Secured Credit Cards For Bad Credit

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Millions of Americans battle the issue of poor credit. This problem usually stems from lack of knowledge of credit when the individual is very young and just starting out in college. Improper use of credit cards, such as overspending beyond one's means, not paying bills or paying bills late are some of the most common things that can lead to a person's credit taking a downward spiral. However, all hope is not lost as there are secured cards that can help someone with bad credit to improve their credit score and reputation.

Secured Credit Card


Secured credit cards are a great way to rebuild your credit and can be used to pay for goods and services. However, a secured card requires you to open and maintain a savings account as security for your line of credit. The required savings deposit for a secured card may range from a few hundred to several thousand dollars. Your credit line is a percentage of your deposit, typically 50 to 100 percent. Usually, a bank will pay interest on your deposit. In addition, you also may have to pay application and processing fees that can sometimes total hundreds of dollars. Before you apply, be sure to ask what the total fees are and whether they will be refunded if you're denied a card. Typically, a secured card requires an annual fee and has a higher interest rate than an unsecured card. Make sure they report your payment monthly to the major credit bureaus. Making your payments on time monthly will increase your credit rating.

If you are considering a secured card as a way to build or re-establish a credit record, make sure the issuer reports to a credit bureau. Your credit history is maintained by companies called credit bureaus; they collect information reported to them by banks, mortgage companies, department stores, and other creditors. If your card issuer doesn't report to a bureau, the card will not help you build a credit history.


Below are a list of secured credit cards available to people with bad credit:

First Progress Platinum Prestige MasterCard
Reviewed by Thomas Vargo on .
A secured Platinum MasterCard credit card for bad credit by First Progress.

The First Progress Platinum Prestige MasterCard is easy and fast to get approved for the card, and no credit history or even a minimum credit score is required. The annual fee tied with the card ranges along with APR on purchases, depending on the type of card applying for.
Rating: 4.5


Capital One Secured MasterCard
Reviewed by Thomas Vargo on .
A secured MasterCard credit card for bad credit by Capital One.

The Capital One Secured MasterCard is one of the top rated secured credit cards for individuals with poor or even no credit. There is a $29 annual fee, and usage is automatically reported to the three major credit reporting bureaus. It is a great card to use for building or improving credit, and it is possible to create a line of credit of up to $3,000.
Rating: 4.5


Applied Bank Secured Visa Gold
Reviewed by Thomas Vargo on .
A secured Visa Gold credit card for bad credit by Applied Bank.

The Applied Bank Secured Visa Gold credit card is an excellent choice for individuals with bad credit or no credit history. It carries an APR of 9.99% and a $50 annual fee. There is no charge for balance transfers. The user can start with a minimum deposit of $200 but can increase their credit line to a maximum of $5,000.
Rating: 4.5


Platinum Zero Secured Visa
Reviewed by Thomas Vargo on .
A secured Visa Platinum credit card for bad credit by Applied Bank.

The Platinum Zero Secured Visa credit card from Applied Bank offers a zero percent fixed APR on all purchases and balance transfers and is ideal for individuals with poor credit. Additional perks include no application fees and free identity theft protection.
Rating: 4.5


Secured Visa From Merrick Bank
Reviewed by Thomas Vargo on .
A secured Visa credit card for bad credit by Merrick Bank.

The Secured Visa from Merrick Bank is a great secured credit card that allows the consumer to build or repair their credit. Usage is reported to the three major credit reporting bureaus. Over time, the individual can increase their credit line to up to $3,000. There is a zero APR and no fee on balance transfers initially, with the amount increasing to 17.45 percent later on. The card carries a $36 annual fee.
Rating: 4.5


Open Sky Secured Visa Credit Card
Reviewed by Thomas Vargo on .
Open SkySM Visa is a secured credit card for bad credit.

Annual Fee of $50. Security deposit between $200-$3000 at time of application that will be equal to your credit line. Deposit Funds fully refunded after all obligations are satisfied. Automatic monthly reporting to the 3 major credit bureaus. No credit check is required for approval. No monthly maintenance fees. The Open SkySM Secured Visa Credit Card includes great benefits including automatic auto rental insurance, travel and emergency assistance, and emergency card replacement. $0 Fraud Liability and FREE 24/7 Online Account Access.
Rating: 4.5


Wells Fargo Secured Card
Reviewed by Thomas Vargo on .
A secured Visa credit card for bad credit by Wells Fargo.

A Secured Card works like any other credit card, and can be used wherever Visa credit cards are accepted, but requires a deposit to fund your "Collateral Account". You deposit $300-$10,000 into a "Collateral Account." Your credit line will directly reflect the amount of your deposit. To qualify you must be at least 18 years old, not have declared bankruptcy within the past 12 months, and not have any unsettled liens. There is a annual fee of $25. Comes with auto rental benefits and travel services.
Rating: 4.5


U.S. Bank Secured Visa Card
Reviewed by Thomas Vargo on .
A secured Visa credit card for bad credit by U.S. Bank.

Security deposits range from $300 to $5,000 that will be equal to your credit line. When you have managed all of your credit obligations responsibly consistently for 12 months they may be able to move you to an unsecured credit card product. Comes with Zero Fraud Liability, Fraud Protection, and Car Rental Discounts.
Rating: 4.5


BankAmericard Secured Credit Card
Reviewed by Thomas Vargo on .
BankAmericard is a secured credit card for bad credit.

No application fees or activation fees but it has a $39 annual fee. Credit lines from $300-$4,900. Your maximum credit line is determined by your individual ability to pay based on the income that you provide and your security deposit. Account information is shared with all three major credit bureaus. After 12 months, your account may be reviewed and you may then qualify to have your security deposit returned if your credit and payment history warrant it at that time. $0 Liability Guarantee, which protects you from fraudulent card transactions.
Rating: 4.5