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What Are the Best Secured Cards for Rebuilding Credit?

When people want to rebuild their credit they usually look for personal loans to pay off debt or consolidate existing credit card balances. They may also consider using a credit repair service, or a credit reporting services. One credit repair route that they should consider carefully, however, is secured credit cards. Secured cards allow holders to boost their credit score and enjoy the purchasing power a real credit card. So, what are the best secured credit cards for rebuilding your credit?

The Best Secured Credit Cards for Repairing Your Credit Score

One of the most crucial aspects of rebuilding credit is creating a history of on-time payments and responsible use of credit products. While many might shy away from them, secured credit cards are an excellent option for those looking to bounce back from bankruptcy, default, or any other credit issues.

What Makes a Good Secured Credit Card?

When looking for a secured credit card for rebuilding credit, there are certain things to consider. First, note the minimum deposit. This deposit is what makes a secured card “secured.” The minimum deposit varies significantly and can make the difference between a good option or a bad one. Look for a secured card with a minimum deposit of $200. This deposit level makes the card much more affordable for those with limited access to funds.

Make Sure You Get Value for the Annual Fee

Second, pay close attention to the annual fee. Most secured cards charge an annual fee, but the cost differs significantly from issuer to issuer. Some cards charge a yearly fee of up to $100 but don’t look to spend more than $50 annually.

For a higher annual fee, expect some exceptional benefits. A good example of this is the Green Dot primor® Secured Visa® Gold Card. The card features an annual fee of $49, but don’t let that put you off. The card features a minimum deposit of just $200 – and that deposit earns interest. Even better, the card features a fixed APR of 9.99%, which is tough to match – for any credit card, for any credit score. This makes the $49 fee for the primor Gold a bargain, especially for those who need to carry a balance while rebuilding their credit.

Green Dot primor® Secured Visa® Gold Card

Earn Interest on Your Security Deposit

Green Dot primor® Secured Visa® Gold Card
  • Regular Purchase APR 9.99%
  • Cash Advance APR 18.99%
  • Annual Fee $49
  • Credit Needed Poor , No Credit Required
  • Processing Network Visa
Best Benefits
  • Credit lines available from $200 to $5,000! Super Low Fixed 9.99% interest rate on purchases - with no penalty rate!
  • No minimum credit score requirements! We invite all credit types to apply! No processing or application fees!
  • Helps strengthen your credit with responsible card use. Reports to three national bureaus
  • Fast, easy application process. Choose your credit line and open your Personal Savings Deposit Account to secure your line
  • See additional Green Dot primor® Visa® Gold Secured Credit Card details
Rates & Fees
  • Regular Purchase APR: 9.99%
  • Cash Advance APR: 18.99%
  • Cash Advance Transaction Fee: Either $5 or 5% of the amount of each cash advance, whichever is greater
  • Annual Fee: $49
  • Foreign Transaction Fee: 3% of each transaction in U.S. dollars
  • Late Payment Penalty Fee: Up to $29
  • Return Payment Penalty Fee: Up to $29
  • Minimum Deposit Required: $200

Add cards to start comparing.

  

Another card that fits into this category is the First Progress Platinum Prestige Mastercard® Secured Credit Card. The Platinum Prestige is a secured card that offers many of the same great features of the Green Dot primor Gold – including the same low APR (9.99% fixed) and reasonable annual fee ($49).

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

Get a Secured Card Without a Credit Check

Carrying a balance is not advisable for those trying to rebuild their credit score. And, while paying interest and keeping a balance is a reality for many people, if you do not have to – don’t. Those who will pay their statement balance in full each month can pay less attention to the APR, and more to the annual fee.

The Green Dot primor® Secured Visa Classic Card is one of the most popular secured cards on the market – and it’s easy to see why. The card features an annual fee of $39 and the usual purchasing power and security that comes from a full-fledged Visa credit card.

The real value of the primor Secured Visa Classic Card, however, comes from the fact that there is no credit check required to apply. No credit check means applying for the card will not hurt your credit score. This feature lets you build credit quickly – and without any initial harm to your credit score.

Green Dot primor® Secured Visa® Classic Card

Credit Limits From $200 to $5,000

Green Dot primor® Secured Visa® Classic Card
  • Regular Purchase APR 13.99%
  • Cash Advance APR 18.99%
  • Annual Fee $39
  • Credit Needed Poor , No Credit Required
  • Processing Network Visa
Best Benefits
  • Credit lines available from $200 to $5,000! Low fixed 13.99% interest rate on purchases - with no penalty rate!
  • No minimum credit score requirements! We invite all credit types to apply! No processing or application fees!
  • Helps strengthen your credit with responsible card use. Reports to three national bureaus
  • Fast, easy application process. Choose your credit line and open your Personal Savings Deposit Account to secure your line
  • See additional Green Dot primor® Visa® Classic Secured Credit Card details
Rates & Fees
  • Regular Purchase APR: 13.99%
  • Cash Advance APR: 18.99%
  • Cash Advance Transaction Fee: Either $5 or 5% of the amount of each cash advance, whichever is greater
  • Annual Fee: $39
  • Foreign Transaction Fee: 3% of each transaction in U.S. dollars
  • Late Payment Penalty Fee: Up to $29
  • Return Payment Penalty Fee: Up to $29
  • Minimum Deposit Required: $200

Summing It Up

Finding the ideal secured card to rebuild your credit can be challenging but paying attention to the tips provided can increase your chances significantly. Always take note of the annual fee, the minimum deposit, and the perks the card offers. For those who still need to carry a balance, prioritize the APR, and stick with a card that provides the lowest possible interest rates. For those who want to protect their credit score, a card like the OpenSky Visa Secured does not require a credit check. And for those in between, there is a great selection of credit card offers on our best secured credit cards listings page.

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

About: Cory

Cory is BestCards.com's "Jack of all trades" and resident rewards expert, covering all facets of the points game – especially travel, hotels, and airlines. In addition to credit cards, Cory finds that jogging, cats, and memes are essential parts of a balanced day.