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

Last updated on August 5th, 2020

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
  • Get a fresh start! A discharged bankruptcy still in your credit bureau file will not cause you to be declined
  • Quick and Complete Online Application; No credit inquiry required!
  • Full-Feature Platinum Mastercard® Secured Credit Card; Try our new Mobile App for Android users!
  • 24/7 Online Access to Your Account
  • Nationwide Program though not yet available in NY, IA, AR, or WI ** See Card Terms
  • Includes Free Real-Time Access to Your Credit Score and Ongoing Credit Monitoring powered by Experian
  • ¡Hablamos Español! Nuestros representantes de servicio al cliente hablan Español con fluidez para su conveniencia.
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
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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
  • Get a fresh start! A discharged bankruptcy still in your credit bureau file will not cause you to be declined
  • Quick and Complete Online Application; No credit inquiry required!
  • Full-Feature Platinum Mastercard® Secured Credit Card; Try our new Mobile App for Android users!
  • Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
  • 24/7 Online Access to Your Account
  • Nationwide Program though not yet available in NY, IA, AR, or WI ** See Card Terms
  • Includes Free Real-Time Access to Your Credit Score and Ongoing Credit Monitoring powered by Experian
  • ¡Hablamos Español! Nuestros representantes de servicio al cliente hablan Español con fluidez para su conveniencia.
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
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33% + Extra 10% off Hotel Stays Longer Than 7 Nights. OYO Hotels Offer Expires on Dec 12, 2021 See Details
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Bundle Sale: Get 35% off Tuffy Stereo Security Console and $75 off Alpine Radio. Morris 4x4 Offer Expires on Dec 12, 2050 See Details
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FREE Shipping and returns with any MOLECULE purchase. MOLECULE Offer Expires on Jan 01, 2099 See Details
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New Customers Offer - 15% off Your First Order of Contacts Plus Free shipping. Coastal.com Offer Expires on Jun 06, 2025 See Details
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50% off Starter Kits. Candid Offer Expires on Dec 12, 2050 See Details
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Shop New Textbooks with Free Shipping! AbeBooks Offer Expires on Jan 01, 2099 See Details
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Special Offer 49% Off an Annual Membership! Receive 12-Months for Only $59.95! ABCmouse.com Offer Expires on Jan 01, 2099 See Details
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Save 5% AVIS Offer Expires on Dec 12, 2030 See Details
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Receive up to 50% off hotels in addition to a 1% rebate CheckINN Direct Offer Expires on Dec 12, 2030 See Details

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
  • Get a fresh start! A discharged bankruptcy still in your credit bureau file will not cause you to be declined
  • Quick and Complete Online Application; No credit inquiry required!
  • Full-Feature Platinum Mastercard® Secured Credit Card; Try our new Mobile App for Android users!
  • Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
  • 24/7 Online Access to Your Account
  • Nationwide Program though not yet available in NY, IA, AR, or WI ** See Card Terms
  • Includes Free Real-Time Access to Your Credit Score and Ongoing Credit Monitoring powered by Experian
  • ¡Hablamos Español! Nuestros representantes de servicio al cliente hablan Español con fluidez para su conveniencia.
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
Credit Card Deals
card
Over 150,000 hotels in top destinations. Book now! Reservations.com Offer Expires on Jan 01, 2023 See Details
card
33% + Extra 10% off Hotel Stays Longer Than 7 Nights. OYO Hotels Offer Expires on Dec 12, 2021 See Details
card
Bundle Sale: Get 35% off Tuffy Stereo Security Console and $75 off Alpine Radio. Morris 4x4 Offer Expires on Dec 12, 2050 See Details
card
FREE Shipping and returns with any MOLECULE purchase. MOLECULE Offer Expires on Jan 01, 2099 See Details
card
New Customers Offer - 15% off Your First Order of Contacts Plus Free shipping. Coastal.com Offer Expires on Jun 06, 2025 See Details
card
50% off Starter Kits. Candid Offer Expires on Dec 12, 2050 See Details
card
Shop New Textbooks with Free Shipping! AbeBooks Offer Expires on Jan 01, 2099 See Details
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Special Offer 49% Off an Annual Membership! Receive 12-Months for Only $59.95! ABCmouse.com Offer Expires on Jan 01, 2099 See Details
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Save 5% AVIS Offer Expires on Dec 12, 2030 See Details
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Receive up to 50% off hotels in addition to a 1% rebate CheckINN Direct Offer Expires on Dec 12, 2030 See Details

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.