Secured Cards

1. First Latitude Platinum Mastercard Secured Card

The First Latitude Mastercard® Secured Credit Card card art
Recommended Credit:
300629
Bad and No Credit

APR

See terms*

Deposit

See terms*

Why We Like It:

"Build credit no deposit/annual"

If you have "Poor" credit, you know the struggle is real when it comes to finding a credit card. So many of the options just don’t seem that good. The best thing you can hope for is a low-fee, full-featured card that allows you to build credit, either with or without a deposit. It’s with a deposit that you can use the First Latitude Platinum Mastercard Secured credit card to get that credit score up!

First and foremost, to raise your credit score you want to follow these steps:

If you’re ready to take these steps seriously, you could be ready for the benefits of card ownerhip with First Latitude Platinum.

If approved, you’ll benefit from monthly reporting to all three credit bureaus. This is a big draw for this card, geared at people who want to systematically raise their score with the bureaus, little by little. Your credit line will also be secured by your deposit, so there won’t be any questions as to how much your credit limit will be. You will have access to your account online 24/7, and your new Mastercard will be widely accepted.

With First Latitude, people can gain access to much needed credit. This is a useful card to have if you have below average credit and aren’t likely to get approved for a card with more benefits. For those in the middle credit range, it may be worth looking into other cards with a wider range of benefits that meet your needs.

2. Capital One Secured Mastercard Review

Capital One Secured Mastercard card art
Recommended Credit:
300629
Bad Credit

APR

26.99%

Deposit

$49

Why We Like It:

"Refundable deposit build credit"

Responsibly using the Capital One Secured Mastercard can help you build, or rebuild, credit. Secured credit cards, like this one from Capital One, can be a great option for people with low credit scores or no credit history.

If you’re approved for the Capital One Secured Mastercard, you need to pay the minimum security deposit before your account can be opened. The security deposit cannot be applied to your monthly payments but will be refunded as long as you pay your balance in full when you close your account.

Even though you make a security deposit, the Capital One Secured Mastercard is still a credit card, not a prepaid card. It looks like any standard Capital One credit card, and Capital One will report your credit standing to the three major bureaus. Making payments on time can improve your credit, and being late or missing payments could hurt it.

After approval, you’re given an initial credit line which you can increase by depositing more than required for the security deposit or by making your first five monthly payments on time. Thanks to the Capital One Secured Mastercard, a not-so-stellar credit score doesn't mean you have to be locked out of the credit card universe.

3. OpenSky Secured Visa Credit Card

OpenSky Secured Visa card art
Recommended Credit:
300
689
Fair, Bad, and No Credit

APR

19.64%

Deposit

$200

Why We Like It:

"Build credit no credit check"

If you have bad credit, you may feel like you’re hopeless to take hold of your financial future. It may seem like no card issuer is ever going to approve you because you have a low credit score or no credit at all. However, there are cards out there designed for poor credit and no credit applicants.

Often, if you have no credit or your credit history is not great you can apply for a secured card. While most people who apply for revolving credit want an unsecured card with lots of benefits, a secured card could be the kick starter you need to graduate onto better cards with more options and build a solid credit history. Here’s how.

Generally, a secured card is one where you put down a deposit that you can borrow against. Most often, the deposit will usually equal the initial credit limit you receive. In a lot of cases, this is just a few hundred dollars. A responsible user of secured credit cards will pay their bill in full each month and avoid maxing out their card to build credit in a healthy way.

The OpenSky Secured Visa is no different. If you are approved for this card, it will be contingent upon posting a deposit to spend against. This can pose a challenge for a couple of reasons. Someone with bad credit or no credit who is applying for a secured card may only have a few hundred in savings to begin with. It’s not recommended you drain your savings for any reason. That is your emergency fund. If you don’t have a bank account at all, your options for building credit are even more limited.

That’s where OpenSky can help. Here’s what we think about this card:

What can we say about the OpenSky Secured Visa? It has limited perks with little room to grow into a better card as your credit matures. It also has a higher deposit requirement than other more competitive secured cards. For these reasons, it may not be the best choice for bad credit or no credit applicants.

However, there will be a percentage of people drawn in by the prospect of a no credit check approval and because you don’t need a bank account. This means, for people who are truly starting with the bare minimum and building their financial profile from the ground up, it could be one of the only cards that offers any access to credit at all.

Everyone deserves access to credit, regardless of their financial situation or lot in life. Most Americans have a bank account and aren’t intimidated by the prospect of a credit check for a secured card. That said, for those who are really struggling to build a financial roadmap to success, this card offers a fair shot at building credit.

4. Assent Platinum Mastercard Secured Credit Card

Assent Platinum Mastercard Secured Card card art
Recommended Credit:
300
689
Fair, Bad, and No Credit

APR

See terms*

Deposit

See terms*

Why We Like It:

"Build credit refundable deposit"

The Assent Platinum Mastercard is a secured credit card intended to help people get access to credit even if they don’t have a great score. This type of card is not for everyone, but it definitely serves a purpose and has a niche. If you’re struggling to build credit and can afford to pay a deposit, this card may be an option for you.

Few benefits are bestowed upon cardholders, seeing as this is a card with no frills. Among them are no annual fee in the first year, monthly reporting to all three credit bureaus and wide acceptance. The fully-refundable deposit ranges, but starts around $200 and will generally equal your credit limit. If you need a credit card to book a hotel or rent a car, or do any number of things you have to have a credit card to do, having this piece of plastic in your wallet can unlock those opportunities.

This Mastercard doesn’t have its own mobile app at the time of this publication, but the account can be managed relatively easily online. Once established, you can access your online account 24/7 if you have questions about the card or want to check your balance or more. All in all, when used properly, this card could be a road to better credit and sweeter credit card deals in the future.

5. GreenDot Platinum Visa Secure Card

Green Dot Visa® Secured Credit Card card art
Recommended Credit:
300629
Bad and No Credit

APR

See terms*

Deposit

See terms*

Why We Like It:

"No bank account required"

The Green Dot Platinum Visa card is a reasonable choice for people, with a credit score of “Poor”, who have had trouble getting approved otherwise. This card is issued by Green Dot Bank, a consumer-friendly and technology-driven financial institution. If approved for the Green Dot Platinum Visa, you will be expected to make a deposit that will serve as your credit limit.

Because Green Dot doesn’t offer an unsecured option to which consumers can upgrade when their score is healing, in order to get your deposit back, you have to close the account once you get a better offer from another issuer. That’s not great for consumers because, when you leave your account open, it's usually better for your score in the long run.

That said, qualifying for the Green Dot Platinum is relatively easy. So, if you’ve been denied other similar options with more benefits, this card might be a good bet for you. Despite having many fees and no rewards, what this card does offer is a chance at building a good credit score once and for all. There are better options out there though, even for secured cards, so only apply for this one when you’ve exhausted all of those.

6. Applied Bank Secured Visa Gold Preferred Credit Card

Applied Bank Secured Visa Gold Preferred Credit Card card art
Recommended Credit:
300
689
Fair and Bad Credit

APR

9.99%

Deposit

$200

Why We Like It:

"60 second approvals and no credit check"

The Applied Bank Secured Visa Gold is a good card for people who have to build their credit from scratch, or have “Poor” credit and are looking to rebuild. It’s in the family of secured cards, which means you get access to your credit limit against a deposit you must make once approved. This is different from unsecured credit cards, which make up the majority of traditional credit cards that don’t require a deposit and prepaid or pay-as-you-go cards that you load periodically.

What’s really enticing about this card choice is the very low fixed APR. The APR of this card is fixed at a below average rate which is a great thing for would-be credit users who don’t have the best track record making payments. The bottom line is a lower than average APR saves you money, and that’s particularly useful for people with “Poor” credit who have trouble getting approved for cards with a good rate.

There are some drawbacks, however. Mostly, you should know before you apply for the Applied Bank Secured Visa Gold credit card that it doesn’t come with any perks or rewards other than the opportunity to raise your credit score. There’s also no grace period on payments, so interest starts calculating right at the end of your billing cycle. The fees can hurt, too. Make sure to read the fine print, but otherwise, the low APR is a major boon.

7. Discover It Secured

Discover It Secured card art
Recommended Credit:
300
689
Fair and Bad Credit

APR

25.24%

Deposit

$200

Why We Like It:

"Secured but with cash back!"

The Discover It Secured card is a credit card for people with bad credit looking to grow their credit profile and build their score. The minimum FICO score for acceptance is 300. For that reason, it can also be useful for high risk applicants who aren’t interested in the allure of big rewards, like travel and cash back.

Scratch that! Unlike many competitors in the secured card marketplace, Discover It does offer the opportunity to reap cashback rewards. Earn 2% cash back at restaurants and gas stations on up to $1,000 in combined purchases each quarter and 1% cash back on all other purchases. This perk makes it a standout card for people with bad credit or looking to build their credit for the first time. Here’s a sneak peek at what we love about this card:

At the time of publishing this article, the Discover It Secured card has no annual fee. That’s not likely to change anytime soon, as offering a suite of entirely “no annual fee” cards is a marketing point for Discover. With that said, since this is a secured card, it does require a deposit. For those who think a deposit sounds like a bummer, here’s why it’s actually a good thing: First, unlike an annual fee, positive credit behaviors on this card will lead to getting your deposit back if your account remains in good standing. Secondly, by putting a deposit down as your credit limit, you generally have access to better APR offers. As far as Discover It Secured is concerned it’s still going to be an above-average APR, up to 25.24 %, which is also not uncommon for those with bad credit. Finally, once you have established a relationship with Discover, several months in, they will review your account and you may be eligible to upgrade to an unsecured card. This is a wonderful gateway for those entering the world of credit purchases for the first time.

Because Discover allows you to view your FICO credit score in the card portal (you seriously can’t miss it), savvy credit card users with {fico.displayText} can directly tie their credit behavior to the impact it has on their score! That makes it easier than ever to manage your credit while building positive credit behaviors. We at CardGuru love Discover It cards, but don’t just take it from us. Take it from the hundreds of positive reviews this card gets online. If you are in the market for a credit building card, this is a good choice for a wide range of consumers, and the opportunity to earn cashback rewards doesn’t hurt either.

8. Green Dot primor® Secured Visa®

Green Dot primor® Visa® Gold Secured Credit Card card art
Recommended Credit:
300629
Bad and No Credit

APR

See terms*

Deposit

See terms*

Why We Like It:

"9.99% fixed interest credit builder"

If you have bad credit, no credit or other limitations that prevent you from accessing revolving credit, you may wonder: what can you do? Not having any credit history, or worse a sub-prime one, can be damaging to you, your family and can have a devastating impact on your lot in life. Don’t feel hopeless, however, there is a solution for you. It may be that the Green Dot primor Secured Visa credit card is an option.

You can use the primor Secured Visa to make purchases anywhere Visa is accepted. Make your payments on time or pay your balance down to zero each month and your credit score is likely to improve, eventually. The card issuer reports your payment and spending behavior to all three credit bureaus, so if you aren’t responsible with the card that could harm your credit as much as good credit habits will help it. Make sure to consider all aspects that go into increasing your credit score, which include not only payments but other things like credit utilization percentage.

The good news is if you’re ready to take the plunge and get a card, this isn’t a tough one to get approved for if your income exceeds your monthly expenses. One key factor of this credit card is that it’s secured. That means you have to pay a deposit, and the deposit equals your credit limit. For some people in a tough financial spot, that may mean the limit starts quite small. However, the Green Dot primor Secured Visa offers opportunities to increase your credit limit based on a solid payment history. This makes it a valuable card for those seeking credit for the first time, or people who need to redeem themselves in the eyes of creditors.

9. First Progress Mastercard® Secured Credit Card

First Progress Platinum Prestige Mastercard® Secured Credit Card card art
Recommended Credit:
300629
Bad and No Credit

APR

See terms*

Deposit

See terms*

Why We Like It:

"Build credit refundable deposit"

The First Progress Platinum Prestige Mastercard Secured credit card is one of a few options for people with bad credit, poor credit, limited credit or no credit at all. When it comes to First Progress cards, they offer limited perks and few incentives to new cardholders. On the bright side, however, a card from First Progress can make your financial situation seem less hopeless if you are one of many Americans who needs access to credit but has trouble getting approved for more competitive offers.

The selling point of the First Progress Platinum Prestige card is it provides an easy-to-navigate online path to approval. With no minimum credit score or credit history required, users can quickly and seamlessly complete an online application. If approved, the card issuer offers expedited processing for people who need to get plastic in their hands, quickly.

Of the three platinum cards offered by First Progress, the Platinum Prestige has the highest annual fee but offers the lowest interest rate, essentially allowing consumers to trade APR points for fee dollars. This could be the right card for someone who has a low credit score or no credit. That’s especially true if the consumer needs a card quickly and doesn’t mind making a deposit and paying fees in exchange for lower APR.