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Looking for a Secured Credit Card? Here Are Top Picks to Consider

When looking for a secured credit card, you’ll likely notice they aren’t very well-known for their variety. These offers tend to involve the same general features: security deposits used as collateral, high APRs, and low credit requirements.  

That’s because many issuers throw one secured card into their mix of low rate and rewards offers, almost as a sort of afterthoughtAfter all, secured cards are meant to be stepping stones toward their more popular unsecured counterparts. 

Other issuers, however, place a lot more emphasis on these credit-building cards by offering more than one option. This gives consumers the ability to find a secured credit card that best fits their circumstancesNot all consumers in need of credit building have the same financial goals and habits, so choosing the right card is essential.  

Who Offers the Best Secured Credit Cards?

Some secured cards are better suited for those with little-to-no prior credit history, while others help repair past credit mistakes. Two underrated issuers who seem to understand this well are First Progress and Green Dot. Both have multiple secured options with varying features and interest rates. Below we’ll explore what each of these issuers has to offer those looking for a secured credit card. 

First Progress Credit Cards

If you’re looking for a secured credit card to build credit, First Progress could be the way to go. This lender works with Synovus Bank to issue not just one, but three cards that require no prior credit history or minimum score to qualify. Since credit isn’t really a factor, the main differences that help determine which you should apply for are the interest rates and fees.  

The Platinum Elite Mastercard Secured Credit Card is the most like your average secured card, offering the highest APR of the three, but also the lowest annual fee. For those who believe they’ll consistently pay off their entire monthly balance, this could be the most low-cost option.  

First Progress Platinum Elite Mastercard® Secured Credit Card

No Credit History or Minimum Credit Score Required

First Progress Platinum Elite Mastercard® Secured Credit Card
  • Regular Purchase APR 19.99% variable based on the Prime Rate
  • Cash Advance APR 24.99% variable based on the Prime Rate
  • Annual Fee $29
  • Credit Needed Poor , No Credit Required
  • Processing Network Mastercard
Best Benefits
  • No Credit History or Minimum Credit Score Required for Approval
  • Quick and Complete Online Application
  • Full-Feature Platinum Mastercard® Secured Credit Card
  • 24/7 Online Access to Your Account
Rates & Fees
  • Regular Purchase APR: 19.99% variable based on the Prime Rate
  • Cash Advance APR: 24.99% 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 $40
  • Return Payment Penalty Fee: Up to $29
  • Minimum Deposit Required: $200

Add cards to start comparing.

  

On the other hand, the Platinum Prestige sits on the other end of the spectrum. This First Progress secured credit card boasts an APR much lower than you would get from other secured offers. The trade-off, of course, is a higher annual fee. Those who don’t want to risk accruing substantial interest if they need to carry a balance may find this larger fee well worth it in the long run.  

First Progress Platinum Prestige Mastercard® Secured Credit Card

No Credit History or Minimum Credit Score Required

First Progress Platinum Prestige Mastercard® Secured Credit Card
  • Regular Purchase APR 9.99% variable based on the Prime Rate
  • Cash Advance APR 18.99% variable based on the Prime Rate
  • Annual Fee $49
  • Credit Needed Poor , No Credit Required
  • Processing Network Mastercard
Best Benefits
  • No Credit History or Minimum Credit Score Required for Approval
  • Quick and Complete Online Application
  • Full-Feature Platinum Mastercard® Secured Credit Card
  • Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
  • 24/7 Online Access to Your Account
Rates & Fees
  • Regular Purchase APR: 9.99% variable based on the Prime Rate
  • Cash Advance APR: 18.99% 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 $40
  • Return Payment Penalty Fee: Up to $29
  • Minimum Deposit Required: $200

If you’re unsure which of these categories you might fall into, First Progress offers another alternative. The Platinum Select seems to be a happy middle ground between the two  both an interest rate and annual fee that’s not too high for that “just right” fit. 

First Progress Platinum Select Mastercard® Secured Credit Card

No Credit History or Minimum Credit Score Required

First Progress Platinum Select Mastercard® Secured Credit Card
  • Regular Purchase APR 13.99% variable based on the Prime Rate
  • Cash Advance APR 19.99% variable based on the Prime Rate
  • Annual Fee $39
  • Credit Needed Poor , No Credit Required
  • Processing Network Mastercard
Best Benefits
  • No Credit History or Minimum Credit Score Required for Approval
  • Quick and Complete Online Application
  • Full-Feature Platinum Mastercard® Secured Credit Card
  • Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
  • 24/7 Online Access to Your Account
Rates & Fees
  • Regular Purchase APR: 13.99% variable based on the Prime Rate
  • Cash Advance APR: 19.99% 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: $39
  • Foreign Transaction Fee: 3% of the transaction amount
  • Late Payment Penalty Fee: Up to $40
  • Return Payment Penalty Fee: Up to $29
  • Minimum Deposit Required: $200

Related Article: What are the best secured cards of 2020?

About: Leesa
Leesa Love

Leesa is a credit card explorer for BestCards.com. While not spelunking for APRs and hidden fees, she's most likely listening to a podcast or working on a superfluous DIY project.