Secured credit cards require a cash deposit and are commonly used to build credit. If you have had trouble getting approved for an unsecured card in the past, then a secured card may be right for you. By making on-time minimum payments to all creditors and maintaining account balances below credit limits, a secured credit card combined with responsible financial behavior can help you establish or rebuild your credit history. These are some of the most popular secured credit cards from Credit Karma's partners.
- No annual fee, and all the credit building benefits with responsible card use
- Unlike a prepaid card, it builds credit when used responsibly, with regular reporting to the 3 major credit bureaus
- You will get an initial $200 credit line after making a security deposit of $49, $99, or $200, determined based on your creditworthiness
- Get access to a higher credit line after making your first 5 monthly payments on time with no additional deposit needed
- Easily manage your account 24/7 with online access, by phone, or using our mobile app
- It’s a credit card accepted at millions of locations worldwide
Pros & Cons
- No processing or application fees
- High interest rate
- Security deposit
The Capital One® Secured MasterCard® is a good option for people with little or no credit history who are looking to build their credit.
What to Like
This Capital One® Secured MasterCard® has no set up or processing fees. Capital One® reports to all three major credit bureaus so you can take steps to build your credit history. While this card does require an initial security deposit, Capital One® may increase your credit limit without any additional deposits if you use your credit responsibly.
Look Out For
Secured credit cards are great for building credit, but they typically come with annual fees and a required security deposit--and without rewards. It’s important to use your credit responsibly in order to build toward a card with more attractive perks.
- Have a real credit card - not a debit or prepaid card.
- Determine your own credit limit.When you apply, you'll open a two-year certificate of deposit (CD) with $250 to $5,000.
- The balance of your CD is your credit limit.
- Earn variable interest on the balance of the CD (currently 0.54% Annual Percentage Yield)
Additional Secured Credit Cards
- You are applying for a secured card. For applicants who qualify, more favorable terms and pricing are available through our unsecured products.
- Looks and works like any other credit card and can be used anywhere MasterCard® credit cards are accepted.
- Mobile Banking access available almost anywhere, any time. Helping you stay on top of your finances.*
- $0 Liability Guarantee, which helps protect you from fraudulent card transactions.*
- A minimum refundable security deposit of $300 (maximum of $4,900) is required to open this account. Your maximum credit limit will be determined by the amount of the security deposit you provide, your income and your ability to pay the credit line established.
- After 12 months, your account may be reviewed and, based on your overall credit history, you may qualify to have your security deposit returned while you continue to use your card. Some customers may not qualify after 12 months.
- Build Your Credit fast with our monthly reporting to all 3 major credit bureaus.
- Choose your credit line as low as $200 up to $3000, secured by a fully-refundable* security deposit.
- Security deposit needs to be submitted before the credit card can be issued.
- No credit check necessary and no checking account required; apply in less than 5 minutes.
- Extra credit when you need it, increase your credit line up to $5000 at any time*.
- Access to online financial education.
- *View our Cardholder Agreement located at the bottom of the application page for details of the card. Click the Apply Now button to get to the application page.
- No Annual Fee, and unlike a prepaid card, it helps build credit history with monthly notifications to the credit bureaus
- A security deposit is required for this product (minimum $200)
- Pay your bill on time every month to avoid damaging your credit. Citi can help keep you on track with Auto Pay, online Bill Pay and alerts.
- Use the card anywhere MasterCard® is accepted — worldwide
* 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 "Apply Now" button, you can review the credit card terms and conditions on the provider's website.
† Credit Karma looks at how your credit profile compares to other Credit Karma members who were approved for this product. Of course, there's no such thing as a sure thing, but knowing whether your Approval Odds are Very Good, Good, Fair or Poor may help you narrow down your choices.