Last updated on September 1st, 2023
Secured credit cards are excellent financial tools for building a positive credit history. If you have little to no credit, a secured card may be the answer to establishing good credit. We have rounded up the best overlooked secured credit cards that we think can help you build a better financial future.
At A Glance
What Are the Most Overlooked Secured Credit Cards?
If you research, you will find that many major banks offer some version of a secured credit card. The same goes for credit unions. While these may be the most common places to start the hunt for a secured card, there are a few cards we believe are often overlooked. Some may offer to double your credit limits, graduate you with an unsecured card, provide low rates, and more. Discover our top picks below.
First Latitude Platinum Mastercard® Secured Credit Card
First Latitude Platinum Mastercard® Secured Credit Card
First Latitude Platinum Mastercard® Secured Credit Card
- 24.49% (Variable) Regular Purchase APR
- 29.49% (Variable) Cash Advance APR
At a Glance
The First Latitude Platinum Mastercard is a secured credit card from Synovus Bank and First Progress. The card can help you build a positive credit history with financial responsibility and regular payments, all for a $25 annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- 1% Cash Back Rewards on payments • Choose your own fully-refundable credit line - $100 to $2000 – based on your security deposit • Build your credit score.¹ Reports to all 3 credit bureaus • No minimum credit score required for approval! • ¹Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score. • *See Important Disclosures for complete offer details
- Regular Purchase APR: 24.49% (Variable)
- Cash Advance APR: 29.49% (Variable)
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Annual Fee: $25 for the first year, after that $35 annually
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $41
- Return Payment Penalty Fee: Up to $30
- Minimum Deposit Required: $100
- You have little-to-no credit history and struggle to get approved for other credit cards
- You want to establish a credit history or improve your credit score
- You can submit a minimum of $100 for the security deposit
- You don’t intend to carry a balance from month-to-month
Imagine paying your bills on time, getting rewarded for it, and at the same time strengthening your credit score. The First Latitude Platinum Mastercard® Secured Credit Card can do that exactly and can be a handy tool for a responsible user. And credit-building is not its only strength; it has a few other features that make it stand out.
To begin with, the First Latitude Platinum is a secured card that earns cash back rewards – a rare feature to find among other secured credit cards. You can earn 1% cash back when you pay your bill each month, and alongside earning free money, the convenience of earning rewards for your monthly payments lies in its straightforward process. The card has no spend categories to track – simply stick to your budget and you can still get rewarded at the end of every month for making a bill payment.
Your rewards are then redeemable via the card’s mobile app. Enrollment is automatic after you open your account, so there is no extra work you have to put in when you’re ready to reap your rewards. And if you don’t want to use the rewards instantly, it’s no problem because they do not expire as long as you remain a cardholder. Let your cash back stack up and cash out when you’re ready.
First Progress Platinum Elite Mastercard® Secured Credit Card
First Progress Platinum Elite Mastercard® Secured Credit Card
First Progress Platinum Elite Mastercard® Secured Credit Card
- 25.24% variable based on the Prime Rate Regular Purchase APR
- 30.24% variable based on the Prime Rate Cash Advance APR
At a Glance
The First Progress Platinum Elite Mastercard Secured Credit Card is a solid card to have if you’ve set your sights on credit building. With no upfront credit check or history required, there’s no need to worry about hurting your score before you even get started. Instead, you can jump right in – after submitting your $200 security deposit, of course.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Choose your own credit line - $200 to $2000 – based on your security deposit
- Build your credit score.¹ Reports to all 3 credit bureaus
- No minimum credit score required for approval!
- ¹ Cardholders who keep their balance low and pay their credit card bill on time every month typically do see an increase in their credit score.
- Regular Purchase APR: 25.24% variable based on the Prime Rate
- Cash Advance APR: 30.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Annual Fee: $29
- Foreign Transaction Fee: 3% of the transaction amount
- Late Payment Penalty Fee: Up to $41
- Return Payment Penalty Fee: Up to $30
- Minimum Deposit Required: $200
- You have little to no credit history and struggle to get approved for other credit cards
- You want to establish credit history or improve your credit score
- You can submit a minimum of $200 for the security deposit
- You want a secured card with an initial credit limit of up to $2,000
- You don’t intend to carry a balance from month-to-month
The First Progress Platinum Elite Mastercard® Secured Credit Card, issued by Synovus Bank, is an uncomplicated card to qualify for. It’s simple yet effective, and a perfect credit score is not required to qualify. Like any other secured card, the Platinum Elite requires a security deposit. The good news is that the security deposit minimums start at a reasonable $200 – in other words, not enough to break your bank.
If you’re on the lookout for a secured credit card, it’s most likely for credit-building reasons. The First Progress Platinum Elite card reports card activity monthly to the credit bureaus. You can use your credit limit to set manageable payments for your everyday purchases, as well as paying off bills essential to modern living, like a cell phone bill, utilities, insurance, car notes, etc – a.k.a. your non-negotiable bills.
The Platinum Elite Mastercard has two other sister cards: The First Progress Platinum Prestige Mastercard® Secured Credit Card and the First Progress Platinum Select Mastercard Secured Credit Card. The Elite shares the lowest annual fee of the three, followed by the Platinum Select, and lastly the Platinum Prestige. However, the Platinum Elite does have the highest interest rate out of the three cards. If you prefer a lower rate, you can opt for the Select, or if you prefer to earn cash back and have the lowest rate, you may want to consider the Platinum Prestige.
Merrick Bank Secured Credit Card
Merrick Bank Secured Credit Card
Merrick Bank Secured Credit Card
- 22.70% Variable Regular Purchase APR
- 27.70% Variable Cash Advance APR
At a Glance
The Merrick Bank Secured Credit Card is an effective tool for boosting your credit score. The card features a very competitive APR on purchases, a modest annual fee of $36, and the chance at credit limit increases – without the need for any additional cash deposits.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Choose your own credit line based on how much money you want to put down as a security deposit
- Initial deposits can be from $200 to $3,000. You can increase your credit line at any time by adding additional money to your security deposit, up to $3,000
- After 9 months, we review your account for a credit line increase. No additional deposit required!
- Secured Credit Cards are great for people looking to build or rebuild credit and are available to people with all kinds of credit backgrounds
- Unlike a debit card or a pre-paid card, it helps build your credit history. We report your payment history to all three major credit-reporting agencies
- Get your FICO® Credit Score for free each month
- Fraud coverage if your card is lost or stolen. Access your account 24 hours a day, 7 days a week. Get help staying on track with available Auto Pay and account alerts
- Card issued by Merrick Bank, Member FDIC
- Regular Purchase APR: 22.70% Variable
- Cash Advance APR: 27.70% Variable
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
- Annual Fee: $36 for first year. Billed $3 per month thereafter
- Foreign Transaction Fee: 2% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
- Minimum Deposit Required: $200
- You're looking to establish credit for the first time
- You have credit problems and need to bounce back with a secured card
- You want the chance of additional credit lines with an extra deposit
The Merrick Bank Secured Credit Card can lead you to an unsecured credit line – if you play your cards right. Like most secured credit cards, the Merrick Bank Secured card has a $200 minimum security deposit requirement. However, if cardholders use the card responsibly, Merrick Bank will review your account periodically after your first year, which can result in a credit line increase. If you qualify for the higher credit line, it comes with no strings attached, as cardholders are not required to provide an additional deposit for the increase.
The Merrick Bank Secured might appeal best to anyone seeking a card with a higher credit limit of up to $3,000. Similar to other cards on our list, the Merrick Bank secured shares an affordable annual fee. The annual fee is charged in its entirety for the first year. After the first year, the fee gets split into a couple of dollars per month instead of one lump sum.
The Merrick Bank Secured Credit Card may be a better option if you seek a higher credit limit and hope to work towards an unsecured credit card with responsible use of your secured card. Remember, the initial deposit can be anywhere between $200 to $3,000. If you have $3,000 in your savings account that you don’t mind using as a credit limit, then the Merrick Bank Secured Credit Card could help you reach your spending goals.
OpenSky® Plus Secured Visa® Credit Card
OpenSky® Plus Secured Visa® Credit Card
OpenSky® Plus Secured Visa® Credit Card
- 29.99% (Variable) Regular Purchase APR
- 29.99% (Variable) Cash Advance APR
At a Glance
Building credit without hidden fees is a breeze with the OpenSky® Plus Secured Visa® Credit Card. You can build credit, graduate to unsecured credit, and boost your financial knowledge base while paying $0 in annual fees.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- No credit check to apply. Find out instantly if you are approved- Zero credit risk to apply!
- Looking to build or rebuild your credit? 2/3 of cardholders receive a 48+ point improvement after making 3 on-time payments
- With an 87% average approval rate for the past 6 months, OpenSky gives everyone an opportunity to improve their credit
- Get considered for an unsecured credit line increase after 6 months - no additional deposit
- Monitor your credit progress with free access to your FICO Credit Score
- Reports to all 3 major credit bureaus monthly to establish and build credit history
- Secure your credit line with a refundable security deposit - as low as $300
- Easy application, apply in less than 5 minutes right from your mobile device
- Offer flexible payment due dates which allow you to choose any available due date that fits your payment schedule
- Now you can make smaller partial payments towards funding your security deposit over 60 days
- Over 1.2 Million Cardholders Have Used OpenSky Secured Credit Card To Improve Their Credit
- Regular Purchase APR: 29.99% (Variable)
- Cash Advance APR: 29.99% (Variable)
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Annual Fee: $0
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
- Minimum Deposit Required: $300
- You want a secured credit card but o't want to pay an annual fee
- You have at least $200 available for a security deposit (up to $3,000)
- You are serious about building credit and plan to pay on-time each month
- You want to graduate to unsecured credit
With the OpenSky Plus Secured Visa Credit Card, you may be able to improve your credit without an annual fee. The minimum security deposit is not as low as the other cards on our list, but it is doable. The OpenSky Plus requires a $300 minimum deposit and offers similar rates to that of popular unsecured credit cards.
If you require credit-building tools, that means your credit score may not be at its best. The convenience of the OpenSky Plus is that credit checks are not required, and the card reports your monthly payments to the three major credit bureaus. OpenSky also offers a traditional secured credit card: the OpenSky® Secured Visa®.
The major difference between the two is that the basic secured card has an annual fee, and the OpenSky Plus does not. However, both offer a chance to upgrade to an OpenSky Gold Unsecured Card after six months of responsible use.
Applied Bank® Secured Visa® Gold Preferred® Credit Card
Applied Bank® Secured Visa® Gold Preferred® Credit Card
Applied Bank® Secured Visa® Gold Preferred® Credit Card
- 9.99% Fixed Rate Regular Purchase APR
- 9.99% Fixed Rate Cash Advance APR
At a Glance
The Applied Bank® Secured Visa® Gold Preferred® Card offers those with limited credit history or a poor credit score the chance to receive a full-fledged Visa card without the need for a credit check. The card also boasts and impressively low fixed APR on purchases and cash advances – all for the modest annual fee of $48.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Better than Prepaid...Go with a Secured Card! Load One Time - Keep On Using
- Absolutely No Credit Check or Minimum Credit Score Required
- Automatic Reporting to All Three National Credit Bureaus
- 9.99% Low Fixed APR - Your Rate Won’t Go Up Even if You Are Late
- Activate Today with a $200 Minimum Deposit - Maximum $1,000
- Increase Your Credit Limit up to $5,000 by Adding Additional Deposits Anytime
- Regular Purchase APR: 9.99% Fixed Rate
- Cash Advance APR: 9.99% Fixed Rate
- Cash Advance Transaction Fee: Either $5 or 5% of the amount of each cash advance, whichever is greater
- Annual Fee: $48
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $38
- Return Payment Penalty Fee: Up to $38
- Minimum Deposit Required: $200
- You have bad credit, limited credit, or no credit history at all
- You want a card that automatically reports to all the major credit bureaus
- You are tired of spending money on reloadable prepaid cards
- You can make a minimum deposit of at least $200
The Applied Bank Secured Visa Gold Preferred Mastercard has the highest credit limit on our list, coming in at a minimum of $200 to $5,000. The higher credit limit offers the possibility of making a more influential positive impact on your credit score with responsible use of the card. It can also considerably increase your credit utilization ratio, which is an important factor in calculating your credit score. The secured card does have a modest annual fee, but it also has one of the lowest fixed rates on our list.
Once your credit has improved, you can move up and apply for the Applied Bank® Unsecured Classic Visa® Card. It has a $300 unsecured credit line, which makes for an easy-to-manage credit card account – especially if you struggle with overspending. A smaller budget, with a $300 unsecured credit card, may be a better choice for your finances.
Final tip: Always keep credit utilization in mind. If you have a $300 credit on any credit card, you should only use up to 30% of your credit limit. In this example, 30% of $300 is equal to $90. You can use the Applied Bank Secured Visa Gold Preferred Mastercard – or any of the other picks on this list – as a stepping stone to the higher-end credit cards you look forward to having.
Related Article: Why Secured Credit Cards Help Build Credit
