Secured Credit Cards
Credit cards with a refundable security deposit
The best secured credit cards are a card with a refundable security deposit, which turns out to become your credit limit. Thus, this will make you spend more than you can afford to repay. This card is very good for people with bad credit or who have limited credit. Why do we say so? Thus, it offers nearly guaranteed approval. Also, credit is reported to the major credit bureaus every month.
Do you know what that means? You can grow credit with secured credit cards. Nevertheless, it is cheaper than unsecured credit cars when you consider those with bad credit. This makes it good that you use secured credit cards to build credit in case you have bad credit. Worry no more! We have made a list of the best-secured credit cards you can easily make use of without making further research. You can always count on us for that. Check for the best-secured credit cards below:
Best Secured Credit Cards of 2020
- Capital One® Secured Mastercard®: Best for Bad Credit
- Citi® Secured Mastercard®: Best for No Credit
- Discover it® Secured: Best for Rewards
- OpenSky® Secured Visa® Credit Card: Best for No Credit Check
- BBVA Compass Business Secured Credit Card: Best for Business
- Navy Federal Credit Union nRewards® Secured Credit Card: Best for Points
Here is a plot you can always look at so that you can choose the best that suits you based on the fees, minimum deposit, and more…
Best Secured Credit Cards of 2020
|Credit Card||Best For||Security Deposit||Annual Fee|
|Capital One® Secured Mastercard®||Bad Credit||$49, $99 or $200||$0|
|OpenSky® Secured Visa® Credit Card||No Credit Check||$200||$35|
|Citi® Secured Mastercard®||No Credit||$200||$0|
|Navy Federal Credit Union nRewards® Secured Credit Card||Points||$200||$0|
|BBVA Compass Business Secured Credit Card||Small Business||$500||$0 1st yr, $40 after|
6 Best Secured Credit Cards in 2020
Discover it® Secured
The best secured credit card overall. Discover it secured offers a $0 annual fee and 1-2% cash back rewards for every purchase made. Meanwhile, you rarely enjoy this with other credit cards. In other words, the double rewards of discovering it secured make it the best and will also earn you in the first 12 months you opened the account. However, discover it secured is the best secured card available right now.
Capital One® Secured Mastercard®
This card is a partially-secured card for those who wish to build credit at a low cost. However, Capital one secured MasterCard offers a $200 starting credit limit and a refundable deposit of $49, $99, or $200. Thus, there is no annual fee nor does it reward offer.
OpenSky® Secured Visa® Credit Card
Do you have poor credit but you need a secured credit card? Here is a credit card ready to approve you. Thus, an OpenSky Secured card is best for you. Meanwhile, they are willing to accept you, unlike other credit card companies that would reject you for having poor credit. Do you know what you will do? Here are the requirements
- Enough income to afford the monthly bill payment
- A refundable security deposit of at least $200
Nevertheless, this card is willing to offer you with $35 annual fee but no rewards.
Citi® Secured Mastercard®
Here is a solid credit card that gives you peace when you apply for it. What do I mean? It offers you a secured credit card with a low-security deposit and yet, there is no annual fee. It may charge you a minimum deposit of $200.
But there is something you should have in mind. What? Citi Secured card does not offer rewards and this makes it easy to get for people with limited credit. Also, it offers the best odds of approval.
Navy Federal Credit Union nRewards® Secured Credit Card
Here is a credit card designed for military members. It is the best secured credit card among all in this field. On that note, it gives card members 1 point per $1 spent on all purchases without annual or monthly charges. That should be an amazing one! However, you may need a military connection to qualify for Navy Federal Credit Union Membership. Also, you should bear in mind that you are to deposit a minimum of $200 for a security deposit.
Note: if you have bad credit, don’t think of this because it gives no room for you. In other words, it demands you have good credit for you to be approved.
BBVA Compass Business Secured Credit Card
The BBVA compass business secured credit card is the best secured credit card available now. Are you into business, am sure you are aware that business secured credit card are rare on the market for now? You should take advantage of this right now. Here is a couple of what you get from this credit card:
- It offers you a $0 annual fee in the first year you applied. But its reoccurring fee is $40 after the intro period.
- Get 1-3% point plus $1rewards in each purchase.
- The minimum deposit required is $500
The central benefits with these cards we listed for you are the high odd approval odds even with limited or bad credit. Thus, it is the cheapest way to build credit. In fact, there are more “no-fee” secured credit cards to help you build credit now than ever.