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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
Chime Credit Builder Secured Visa® Credit Card
Chime Credit Builder Secured Visa® Credit Card
- See Terms Regular Purchase APR
- See Terms Cash Advance APR
At a Glance
The Chime Credit Builder Visa® Secured Credit Card is a credit-builder product from Chime – a fintech that offers an assortment of financial products and services with no hidden fees. The secured card functions harmoniously with Chime’s other products and services, including their high-yield savings account.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee or interest
- No credit check performed when applying
- No minimum security deposit required
- Ideal for everyday purchases to help build credit with regular on-time payments
- Checking account required
- Regular Purchase APR: See Terms
- Cash Advance APR: See Terms
- Cash Advance Transaction Fee: $2.50 per transactio
- You're seeking to build your credit score
- You don’t want a credit check on your credit report
- You don’t want the hassle of a minimum security deposit
- You want access to high yield savings to help your money grow
- You don’t want to pay any additional fees
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
Self Visa® Credit Card
Self Visa® Credit Card
- 29.24% (Variable) Regular Purchase APR
At a Glance
The Self Visa® Credit Card is a secured credit card that pairs with an existing Self Credit Builder Account. The card has no formal approval process. Instead, hopeful consumers simply need to open a Self account and save over $100 to fund the secured Visa account.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Make at least 3 monthly payments on time, have $100 or more in savings progress in your Credit Builder Account, and be in good standing. Then, you’ll be eligible for the Self Visa Credit Card*, without a hard credit check
- Build credit and savings at the same time
- Start with a Credit Builder Account* that reports monthly payments to all 3 major credit bureaus
- At the end of your plan, unlock the savings you built — minus interest and fees
- The Self Visa® Credit Card* is accepted at millions of locations in the U.S.
- *All Credit Builder Accounts made by Lead Bank, Member FDIC, Equal Housing Lender, Sunrise Banks, N.A. Member FDIC, Equal Housing Lender or SouthState Bank, N.A. Member FDIC, Equal Housing Lender. Subject to ID Verification. Individual borrowers must be a U.S. citizen or permanent resident and at least 18 years old. Valid bank account and Social Security Number are required. All loans are subject to consumer report review and approval. All Certificates of Deposit (CD) are deposited in Lead Bank, Member FDIC, Sunrise Banks, N.A., Member FDIC or SouthState Bank, N.A., Member FDIC. The Self Visa® Credit Card is issued by Lead Bank, Member FDIC, Equal Housing Lender or SouthState Bank, N.A., Member FDIC, Equal Housing Lender. Individual results will vary. Visit self.inc for more details.
- Regular Purchase APR: 29.24% (Variable)
- Annual Fee: $25
- Late Payment Penalty Fee: Up to $15
- Return Payment Penalty Fee: Up to $15
- You're serious about raising your credit score
- You already have a Self Credit Builder Account
- You don’t mind the card's $25 annual fee
- You plan to pay your card balance in full every month
GO2bank Secured Visa Credit Card
GO2bank Secured Visa Credit Card
- 22.99% Regular Purchase APR
- 26.99% Cash Advance APR
At a Glance
The GO2bank Secured Visa Credit Card is a basic secured credit card that offers decent value for its no annual fee. The card features a low deposit requirement, fixed APR, and the Visa payment network’s purchasing power.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- No credit check to apply
- Fixed-rate APR on purchases
- Regular Purchase APR: 22.99%
- Cash Advance APR: 26.99%
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: Up to $20
- Minimum Deposit Required: $100
- You have limited credit history but want to establish good credit habits
- You don’t have the money for a significant security deposit
- You prefer mobile banking over branches
- You do't want to pay an annual fee
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The information related to Citi® Secured Mastercard® has been collected by BestCards.com and has not been reviewed or provided by the issuer or provider of this product or service.
How Does a Secured Credit Card Work?
If you have no credit history or you’ve had some issues with finances in the past, you may struggle to get approved for a credit card. Yet without one, it can be difficult to build or rebuild your credit score to qualify for future offers.Â
To break this cycle, many issuers offer secured credit cards for bad credit, which gives consumers a chance to work on their credit with less risk. In exchange for a cash deposit, secured cardholders gain a small credit line and occasionally a few other perks to help them boost their scores.Â
Secured Credit Cards vs Unsecured Cards
Most credit cards offer unsecured lines of credit, meaning they require no deposit for you to borrow against. Unsecured credit is risky for lenders – if you default on your account, they have no collateral to rely on to recoup the losses. Â
The most obvious difference between a secured credit card and an unsecured card, then, is the need for a security deposit. Generally, issuers hold onto this deposit for the life of the account and even use it to determine your credit limit. With the deposit lowering the overall risk to lenders, these cards become some of the easiest to apply for.Â
Some issuers require a deposit into a new bank account. For issuers you already have a relationship with, they may tie your secured card to an existing bank account. While tying the card to a current savings account may sound a lot like a debit card, this is not the case.
Since most applicants for secured cards have poor or little to no credit, these cards typically have higher interest rates as well. Some unsecured credit cards still market themselves to those with poor credit, but these usually impose high fees to offset the increased risk.  Â
Who Should Apply?Â
While anyone can apply for a secured credit card, they’re best suited to those in need of a credit boost. This includes consumers with previous financial troubles affecting their credit, as well as those with a thin credit history. Secured cards can also be useful to students who want to build a credit history, but aren’t ready to apply for an unsecured student credit card.  Like other credit cards, secured credit cards are available to anyone in the United States 18 years or older. If the issuer allows authorized users, you may be able to add someone to your card account under the age of 18.
Many secured credit cards are also available for people who are either in a bankruptcy, or have a bankruptcy in their past. Cards like the Oakstone Platinum Secured Mastercard® don’t discriminate based on credit history. Other cards, like the OpenSky Secured Visa, feature no credit check to apply – meaning bankruptcies are no problem at all!
Building Credit with Secured Cards
Building credit with a secured card is the same as with any other card, just with the safety net of a deposit and a smaller credit limit. First, you need to understand how a credit score is calculated, with FICO being the most popular model with lenders.
| FICO Scoring Factor | % of Score |
| Payment history/ late payments | 35% |
| Total amount owed on credit accounts | 30% |
| Average length of credit history | 15% |
| Types of credit accounts | 10% |
| New credit applications (hard inquiries) | 10% |
Payment History
Payment history makes up 35% of your FICO Score. Because payment history has the biggest impact on your score, its critical to pay your secured card statement on-time every month. Even one missed payment can lower your score. And, since late payments remain on a credit report for seven years, those late payments can still hurt you later in life.
Credit Utilization
Equally crucial to raising a credit score is how much you pay each month. Credit utilization – or the amount of your available credit you use – makes up another 30% of the FICO Score. Keeping your credit utilization below 10%, which is ideal, Will quickly boost a score.
Of course, not everyone can pay their balance in full every month, which is why secured cards like the Oakstone Platinum Secured Mastercard® is so impressive for those new to credit. Those planning of carrying balances should aim to keep their credit utilization below 30%. Keeping utilization below 30% helps build a credit score while reducing the amount of interest you’ll pay over time.
One of the best ways to keep credit utilization low is to only use the card for small purchases and incidentals. Only using a secured card for paying for things like drinks or snacks can help train you to use the card responsibly until you can move up to an unsecured credit card.
Secured Credit Card FAQs
Since secured cards are not what people usually think of when they imagine a credit card, lots of questions are sure to come to mind. Here are the most commonly asked questions about secured credit cards:
Many secured credit cards do not earn rewards. This is partially because secured cards are designed to help teach sound credit fundamentals and boost credit scores through on-time payments. The other major reason why most secured cards lack rewards is that most applicants place small initial deposits, so the credit limit isn’t sufficient for the kind of spending rewards cards require to be worthwhile.
That said, there are a handful of cards that require a security deposit and offer rewards. The most notable of these cards is the Discover It Secured. The card is like the Discover It chrome Card in that it earns 2% back on gas and dining.
It also comes with the same Discover Cashback Match after year one. The only difference with the secured version is that it requires a deposit of at least $200.
Two other secured cards with rewards are the SKYPASS Visa Secured Card and the LATAM Visa Secured Card. Both cards earn airline miles through purchases, with additional discounts on flights with Korean Air and LATAM, respectively.
As with other rewards credit cards, there are no limits to the total amount of points you can earn with a rewards secured credit card.
Getting more than one secured card might seem counterproductive, but it can quickly boost your credit score. More open credit accounts means the chance to add more on-time payments to your credit report. Multiple secured card accounts will also raise your available credit limit, allowing you to reduce your credit utilization rate. Those two factors comprise the majority of what makes up your FICO credit score.
Since these cards require a deposit that also acts as the credit limit, you can always increase your credit line with an additional deposit. Most issuers have rules about how credit limit increases occur. These may include applications, extra checks, or simply transferring more funds.
Banks and lenders usually require a minimum deposit of around $200 to open a secured account. Some credit unions need as little as $50, on the other hand. On the flip side, most secured cards have a maximum initial deposit of between $3,000 and $5,000.
Again, this amount differs based on the bank and type of secured card. Business secured cards, for instance, have much higher maximum despots – sometimes up to $35,000 or more.
The amount you deposit depends entirely on your unique situation. Those new to credit should start with a small deposit. Once they get the hang of paying the balance in full (and on time), they can increase their deposit as they wish.
Those with higher credit scores can use the flexible deposits on secured cards to quickly increase their available credit. This, in turn, can promptly decrease their credit utilization rate, leading to rapid increases in their credit score.
Like rewards, most credit cards that require a deposit do not earn interest on that deposit. Typically, deposits are held in a joint account by a card issuer. There the deposits sit until the cardholder either closes the account, or the bank claims the money due to non-payment.
Some credit union secured cards, however, do earn interest. While any interest cards accumulate will not be enough to retire on, it is still an excellent perk worth looking out for.
Yes. As with any other form of credit card, you can be denied a secured credit card. Despite the looser restrictions, card issuers wills till look at things like your employment, income, your payment history, and other relevant materials when you apply. If your credit history is full of late payments, you might struggle to get a secured card.
In those cases, unsecured cards like the Group One Platinum Card might make sense. These cards offer an unsecured line for credit for use in the Horizon outlet, which provides a wide selection of products, goods, gifts, and more. While not a Visa or Mastercard, they are still credit cards that report to the major credit bureaus. This can help you rebuild your credit with on-time payments.
No. While some secured credit cards from credit unions may offer a credit line increase after a history of on-time payments, there are no credit cards that offer a security deposit that can be paid over time.
There are no secured American Express credit cards. American Express and Chase are two of the largest card issuers that don’t offer secured credit cards.
- You must be 18 years or older to apply for a secured credit card
- Most credit card companies mail cards out with a timeframe of 7 to 10 business days before arrival. This is good rule to follow when expecting a new credit card in the mail, regardless of the issuer.Â
- The graduation period of a secured credit card differs from bank to bank. Some issuers, like Discover or Capital One provide graduation in a year or less, while others, like Merrick Bank, may increase your credit limit in as little as 7 months.
- Secured credit cards require a security deposit, typically between $200 to $5,000. Some card issuers offer deposits as low as $50, however, so shoip around if money is tight.
- There are no guaranteed credit cards, but a secured card is much easier to get than an unsecured credit card. This is because the security deposit doubles as the credit line, meaning you are more attractive to lenders.
- You can, yes, but it will only add a debit to your account balance and will not result in a negative credit utilization.
- You can’t pick up a secured credit card in Walmart, Target, or any other store. Secured credit cards require a credit application.  For this reason, you can’t purchase a secured card like you would a prepaid or gift card.
- You pay off a secured card in the same way as any other credit card: online or via the bank’s mobile app, or, where applicable, in branch.
- Paying off a secured credit card will just refresh the credit line. You will not receive your security deposit back unless you close the card account and have a $0 balance.
- Yes, at least for a soft inquiry. Most secured cards require a hard pull, or a full pull of your credit report. Some, however, do not require a credit check, such as the OpenSky Visa.
- In some cases, yes. Check the terms and conditions of every credit card before you apply to fully understand what transactions are allowed.
- No. You cannot go over your credit limit with a secured card. Trying to purchase something over your credit limit will result in the sale being denied.
- Most likely no – even if you apply in branch.
- No. A secured credit card is a loan, so the security deposit cannot be garnished for child support or other judgements.
- A secured credit card is a form of loan, a secured loan. But yes, you can still receive a loan with a secured credit card. In fact, if you are new to credit as secured cards can help you establish a new type of credit, helping to boost your credit mix.