Am I guaranteed approval for a secured credit card?

No, there’s no way to guarantee approval for any credit card, even a secured one. Even if you meet all of the criteria an issuer has set forth to the public, there’s still a chance your application will be denied. However, secured cards are designed to help people with poor credit or limited credit, so your chances of being approved are significantly higher than with an unsecured card.

How much should I deposit onto a secured card?

Many secured credit cards have designated minimums for deposits, usually around $200. They often have set maximums as well, often around $2,000-$5,000. When applying for a secured credit card, carefully evaluate your spending habits to determine how much to deposit. If you’re planning on only spending a small amount each month and then promptly paying it off, you can typically get away with the minimum deposit. On the other hand, if you’re a big spender, you may want to deposit a larger amount. The best practice is to keep your credit utilization ratio at 30% or lower, so if you tend to spend $300 per month, you should consider depositing $1,000 or more.

Why was my application for a secured card denied?

There are several reasons your application may be denied. Especially if you have dings on your credit history, like bankruptcy or a charge-off, you’re less likely to be approved. Some issuers automatically disqualify applicants with bankruptcies on their report, but not all do.

Can I get my security deposit back?

Assuming you close your account in good standing, meaning you’ve paid all outstanding balances before closing, your security deposit should be given back to you.

Can I increase my credit limit on a secured credit card?

Some credit card issuers will allow you to add more money to your security deposit, increasing your credit limit. Other issuers will evaluate your credit habits later on and will consider increasing your limit if they deem you a responsible card user. This varies from issuer to issuer, so check with your specific card issuer to see if you can increase your credit limit .

How do secured credit cards work?

A secured credit card is a type of credit card that requires a cash deposit to secure your credit line when you open the account. This deposit acts as collateral, so the issuer can use it if you miss payments. If you eventually close your account in good standing, your deposit should be refunded to you.

What banks offer secured credit cards?

Many banks offer secured credit cards, such as Wells Fargo, Citi, Capital One, U.S. Bank, and Bank of America. Smaller banks also typically offer secured card options.

9 Best Secured Credit Cards of November 2024

Earn 1.5% cash back on all purchases and 5% back on hotels and rental cars booked through the Capital One Travel platform.

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N/A

29.99% variable

No Credit History

The Capital One Quicksilver Secured Cash Rewards Credit Card gives individuals with bad credit a chance to earn generous rewards, and it doesn’t charge an annual fee.

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Give a refundable $200 security deposit to receive a $200 initial credit line
Use this card responsibly to help build credit
With $0 Fraud Liability, you won’t be responsible for any unauthorized charges
Opportunity to earn back your security deposit as a statement credit when you use your card responsibly, such as making payments on time
Automatically considered for a higher credit line in as little as 6 months with no additional deposit required
Use CreditWise from Capital One to monitor your credit score. It’s free for everyone

Can qualify with limited credit
No annual fee
Unlimited 1.5% cash back on all purchases

High APR
Limited cash back bonus categories
Requires a security deposit

Bottom Line

Especially for a secured card, this card offers a decent cash-back rate, so you can earn rewards while building your credit.

This card doesn’t earn any rewards.

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N/A

29.99% variable

No Credit History

The Capital One Platinum Secured card may not be a luxurious option, but it can help you in improving your credit score. One of the features that sets it apart from other secured cards is that you can potentially secure a $200 credit line by depositing as little as $49, depending on your credit history.

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Find out if you’re approved in seconds
Trying to build your credit? Responsible use of the Capital One Platinum Secured card can help
Start with a refundable security deposit of $49 to get an initial $200 credit line
Earn back your security deposit as a statement credit by using your card responsibly and making on-time payments
Be automatically considered for a higher credit line after just 6 months without needing an additional deposit
Have peace of mind with $0 Fraud Liability, so you’re not responsible for unauthorized charges
Monitor your credit score for free with CreditWise from Capital One
Access your account anytime with online banking and Capital One’s mobile app, available 24/7 on your desktop or smartphone

Easy approval
$49, $99 or $200 flexible security deposit opportunities
No annual fee

High variable APR
No rewards structure
Requires a security deposit

Bottom Line

For a secured card, the flexible deposit options and lack of an annual fee make this an attractive option for people with bad credit.

This card doesn’t earn any rewards.

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N/A

No Credit History

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To apply for Credit Builder, you must have an active Chime^® Checking Account.
The Chime Credit Builder Card is a secured credit card that can help consumers build credit history. It has no interest*, no annual fees, no credit check to apply, and no minimum security deposit required**
Help build your credit history with your own money. The money you move into the Credit Builder secured account is the amount you can spend on your card (no minimum deposit required). Turn on Safer Credit Building* and have your monthly balance automatically paid on time. Chime will report your activities to Transunion®. Experian®. and Equifax®.
Use your secured Credit Builder card everywhere VISA is accepted, including on everyday purchases, such as gas and groceries.
^{*No Interest: Out-of-network ATM withdrawal and OTC advance fees may apply. View The Bancorp agreement or Stride agreement for details; see back of card for issuer.}
^{**No Minimum Security Deposit: Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.}
^{The secured Chime Credit Builder Visa^® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.}
^{To apply for Credit Builder, you must have an active Chime^® Checking Account.}
^{***Safer Credit Building - On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion^®, Experian^®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.}

No annual fee
No credit check required to apply
No annual interest charges

No credit limit greater than your deposit
Need direct deposit account with Chime
No option to upgrade

Bottom Line

This card offers a good alternative for people to build or rebuild their credit but doesn’t earn rewards and may be confusing to use.

Earn 5% cash back on your first $2,000 in combined eligible purchases each quarter in two categories you choose and on eligible travel. Earn 2% cash back on eligible purchases in one everyday category you choose, and earn 1% cash back on all other eligible purchases.

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N/A

29.99% variable

Bad/Poor (300 - 580)

The U.S. Bank Cash+^® Secured Visa^® Card is a pretty solid secured U.S. Bank credit card to consider, and this card offers generous cash back rewards on all your spending. _{Note: All information for the U.S. Bank Cash+^® Secured Visa^® Card has been collected independently by LA Times Compare. The card details on this page have not been reviewed or provided by the card issuer.}

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Security deposit of $300 - $5,000 required
Choose your payment due date: Everyone’s schedule is different. So it’s handy to be able to pick when your payment is due.
0% Fraud Liability: You are not responsible for unauthorized transactions if your card is ever lost or stolen
Contactless payments: Pay with a tap. Your contactless card makes payments with a simple, single tap. Just look for the Contactless Symbol when checking out.
Mobile Wallet: Add the Cash+ Secured Visa card to your Mobile Wallet. Convenient and secure, you can pay with just a tap.
Autopay: Pay on time and avoid late fees by selecting an automatic payment option that best suits your budget.
ID Navigator Powered by NortonLifeLock™: Get tools that help keep you informed of threats that may affect your identity

Earn cash back on spending
No annual fee
Easy to get approved

High regular APR
Security deposit required
Charges 3% in foreign transaction fees

This card doesn’t earn any rewards.

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$25

N/A

29.24% variable

No Credit History

Unlike most secured cards that require you to make a large upfront deposit, the Self-Credit Builder Account with Secured Visa^® Credit Card allows users to skip that through its unique credit-building structure.

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Start with a Credit Builder Account, make at least 3 monthly payments on time, have $100 or more in savings progress in your Credit Builder Account, and be in good standing. Then, you’ll be eligible for the Self Visa^® Credit Card, without a hard credit check.
Your savings progress from your Credit Builder Account acts as your security deposit for your secured Credit Card.
No credit score or hard credit check is needed to get started.
Can pay as little as $25/month
Reports to all 3 credit bureaus.

^{Credit Builder Accounts & Certificates of Deposit made/held by Lead Bank, Sunrise Banks, N.A., SouthState Bank, N.A., First Century Bank, N.A., each Member FDIC. Subject to credit approval.}

^{Self Visa^® Credit Card issued by Lead Bank or SouthState Bank, N.A., each Member FDIC. See self.inc for details.}

^{*Sample loans: $25/mo, 24 mos, $9 admin fee, 15.92% APR; $35/mo, 24 mos, $9 admin fee, 15.97% APR; $48/mo, 24 mos, $9 admin fee, 15.72% APR; $150/mo, 24 mos, $9 admin fee, 15.88% APR. See self.com/pricing}

No upfront deposit
No credit score requirement
Contributes to credit mix

Can’t use the card immediately
Have to commit to 2 years of payments
Doesn’t earn rewards

Earn 1% cash back on payments.

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$49

N/A

15.24% variable

No Credit History

Many secured credit cards have high interest rates, but not the First Progress Platinum Prestige Mastercard^® Secured Credit Card. This card has a variable APR of as low as 15.24%— even lower than many unsecured cards.

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You can choose your own credit line, between $200 and $2000, based on your security deposit
This card reports to all 3 credit bureaus to help you build your credit.
There’s no minimum credit score required for approval!
Keep your balance low and pay your credit card bill on time every month to see an increase in your credit score.

Earns cash back
Lower APR than many cards

Has an annual fee
No intro APR offer

This card doesn’t earn any rewards.

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$29

N/A

25.24% variable

No Credit History

The First Progress Platinum Elite Mastercard Secured Credit Card is a great secured credit card option if you’re looking to build or rebuild your credit score. There is no minimum credit score required for applying for this First Progress Secured Credit Card, and you can easily apply online without a credit check.

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You can choose your own credit line, between $200 and $2000, based on your security deposit
This card reports to all 3 credit bureaus to help you build your credit.
There’s no minimum credit score required for approval!
Keep your balance low and pay your credit card bill on time every month to see an increase in your credit score.

Reports to all 3 credit bureaus
Free credit score access

Has an annual fee
Requires a security deposit

Earn up to 10% cash back on everyday purchases. OpenSky Rewards links offers from merchants directly to your card, allowing you to automatically earn cash back.

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$35

N/A

25.64% variable

No Credit History

The OpenSky Credit Card is a great starter card for those with bad or no credit history. It does not run a credit check or require a bank account, but it also offers up to an 85% approval rating. The card does charge a $35 annual fee, but that can be a worthy price for building your credit.

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Earn up to 10% cash back on everyday purchases
Find out instantly if you are approved, with no credit check required!
Build your credit with OpenSky. 2 out of 3 OpenSky cardholders increase their credit score by an average of 48+ points in 3 on-time payments
You can access your FICO score for free to monitor your credit progress.
Reports to all 3 major credit bureaus.
Easily add your card to your mobile wallet to make purchases using Apple Pay, Samsung Pay and Google Pay
Put down as little as $200 to secure your credit line with a refundable security deposit
Apply for OpenSky in less than 5 minutes right from your mobile device
Flexible payment due dates allow you to choose any available due date that fits your payment schedule
Fund your security deposit over 60 days with smaller partial payments

High approval rating
Doesn’t require a credit check
No bank account required

Has an annual fee
Minimum $200 security deposit required

Earn up to 10% cash back on everyday purchases. OpenSky Rewards links offers from merchants directly to your card, allowing you to automatically earn cash back.

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N/A

29.99% variable

No Credit History

The OpenSky Plus card is similar to the regular OpenSky card in the sense that it doesn’t require a credit check or a bank account. Unlike the regular OpenSky card, this card has no annual fee, but it also has a higher APR and higher minimum deposit.

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Earn up to 10% cash back on everyday purchases
Find out instantly if you are approved, with no credit check required!
Build your credit with OpenSky. 2 out of 3 OpenSky cardholders increase their credit score by an average of 48+ points in 3 on-time payments
You can access your FICO score for free to monitor your credit progress.
Reports to all 3 major credit bureaus.
Easily add your card to your mobile wallet to make purchases using Apple Pay, Samsung Pay and Google Pay
Put down as little as $300 to secure your credit line with a refundable security deposit
Apply for OpenSky in less than 5 minutes right from your mobile device
Flexible payment due dates allow you to choose any available due date that fits your payment schedule
Fund your security deposit over 60 days with smaller partial payments

No annual fee
Doesn’t require a credit check
High approval rating

Minimum $300 security deposit required
High APR

	Secured Card	Unsecured Card
Deposit required?	Yes	No
Credit line amount	Usually equal to the deposit	Determined based on creditworthiness
Accruing debt	Less chance of falling into debt	Easier to fall into debt
Chance of qualifying	Easier to qualify for	More difficult to qualify for

Choose a card.

Click the “learn more” button next to the card at the top of this page to find out more information about the card. Pay close attention to the rates, fees, terms, and conditions.

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Send in your application.

Click “apply now” to begin filling out an application. You’ll likely need to provide your income, name, address, date of birth, social security number, and more.

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Pay the deposit.

Once you’ve been approved, you’ll need to fund your security deposit before you can receive the card. You may be able to do this via a direct deposit but may need to send in a check, money order, e-transfer, or withdraw money from another credit card.

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Receive the card.

Once you’ve successfully funded the deposit, your card will be sent to you in the mail.

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Use the card responsibly.

Don’t spend too much and pay your credit card bill in full each month. This will help you to start building positive credit. There’s more info further down this page on how to best use your secured card.

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Upgrade your card.

The issuer may review your account after your credit score improves to consider upgrading it to an unsecured card. This could happen automatically, or you may need to request it. Alternatively, once your score has improved, you can consider applying for an unsecured card.

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Best secured credit cards of 2024: Editorial reviews

Capital One Quicksilver Secured Cash Rewards Credit Card

[ jump to details ]

For a secured credit card, The Capital One Quicksilver Secured Cash Rewards Credit Card is pretty good. It doesn’t have an annual fee and it lets you earn 1.5% cash back on all purchases you make (not many secured cards do that). The $200 security deposit required to open an account is also fully refundable. If you use your card responsibly, you may be able to get your deposit back and upgrade to one of the unsecured Quicksilver cards. You’ll also be automatically considered for a credit line increase after as little as 6 months, without having to make an additional deposit.

Capital One Platinum Secured Credit Card

The Capital One Platinum Secured card doesn’t earn any rewards but we like how you could potentially put down as little as $49 in a security deposit and get a $200 credit line from that (depending on your credit score). Most secured cards make your credit line the same amount as what your deposit is, so this is a good deal, in our opinion. It also doesn’t have an annual fee, unlike some other secured credit cards.

Chime Credit Builder Secured Visa^® Credit Card

The Chime Credit Builder Secured Visa^® Credit Card works differently than most secured credit cards. It doesn’t have a minimum deposit requirement, doesn’t charge an annual fee or interest, and doesn’t require a credit check. The whole process may seem a bit complex though, as they also require you to set up a banking account with Chime®. Overall, it provides an interesting option for people to build or rebuild their credit.

^{The secured Chime Credit Builder Visa^® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.}

U.S. Bank Cash+^® Secured Visa^® Card

Best for Cash Back Categories
The U.S. Bank Cash+^® Secured Visa^® Card is almost a carbon copy of the unsecured version (besides this one requiring a security deposit), meaning they share spectacular bonus categories for enhanced earning. If you’re not good at remembering to activate bonus categories, though, you may be better off with a simple, flat-rate cash-back card like the Capital One Quicksilver Secured.

^{All information for the U.S. Bank Cash+^® Secured Visa^® Card has been collected independently by LA Times Compare. The card details on this page have not been reviewed or provided by the card issuer.}

Self - Credit Builder Account + Secured Visa^® Credit Card

The Self-Credit Builder Account with Secured Visa^® Credit Card doesn’t require users to come up with a minimum security deposit. Instead, it works much like a credit builder loan; you make small monthly payments to “fund” a security deposit. It’s far more complicated than a traditional secured credit card but if you figure out how to use it, it can be an effective way to build your credit.

First Progress Platinum Prestige Mastercard^® Secured Credit Card

The First Progress Platinum Prestige card is a pretty good option when it comes to secured credit cards. It offers 1% cash back on all purchases, something not many cards on this list can claim. Unfortunately, much of that 1% back will go to helping you recoup part of the $49 annual fee. It also has a much lower APR than many cards out there, so if you tend to carry a balance, it could be a good option.

First Progress Platinum Elite Mastercard^® Secured Credit Card

You won’t earn any rewards with the First Progress Platinum Elite card, but it can help you rebuild your credit score. There’s no minimum required credit score and you may even qualify with a discharged bankruptcy on your account. It’s not the best secured card out there but it can provide a helpful stepping stone until you qualify for something better.

OpenSky^® Secured Visa^® Credit Card

You aren’t necessarily guaranteed approval on the OpenSky Secured Visa but your chances are pretty high. It boasts up to an 88% approval rating and doesn’t require a bank account or a credit check. The rewards structure of this card is pretty vague, but it’s a good option to help you build or rebuild your credit.

OpenSky^® Plus Secured Visa^® Credit Card

The APR and minimum deposit are both significantly higher on the OpenSky Plus card than the regular OpenSky card, but this one has no annual fee. If you’re willing to commit to putting down at least $300 and you’re consistent with paying off your credit card bill every month so you don’t accrue interest, this is a great option.

Best Secured Credit Card of November 2024

Our top secured credit card picks

Best for Cash Back

Capital One Quicksilver Secured Cash Rewards Credit Card

Card Details

Pros

Cons

Best Low Security Deposit

Capital One Platinum Secured Credit Card

Card Details

Pros

Cons

Best for Flexible Deposit

Chime Credit Builder Secured Visa® Credit Card

Card Details

Pros

Cons

Best for Cash Back Categories

U.S. Bank Cash+® Secured Visa® Card

Card Details

Pros

Cons

Best for No Upfront Deposit

Self - Credit Builder Account + Secured Visa® Credit Card

Card Details

Pros

Cons

Best for Low APR

First Progress Platinum Prestige Mastercard® Secured Credit Card

Card Details

Pros

Cons

Best for Rebuilding Credit After Bankruptcy

First Progress Platinum Elite Mastercard® Secured Credit Card

Card Details

Pros

Cons

Best for No Credit Check

OpenSky® Secured Visa® Credit Card

Card Details

Pros

Cons

Best for No Credit Check - No Annual Fee

OpenSky® Plus Secured Visa® Credit Card

Card Details

Pros

Cons

Best secured credit cards of 2024: Editorial reviews

Capital One Quicksilver Secured Cash Rewards Credit Card

Capital One Platinum Secured Credit Card

Chime Credit Builder Secured Visa® Credit Card

U.S. Bank Cash+® Secured Visa® Card

Self - Credit Builder Account + Secured Visa® Credit Card

First Progress Platinum Prestige Mastercard® Secured Credit Card

First Progress Platinum Elite Mastercard® Secured Credit Card

OpenSky® Secured Visa® Credit Card

OpenSky® Plus Secured Visa® Credit Card

What is a secured credit card?

Are secured credit cards good?

How does a secured credit card work?

Do secured credit cards build credit?

How fast will a secured card build credit?

Who should consider a secured credit card?

Secured credit card pros and cons

Differences between a secured vs unsecured credit card

Secured credit cards vs. debit & prepaid cards

How to apply for a secured credit card

Choose a card.

Send in your application.

Pay the deposit.

Receive the card.

Use the card responsibly.

Upgrade your card.

Do I get my deposit back with a secured credit card?

Using your secured card

How do payments work?

How to use a secured credit card to build credit

How do I close a secured credit card?

How can I change a secured credit card to an unsecured card?

Alternatives to secured credit cards

Chime Credit Builder Secured Visa^® Credit Card

U.S. Bank Cash+^® Secured Visa^® Card

Self - Credit Builder Account + Secured Visa^® Credit Card

First Progress Platinum Prestige Mastercard^® Secured Credit Card

First Progress Platinum Elite Mastercard^® Secured Credit Card

OpenSky^® Secured Visa^® Credit Card

OpenSky^® Plus Secured Visa^® Credit Card

Chime Credit Builder Secured Visa^® Credit Card

U.S. Bank Cash+^® Secured Visa^® Card

Self - Credit Builder Account + Secured Visa^® Credit Card

First Progress Platinum Prestige Mastercard^® Secured Credit Card

First Progress Platinum Elite Mastercard^® Secured Credit Card

OpenSky^® Secured Visa^® Credit Card

OpenSky^® Plus Secured Visa^® Credit Card