
Limited, Bad

The two Capital One secured cards consistently rank highest in our ratings. Both are easy to get, and the Platinum card may offer you a $200 credit line for a deposit of only $49, making it a strong candidate for the best secured credit card available.

5. Citibank

Citibank is a large, international banking institution for customers with all types of credit. Citi credit cards offer two primary rewards programs: Thank You and Simplicity. 

Citi® Secured Mastercard®

This card is currently not available.

Secured Rating

★★★★★

N/A

OVERALL RATING

N/A
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
N/A
N/A
N/A

Additional Disclosure: Citi is a CardRates advertiser.

The bank’s CitiManager® online banking tool helps its members manage multiple accounts, including a checking account. Citibank’s cards, including the Citi Secured Mastercard, are well-known for good value rather than pizzazz.

6. Discover Bank

Discover has several promotional offers on its credit cards, including cash back, miles, and 0% intro APRs. It’s most famous for its first-year Cashback Match available to new cardholders, which is why we consider it a leading candidate for the best secured credit card.

Discover it® Secured Credit Card Review

at Discover Card’ssecure website

SECURED RATING

★★★★★

4.7

OVERALL RATING

  • No credit score required to apply.
  • No Annual Fee, earn cash back, and build your credit with responsible use.
  • Establish your credit line by providing a refundable security deposit of at least $200. That means a $200 deposit for a $200 credit line. Or a $500 deposit for a $500 credit line. Bank information must be provided when submitting your deposit, and the security deposit equals your credit limit.
  • Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.
  • Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases – automatically.
  • Discover helps remove your personal information from select people-search websites. Activate by mobile app for free.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
10.99% Intro APR for 6 months
27.24% Variable APR
$0
New/Rebuilding

Discover’s fraud protection keeps customers secure while they spend. It’s easy to apply for a Discover secured card, and its policy of forgiving the first late payment is virtually unique in the industry.

7. Merrick Bank

Merrick Bank specializes in credit programs that assist people interested in building or rebuilding credit. It is a top-20 US credit card issuer serving nearly 3 million cardholders and providing $6 billion in credit.

Merrick Bank Double Your Line® Secured Credit Card Review

at Merrick Bank’ssecure website

SECURED RATING

★★★★

4.2

OVERALL RATING

  • Put down $200, which becomes your credit line. Then, if you qualify, double your credit line to $400 without making another deposit.
  • Double your $200 credit line by making at least your minimum payment on time each month for the first 7 months your account is open
  • Secured Credit Cards are great for people looking to build or rebuild credit and are available to people with all kinds of credit backgrounds.
  • Unlike a debit card or a pre-paid card, it helps build your credit history. We report your payment history to all three major credit-reporting agencies.
  • Get your FICO® Credit Score for free each month.
  • 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.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
21.70% Variable
$36 the first year. Billed $3 per month thereafter
See website for Details
Merrick Bank Secured Credit Card Review

at Merrick Bank’ssecure website

SECURED RATING

★★★★

4.0

OVERALL RATING

  • Choose your own credit line based on how much money you want to put down as a security deposit.
  • Initial deposits can be from $200 to $3,000. You can increase your credit line at any time by adding additional money to your security deposit, up to $3,000.
  • After 9 months, we review your account for a credit line increase. No additional deposit required!
  • Secured Credit Cards are great for people looking to build or rebuild credit and are available to people with all kinds of credit backgrounds.
  • Unlike a debit card or a pre-paid card, it helps build your credit history. We report your payment history to all three major credit-reporting agencies.
  • Get your FICO® Credit Score for free each month.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
21.70% Variable
$36 for first year. Billed $3 per month thereafter
See website for Details*

The bank offers two secured credit cards serving different needs. One may double your credit line in seven months, and the other accepts initial deposits of up to $3,000.

8. Synovus Bank

Synovus is a top-performing midcap bank with more than $57 billion in assets and $7.3 billion in capital. Forbes Magazine has named it one of the Best Banks in America.

First Progress Platinum Prestige Mastercard® Secured Credit Card Review

at First Progress’ssecure website

SECURED RATING

★★★★

3.9

OVERALL RATING

  • Receive Your Card More Quickly with New Expedited Processing Option
  • No Credit History or Minimum Credit Score Required for Approval
  • Quick and Complete Online Application; No credit inquiry required!
  • Includes Free Real-Time Access to Your Credit Score and Ongoing Credit Monitoring powered by Experian
  • Full-Feature Platinum Mastercard® Secured Credit Card; Try our new Mobile App for Android users!
  • Good for Car Rental, Hotels; Anywhere Credit Cards Are Accepted!
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
14.24% (V)
$49
Poor/Limited/No Credit
First Progress Platinum Select Mastercard® Secured Credit Card Review

at First Progress’ssecure website

SECURED RATING

★★★★

3.8

OVERALL RATING

  • Receive Your Card More Quickly with New Expedited Processing Option
  • No Credit History or Minimum Credit Score Required for Approval
  • Quick and Complete Online Application; No credit inquiry required!
  • Includes Free Real-Time Access to Your Credit Score and Ongoing Credit Monitoring powered by Experian
  • Full-Feature Platinum Mastercard® Secured Credit Card; Try our new Mobile App for Android users!
  • Good for Car Rental, Hotels; Anywhere Credit Cards Are Accepted!
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
18.24% (V)
$39
Poor/Limited/No Credit
The First Progress Platinum Elite Mastercard® Secured Credit Card Review

at First Progress’ssecure website

SECURED RATING

★★★★

3.8

OVERALL RATING

  • Receive Your Card More Quickly with New Expedited Processing Option
  • No Credit History or Minimum Credit Score Required for Approval
  • Quick and Complete Online Application; No credit inquiry required!
  • Includes Free Real-Time Access to Your Credit Score and Ongoing Credit Monitoring powered by Experian
  • Full-Feature Platinum Mastercard® Secured Credit Card; Try our new Mobile App for Android users!
  • Good for Car Rental, Hotels; Anywhere Credit Cards Are Accepted!
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
24.24% (V)
$29
Poor/Limited/No Credit

The First Progress Mastercard trio from Synovus Bank does not require borrowers to have credit histories or a minimum credit score to apply for its secured credit cards. The three secured cards differ only in their APRs and annual fees.

9. Truist Bank

Truist is a financial services company formed by the historic merger of BB&T and SunTrust. It serves clients in several high-growth markets, offering a wide range of financial services.

Truist Enjoy Cash Secured Credit Card

Truist Enjoy Cash Secured credit card
  • Earn 3% cash back on gas, 2% on utilities and groceries (with a combined $1,000 monthly cap), and 1% on all other purchases
  • Loyalty Cash Bonus based on your Truist relationship
  • $19 annual fee

Your monthly payment history will be reported to all three credit bureaus to help you build credit with resonsible use. You’ll also enjoy tap-to-pay for faster checkout. Trust also offers business credit card accounts.

10. USAA Savings Bank

Founded by former military members, the United States Automobile Association issues credit cards for military service members, veterans, and their families. USAA cardmembers receive cash back, rewards points, low rates, and more.

USAA Secured Visa® Platinum Credit Card 

USAA Secured Visa Platinum Credit Card
  • No rewards offered
  • $250 minimum deposit ($5,000 maximum)
  • Credit card activity reported to three main credit bureaus
  • $0 annual fee

USAA Secured American Express® Credit Card

USAA Secured American Express Credit Card
  • No rewards offered
  • $250 minimum deposit ($5,000 maximum)
  • Credit card activity reported to three main credit bureaus
  • $0 annual fee

The two USAA secured credit cards are similar despite their different payment networks. You earn interest on a security deposit made to a USAA savings account, which can range from $250 to $5,000.

11. U.S. Bank

U.S. Bank offers several cards for rebuilding credit. It attracts many consumers, including first-timers, students, small businesses, and the general populace looking to own personal credit cards. 

U.S. Bank Cash+® Secured Visa Card

U.S. Bank Cash+ Secured Visa Card
  • Rewards of up to 5% cash back offered
  • $300 minimum deposit ($5,000 maximum)
  • Pay your bill on time to improve credit over time
  • $0 annual fee

U.S. Bank Altitude Go Secured Visa Card

US Bank Altitude Go Secured Visa Card
  • Rewards of up to 4X points offered
  • $300 minimum deposit ($5,000 maximum)
  • Pay your bill on time to improve credit over time
  • $0 annual fee

U.S. Bank Secured Visa Credit Card

US Bank Secured Visa Card
  • No rewards offered; slightly lower APR
  • $300 minimum deposit ($5,000 maximum)
  • Pay your bill on time to improve credit over time
  • $0 annual fee

U.S. Bank has several beneficial credit cards that you can easily view online. Its Visa credit card offerings include three secured credit cards that offer shopping benefits, such as primary payer status for PayPal transactions.

What Is a Secured Credit Card?

A secured card looks and acts like an unsecured credit card except for the required security deposit that collateralizes this account type. These products are discreet — issuers don’t put the word “secured” on the cards. 

The deposit, usually equal to the card’s credit limit, imbues secured cards with specific characteristics, including:

  • Easy acceptance: Your deposit is more important than your credit history.
  • Low costs: Secured cards charge relatively low purchase and cash advance APRs and impose fewer fees than those on the average unsecured credit card for bad credit. 
  • Rewards: You can get a secured card featuring cash back or point rewards on eligible purchases.
  • Higher credit limits: Many secured cards allow relatively high security deposits and matching credit lines.
  • Quick graduation to unsecured cards: You can graduate to an unsecured card after a trial period of timely payments. 

Secured credit cards are excellent for consumers who need help building credit. 

How Much Money Do You Need to Get a Secured Card?

In almost all cases, $200 is the minimum secured card deposit. Some cards may require $250 or $300, and one, the Capital One Platinum Secured Credit Card, will accept as little as $49 for a $200 credit line if you qualify. 

Most cards let you beef up your deposit initially or after receiving your card. Typical maximum amounts range from $1,000 to $5,000, with at least one card accepting a whopping $10,000 deposit. 

Some secured credit cards, such as the Merrick Bank Double Your Line® Secured Credit Card, offer to double your credit line after a set period of timely payments. Most offer to promote you to an unsecured card, again after you make a set number of monthly payments on time.

Who Qualifies For a Secured Credit Card?

Just about anyone 18 or older can get a secured credit card. Some credit approval roadblocks may include:

  • The inability to prove your identity
  • Insufficient income
  • Unverifiable data on your application
  • Owning too many credit cards from the same issuer
  • Residing in a correctional institution
  • Previous negative experiences with the credit card issuer
  • Not meeting the card’s credit terms

Some issuers may require you to have a bank checking account (or savings account) for credit approval. Of course, you must be able to submit the required deposit to obtain a secured card. 

While some secured cards never perform a credit check, those that do may reject your application if your score is too low or you have other significant credit issues, such as a current or recent bankruptcy.

Do Secured Cards Build Credit?

Virtually all secured cards report your monthly activity to each major credit bureau. This credit bureau reporting is the most efficient way to build credit, but its effectiveness is up to you. 

To build credit, you must use your secured card to make purchases and pay at least the minimum amount due on time each month. You also will want to keep your credit utilization ratio (i.e., credit used divided by total credit available) below 30%, as higher ratios can harm your score. Also, avoid using your card when you have insufficient available credit to cover the purchase. 

Compare Secured Cards From America’s Top Banks

Our survey of banks that offer secured credit cards shows you have plenty of options when deciding which card to get. Some cards do not check credit, and many have minimal approval criteria. The ideal choice will pay you rewards on eligible purchases, allow you to take a cash advance, offer valuable benefits, and impose low costs. 

Using your secured card responsibly can raise your credit score and qualify you for unsecured cards within a year.

Advertiser Disclosure

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