The Forbes Advisor editorial team is independent and objective. The cards on this list are free of hidden fees, which is why we chose them.
Some secured credit cards charge an application fee and an annual fee, and many charge a monthly maintenance fee. Also make sure to check for fees and especially hidden fees in the fine print. Check for fees and read the fine print.Every card on this list reports your payments and balances to the credit bureaus, so make sure to start your search with cards we’ve profiled. The value in obtaining a secured credit card should be building credit, which is why making sure your card reports your credit movements to the three credit bureau agencies is so important. Make sure any card you’re considering reports to the three credit bureaus.A small upfront deposit could be important if you don’t have much spare cash around. Also check for minimum deposit amounts since some cards let you get started with a smaller collateral deposit upfront. Any upfront fees you have to pay will eat away at your initial credit limit bank deposit and force you to start your credit building journey with less money on your credit line. While some secured credit cards charge an annual fee, we suggest looking at a secured card that doesn’t charge any fees first, like most of the cards listed above. Cardholders also have access to their FICO credit scores. Bank of America will periodically review accounts for the return of the security deposit and could approve graduation to a non-secured account. Other Benefits and Drawbacks: A minimum security deposit of $300 is required to open this account, and deposits can be as high as $4,900. Earn 3% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1% Rewards: 3% cash back in your category of choice: gas, online shopping, dining, travel, drug stores or home improvement/furnishings 2% cash back at grocery stores and wholesale clubs unlimited cash back on all other purchases. For those with spending habits that change regularly or who want to have some extra control over rewards earning, this card could be a good choice. The Bank of America® Customized Cash Rewards Secured Credit Card * offers a unique twist on earning rewards: Each cardholder can choose their own bonus cash back category. ¡Hablamos Español! Nuestros representantes de servicio al cliente hablan Español con fluidez para su conveniencia.Get a fresh start! A discharged bankruptcy still in your credit bureau file will not cause you to be declined.Nationwide program available in all 50 US states *See Card Terms.Just Pay Off Your Balance and Receive Your Deposit Back at Any Time.Credit Line Secured by Your Fully-Refundable Deposit of $200 - $2,000 Submitted with Application.Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History.Good for Car Rental, Hotels Anywhere Credit Cards Are Accepted!.Full-Feature Platinum Mastercard® Secured Credit Card Try our new Mobile App for Android users!.Includes Free Real-Time Access to Your Credit Score and Ongoing Credit Monitoring powered by Experian.Quick and Complete Online Application No credit inquiry required!.No Credit History or Minimum Credit Score Required for Approval.Receive Your Card More Quickly with New Expedited Processing Option.Click “Apply Now” to see terms and conditions.Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.NEW! Discover helps remove your personal information from select people-search websites.Plus, earn unlimited 1% cash back on all other purchases – automatically. Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter.Automatic reviews starting at 7 months to see if we can transition you to an unsecured line of credit and return your deposit.Bank information must be provided when submitting your deposit, and the security deposit equals your credit limit. Or a $500 deposit for a $500 credit line. That means a $200 deposit for a $200 credit line. Establish your credit line by providing a refundable security deposit of at least $200.No Annual Fee, earn cash back, and build your credit with responsible use.
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