The 10 Best Secured Credit Cards for 2024

While some experienced borrowers worry about how many credit cards there are, others have different preferences. Whether you’re getting your first credit card or less than ideal credit, you’re usually more concerned about getting approved for just one card.

Best Secured Credit Cards for 2024

Fortunately, options are available . One of the most important credit card tips for people in those situations is to find a secure credit card. Often, they have less stringent requirements and can provide tools to make credit card management easier as you build your score. If you’re wondering which ones are worth seeing, check out the ten Best Secured Credit Cards for 2024.

1. Citi Secured Mastercard

If you don’t have a credit history, City secure Mastercard is a reasonable option, as the approval requirements are a little more flexible. There is also no annual fee, and you can go with deposits as low as $200.

However, the regular APR is 24.74% variable, which is higher than some alternatives. Additionally, foreign transactions are charged 3%, and there is no rewards program available.

2. Discover it Secured Card

If you have bad credit, choosing a secure credit card that reports to all three major credit bureaus is a smart move. This is one of the reasons why the Discover it secure card is a solid choice, as you can build your score across the board using credit wisely.

While the 24.49 percent variable APR is high, you can only start with a $ 200 refundable deposit, and you can get that deposit back in seven months if you will be able to apply for an unsecured card at that time if you meet the eligibility criteria.

3. US Bank Cash+ Visa

With the US Bank cash + Visa secure card, the biggest benefit is cash back rewards. You can earn up to 5 percent on the first $2,000 that you spend in two categories every quarter. In addition, there is a 2 percent cash back on your choice of another everyday spending category, plus a 1 percent cash back on everything else.

The interest rate is higher coming at 28.24 percent variable . Also, the foreign transaction fee runs at 3 percent. Still, you can qualify for this card even if you have bad credit, and the security deposit to open the card can be as small as $300.

4. Capital One Quicksilver Secured Cash

Another option for borrowers with bad credit, the Capital One Quicksilver Secure Card offers unlimited 1.5 percent cash back and no annual fee. The lowest deposit is just $200, although the interest rate is 26.99 percent variable. Consequently, this is a solid option if you can fully pay the balance every month, but it may not be ideal if you take the balance.

5. Capital One Platinum

With no annual fees and no foreign transaction fees, the Capital One Platinum secured credit card is a reasonable choice. While the regular APR is 26.99 percent variable, you do not need a credit history to qualify. In addition, the deposit – which ranges from $49 to $200 for a $200 credit line – is refundable, and you can qualify for a higher credit limit after making five timely payments. Just keep in mind that there is no prize option here, which is an obvious drawback.

6. BankAmericard Secured

Offered by Bank of America (boa), BankAmericard safe typically has an APR of 22.9 percent, lower than some options. Also, you do not need a credit history to qualify or be approved if you have bad credit, and there is no annual fee. However, you will have to contend with a 3 percent foreign transaction fee, as well as a cash advance fee of 3 percent or $10, whichever is higher.

7. DCU Visa Platinum Secured

If you don’t have a credit history yet and you’re looking for a credit card with a low interest rate, you might want to check out the DCU Visa Platinum Secured credit card. This card offers a regular APR that can be as low as 13.75% variable, which is significantly lower than what some other credit cards charge. Moreover, the card has no annual fee and no foreign transaction fees.

Regarding the downsides, it’s worth noting that the minimum security deposit required is $500, which might be higher than other options available out there. Moreover, in order to be eligible for this card, you’ll need to become a member of the credit union, which may involve an additional cost of $10 or more. Finally, it’s important to keep in mind that there are no rewards associated with this card, although the lower APR rate could compensate for this.

8. Self Visa

The Self Visa secured credit card is a suitable option for individuals with no or poor credit who want to build their credit. To qualify for this card, you need to open a Credit Builder Account, make three timely monthly payments, and have at least $100 in savings progress while keeping your account in good standing.

Once you have completed the necessary steps, you can decide to allocate a portion of your savings towards a security deposit. One of the advantages of this program is that you can start with a deposit of only $100, which is lower than the majority of competing companies. Additionally, as long as you complete all of the required steps, your application will not be denied, and your progress will be reported to all three credit bureaus, which can help improve your credit score.

9. BoA Customized Cash

The BoA Customized Cash secured credit card is an excellent choice for individuals who have poor or no credit history since it has a high chance of approval. The best thing about this card is that the minimum security deposit required is only $200, and there is no annual fee, although foreign transaction fees do apply.

When using this rewards program, you have the opportunity to earn cash back on your everyday spending. Specifically, you can earn 3% cash back on one spending category of your choice, such as gas or dining. Additionally, you will receive 2% cash back when shopping at grocers and warehouse stores. For all other purchases, you will earn 1% cash back. shopping at grocers and warehouse stores. For all other purchases, you will earn 1% cash back.

10. OpenSky Secured Visa

If you have poor or no credit history, the OpenSky Secured credit card might be a good option for you since it doesn’t require a credit check. This could work in your favor as it won’t impact your credit score. Although there is a $35 annual fee, the APR is only 18.89 percent variable, which makes it a better option if you tend to carry a balance. Moreover, you can start with a security deposit as low as $200, making it a feasible choice for many people.

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