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OpenSky® Plus Secured Visa® Credit Card
OpenSky® Plus Secured Visa® Credit Card
- 29.24% (Variable) Regular Purchase APR
- 29.24% (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: 29.24% (Variable)
- Cash Advance APR: 29.24% (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 on'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
Merrick Bank Double Your Line® Secured Credit Card
Merrick Bank Double Your Line® Secured Credit Card
- 21.95% Variable Regular Purchase APR
- 26.95% Variable Cash Advance APR
At a Glance
The Merrick Bank Double Your Line® Secured Credit Card is a useful tool for boosting your credit score thanks to its Double Your Line® feature. The card features a decent APR, and the chance at credit limit increases without making further cash deposits.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Put down $200, which becomes your credit line. Then, if you qualify, double your credit line to $400 without making another deposit
- Double your $200 credit line by making at least your minimum payment on time each month for the first 7 months your account is open
- 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: 21.95% Variable
- Cash Advance APR: 26.95% Variable
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
- Annual Fee: $36 the 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 seeking to establish credit for the first time
- You only have enough available funds for a small deposit
- You have credit problems or no credit history
- You want the chance of additional credit limits with no added deposit
First Progress Platinum Prestige Mastercard® Secured Credit Card
First Progress Platinum Prestige Mastercard® Secured Credit Card
- 14.49% variable based on the Prime Rate Regular Purchase APR
- 23.49% variable based on the Prime Rate Cash Advance APR
At a Glance
The Platinum Prestige Mastercard Secured Credit Card offers an excellent rate, robust Mastercard security, and the ability to rebuild or establish credit – all in one package.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 1% Cash Back Rewards on payments!
- No minimum credit history or credit score required
- Past credit issues shouldn’t prevent you from getting a credit card with great benefits & rewards!
- Accepted wherever Mastercard® is accepted, online and worldwide!
- Reports to all 3 major credit bureaus.
- Manage your statements, transactions & rewards on-the-go with the First Progress Card Mobile App!
- Regular Purchase APR: 14.49% variable based on the Prime Rate
- Cash Advance APR: 23.49% 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: $49
- 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're looking to rebuild a damaged credit score
- You plan to carry a balance
- You prefer the versatility of a credit card vs. a debit card or prepaid cards
- You want the freedom to use your card virtually anywhere worldwide
Merrick Bank Secured Credit Card
Merrick Bank Secured Credit Card
- 21.95% Variable Regular Purchase APR
- 26.95% 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: 21.95% Variable
- Cash Advance APR: 26.95% 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
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 don't want to pay an annual fee
You've viewed 5 of 55 credit cards
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.
What Are the Best Secured Credit Cards?
Here are our current picks for the best secured credit cards available today.
First Progress Platinum Elite Mastercard® |
Best for: No Credit CheckThe 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. |
OpenSky® Secured Visa® |
Best for: Building CreditThe OpenSky Secured Visa is a very enticing offer for those who want to boost their credit score quickly but are wary of the negative impact a hard inquiry might have. OpenSky gives everyone an opportunity to improve their credit with an 85% average approval rate for the past 5 years. Even better, you could be eligible for the OpenSky Gold Unsecured Card after as few as 6 months |
Self Visa® Secured Credit Card |
Best for: New to Credit
The Self Credit Builder Account and associated Secured Visa® Credit Card are an excellent combination for quickly building a positive credit history. Because the two accounts work together seamlessly, meeting the minimum requirements and paying on-time doubles the impact on your credit score.
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Merrick Bank Double Your Line® Secured Credit Card |
Best for: Graduating to UnsecuredThe Merrick Bank Double Your Line® Secured Credit Card is a useful tool for boosting your credit score thanks to its Double Your Line® feature. Pay a one-time $200 deposit (which acts as the credit line), make on-time payments for each of the first seven months, and you’ll automatically have their credit line raised to $400 – without the need for additional security deposits.
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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.
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