The Discover it Secured Credit Card charges a $0 annual fee and earns cash back rewards. It reports your payment activity to the major credit bureaus and offers the opportunity to graduate to an unsecured card
Deposit required: $200
Credit limit will equal your deposit and ranges from $200 to $2,500.
The Discover it® Secured Credit Card hits everything you’d want in a secured credit card for poor/limited credit: a $0 annual fee, credit bureau reporting and cash back on every purchase. It’s also our top choice for students with bad credit.
You’ll have to put down a $200 minimum deposit to secure a credit line. After seven months, Discover will begin monthly reviews of your account to see if you qualify to get your deposit back and graduate to an unsecured credit card.
Deposit required: $200
Credit limit will equal your deposit and range from $200 to $3,000.
The Capital One Quicksilver Secured Cash Rewards Credit Card offers a simple cash back rate on everyday purchases, which is rare with cards for bad credit. Cardholders earn 1.5% Cash Back on every purchase, every day; 5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply). Additionally, this $0 annual fee card offers automatic credit line reviews starting at six months to determine if you qualify for a higher credit line.
Deposit required: $49 to $200
Initial credit limit of $200 with a $49, $99 or $200 deposit.
Typically, when you get a secured credit card, you must submit a deposit in the amount of your desired credit limit. But the Capital One Platinum Secured Credit Card offers the chance to get a $200 starting credit limit with a $49, $99 or $200 deposit. Just know, you aren’t guaranteed to get the lower deposit amounts.
You can also raise your initial credit line by making a larger deposit — up to a maximum of $1,000. After six months of demonstrating responsible card usage, Capital One will review your eligibility for an increased credit limit.
Deposit required: $100
Credit limit will equal your deposit and ranges from $100 to $1,000.
The Amazon Secured Card has a lower minimum deposit than many secured cards, which can be helpful if you’re struggling to put together a $200 or $300 deposit. Plus, you may be able to graduate to an unsecured card after using this card responsibly for 12 months.
The Amazon Secured Card is accessible with a deposit as low as $100. The card also offers an opportunity to earn 2% back at Amazon.com, Amazon Fresh and more, with an eligible Prime membership. The main downside is that you cannot use it outside Amazon and select Amazon brands.
Deposit required: None
Credit limit of $300 to $3,000 with no deposit.
The AvantCard Credit Card is a solid option if you want to improve your fair/poor/limited credit with the help of a card that doesn’t require a security deposit. Rather than putting down a security deposit, you’ll pay a $59 annual fee. This option avoids tying up cash that you could use for expenses, but avoid carrying a balance because this card comes with a high APR of 30.24% (variable).
Deposit required: $200
Credit limit will equal your deposit and ranges from $200 to $3,000.
The OpenSky® Secured Visa® Credit Card may be your best option if you’re worried that your credit is too bad to get approved even for a secured card, since it doesn’t require a credit check when you apply. It charges a $35 annual fee and has a regular APR of 25.64% (variable). The card also requires a refundable security deposit ranging from $200 to $3,000.
The card does not require a bank account for approval, but you will have to provide some personal financial information, such as your annual income, monthly housing payment and housing payment type.
Deposit required: $1,000
Out of the few available secured credit cards for businesses, the Business Advantage Unlimited Cash Rewards Secured credit card is one of the simplest. It has a $0 annual fee and flat rewards rate, which makes it easy to rack up rewards on business purchases while building credit. Plus, Bank of America will automatically review your account to see if you can transition to an unsecured credit card. But keep in mind that the minimum deposit is $1,000 — which is pretty steep for a secured credit card.
Charlotte Zhang is a staff writer focusing on credit cards.
Prior to becoming a personal finance writer, Charlotte Zhang spent more than 15 years as an English as a Foreign Language teacher in small-town China after receiving her education degree from Martin Luther College. She taught thousands of students across all levels; from preschoolers to C-suite executives, with middle school being her favorite age group.
She’s written personal finance content for Joy Wallet, Save, Insurify, The Penny Hoarder, Money Under 30, RBC Wealth, Next Advisor, Credit Sesame, The Simple Dollar, Work+Money, Capital One, Incomes Abroad and International Living. Additionally she’s ghostwritten content for real estate investing and insurance blogs.
When she’s not scanning receipts to earn cash back rewards or giving personal finance tips to friends, she enjoys knitting woolen socks (not a frugal hobby), cooking (a great way to save) and hanging out with her husband and two kids.Read More
The above offers and/or promotions may have since changed, expired, or is no longer available. Check the Issuers’ website for more details.