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Secured Credit Cards
Without a perfect credit score, there are few certainties when it comes to guaranteed credit card approvals. The one exception is a secured credit card. Secured credit cards require that you make a security deposit. That security amount minus processing fees is then set as your credit limit. The great thing about secured credit cards is that they are guaranteed approval credit cards. The not so great thing is that they can come with hefty fees and low credit limits.
If you have poor credit and want to start rebuilding your credit, a secured credit card is a great way to begin with guaranteed approval. Below are some of our favorite secured credit cards with guaranteed approval.
Recommmended just for you
Capital One® Secured Mastercard®
- Get the credit you need with no processing fees or application fees
- Automatic reporting to the 3 major credit bureaus
- Track credit with access to your credit score and other tools
- Your refundable security deposit can get you a line up to $3000
- You may qualify for credit line increases with no further security deposit required
- Use it like any MasterCard credit card, accepted at millions of locations worldwide
Why we recommend it...
Capital One’s Secured MasterCard helps you build credit without breaking the bank, with no set up or processing fees, a hard-to-beat annual fee of $24, and a security deposit requirement starting at $200. Capital One reports to all three major credit bureaus and also provides extra tools to help you monitor your credit. After continued smart and responsible credit use, Capital One rewards eligible cardholders with a credit line increase without additional security deposits.
A secured card is one of the best ways to turn around poor credit or start good credit history, and Capital One’s Secured MasterCard helps you do it easily and affordably.
Pros:
- Low annual fee
- No set up or processing fees
Cons:
- High Interest Rate
Credit Score Approval Data †
552
Average Credit Score Approved for this Card
488
Lowest Credit Score Approved for this Card
Orchard Bank Classic MasterCards
- An excellent credit card for help rebuilding credit scores; reports to 3 major credit bureaus monthly!
- Acceptance at millions of locations worldwide, including website purchases and reservations
- Your account information is updated and at your fingertips 24/7 so you can manage it your way
- Email and text messages are available to remind you of your upcoming payment due date
- On-call customer service representatives to assist you with questions or concerns
Why we recommend it...
The Orchard Bank Secured MasterCard is consistently the highest rated secured credit card by Credit Karma users. The annual fee is waived the first year. It has been reported that Orchard Bank has good customer service. Members have also reported healthy credit limit increases and upgrades to unsecured cards with responsible payment history.
It is important to note that Orchard Bank does have a unique application process. When you apply, Orchard Bank will perform a soft credit inquiry (does not lower credit score) to determine the best product for you. If you have strong credit, they will provide an unsecured card. The secured MasterCard has an APR of 7.90%-19.90%, an annual fee of $0 - $60 for the first year and $35 - $79 per year thereafter, and no processing fee for people with poor or no credit. The minimum security deposit is $200
Pros:
- No Processing Fee. Annual Fee Waive Year One
- Builds Credit History
- Upgrades to Unsecured Credit Card
Cons:
- Requires a $200 Deposit
Credit Score Approval Data †
599
Average Credit Score Approved for this Card
494
Lowest Credit Score Approved for this Card
Additional secured credit cards
Open SkySM Secured Visa® Credit Card
- No Credit Check for Approval
- No Checking Account Required
- Reports to All 3 Major Credit Bureaus
- All Applications Considered
- Quick and Easy Online Application
- 4 Ways to Fund Your Card
- Accepted Everywhere You See the Visa Logo
- Choose Your Own Credit Limit from $200 to $3,000
First Progress Secured Platinum MasterCard®
- Full-feature Platinum MasterCard secured credit card
- No credit history or minimum credit score required for approval
- Monthly reporting to all 3 major credit bureaus to establish more credit history
- Quick & complete online application
- Secured by your deposit of $300 - $2,000
- 24/7 access to your account online
- Deposit held at FDIC-insured bank
- You must be a resident of a US state; however, at present the program is not available in Arkansas, Iowa, New York, or Wisconsin.
* See the online Provider's credit card application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the "Take Offer" button, you can review the credit card terms and conditions on the provider's website.
† Credit Karma members have received approvals with these TransUnion New Account credit scores. These approval metrics are only guidelines and approval is not guaranteed. You can learn more about credit card approval through our in-depth article.
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