Do you want to know which are the best secured credit cards for bad credit in the United States? From Responsible Economy, we show you a ranking with the main features of the best secured credit cards for people with a bad credit score. We hope this article can help you. Let’s get start!
10 best secured credit cards for bad credit
In this section, we will first show you a ranking with the best secured credit cards for bad credit, and then we will analyze each card in detail:
- Fees: $0
- Cashback: 1.5%
- Welcome bonus: $0
- Credit Score: No
- Fees: $0
- Cashback: 1%-5%
- Welcome bonus: up to $300
- Credit Score: 690-850
- Fees: 0
- Cashback: No
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: Up to 3%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $300
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 0%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: $35
- Cashback: 0%
- Initial deposit: $200
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 1,5%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
- Fees: 0
- Cashback: 1,5%
- Initial deposit: $200-$5,000
- Welcome bonus: No
- Credit Score: No
Capital One Quicksilver Secured Credit card
Here you a list con all features of the Capital One Quicksilver Secured Credit card for bad credit:
- Fees: The Quicksilver Secured Credit Card does not have any annual maintenance fees. This means that you will not have to pay a yearly fee to keep the card open. However, there are other fees associated with the card, such as a late payment fee of up to $35 and a foreign transaction fee of 3%. A late payment fee is charged if you do not make your payment on time. A foreign transaction fee is charged if you use the card to make a purchase in a foreign currency.
- APR: The APR for carrying a balance on purchases is 30.49%. This is a relatively high interest rate, so it is important to pay your bill in full each month to avoid interest charges. The APR is the annual percentage rate charged on unpaid balances. The higher the APR, the more interest you will pay on your debt.
- Cash back: The Quicksilver Secured Credit Card offers an unlimited 1.5% cash back on purchases. This means that you will earn 1.5% of the amount of each purchase you make as cash back. This is a good rewards rate, especially for a secured credit card. A secured credit card is a credit card that requires you to make a security deposit. The security deposit is used to guarantee your payments if you default on your debt.
- Minimum deposit: The minimum deposit to open the Quicksilver Secured Credit Card is $200. This is a relatively low minimum deposit, making the card accessible to people with limited credit history. A credit history is a record of your past borrowing and repayment behavior. Lenders use your credit history to assess your creditworthiness, which is their estimate of your ability to repay a loan.
- Welcome bonus: The Quicksilver Secured Credit Card does not offer a welcome bonus. This is a drawback, as many other credit cards offer welcome bonuses of up to $800. A welcome bonus is a gift card or cash bonus that you can earn for opening a new credit card and making certain purchases within a certain time period.
Overall, the Quicksilver Secured Credit Card is a good option for people with limited credit history who are looking for a card with no annual fee and unlimited 1.5% cash back. However, the high APR and lack of welcome bonus are drawbacks to consider.
Here are some additional things to keep in mind about the Quicksilver Secured Credit Card:
- The credit limit is based on the amount of the security deposit you make. This means that the higher your security deposit, the higher your credit limit will be.
- You must make at least the minimum monthly payment to avoid late payment fees. The minimum monthly payment is typically 2% of your outstanding balance.
- You can increase your credit limit by making timely payments and increasing your credit score. Your credit score is a number that lenders use to assess your creditworthiness. You can improve your credit score by making timely payments, keeping your credit utilization low, and avoiding hard inquiries.
Discover Secured Credit card
- Fees: The Discover It Secured Credit Card does not have any annual fees. This means that you will not have to pay a yearly fee to keep the card open. This is a great feature, as many credit cards charge annual fees.
- Cash back: The Discover It Secured Credit Card offers 2% cash back in restaurants and gas stations every quarter, up to a maximum of $1,000. This is a good rewards rate, especially for a secured credit card. A secured credit card is a credit card that requires you to make a security deposit. The security deposit is used to guarantee your payments if you default on your debt.
- Bonus: The Discover It Secured Credit Card offers a welcome bonus of 20% cash back match, up to $300. This means that if you earn $300 in cash back in the first year, Discover will match that amount and give you an additional $300. This is a great way to earn some extra cash back when you first open the card.
- Interest rate: The interest rate for the Discover It Secured Credit Card is 27.24% APR. This is a relatively high interest rate, so it is important to pay your bill in full each month to avoid interest charges. The APR is the annual percentage rate charged on unpaid balances. The higher the APR, the more interest you will pay on your debt.
- Credit score: The Discover It Secured Credit Card does not require a credit score to be opened. This means that anyone can get this card, even if they have bad credit or no credit history. This is a great way to start building or rebuilding your credit score.
Overall, the Discover It Secured Credit Card is a good option for people who are looking for a credit card with no annual fees, good cash back rewards, and a welcome bonus. However, it is important to be aware of the high interest rate and to pay your bill in full each month to avoid interest charges.
Bank of America Customized Cash Rewards Secured credit card
- Fees: The Bank of America Customized Cash Rewards Secured does not have any annual fees. This means that you will not have to pay a yearly fee to keep the card open. This is a great feature, as many credit cards charge annual fees.
- APR: The APR for the Bank of America Customized Cash Rewards Secured is 28.24%. This is a relatively high interest rate, so it is important to pay your bill in full each month to avoid interest charges. The APR is the annual percentage rate charged on unpaid balances. The higher the APR, the more interest you will pay on your debt.
- Cash back: The Bank of America Customized Cash Rewards Secured offers 3% cash back in your choice category, 2% cash back at grocery stores and wholesale clubs, and 1% cash back on all other purchases. This is a good rewards rate, especially for a secured credit card. A secured credit card is a credit card that requires you to make a security deposit. The security deposit is used to guarantee your payments if you default on your debt.
- Minimum deposit: The minimum security deposit to open the Bank of America Customized Cash Rewards Secured is $200. This is a relatively low minimum deposit, making the card accessible to people with limited credit history.
- Welcome bonus: The Bank of America Customized Cash Rewards Secured does not offer a welcome bonus. This is a drawback, as many credit cards offer welcome bonuses of up to $800. A welcome bonus is a gift card or cash bonus that you can earn for opening a new credit card and making certain purchases within a certain time period.
Overall, the Bank of America Customized Cash Rewards Secured is a good option for people who are looking for a credit card with no annual fees, good cash back rewards, and a low minimum deposit. However, it is important to be aware of the high interest rate and to pay your bill in full each month to avoid interest charges.
Here are some additional things to keep in mind about the Bank of America Customized Cash Rewards Secured:
- The credit limit you receive will depend on the amount of your security deposit, your income, and your capability to manage the established credit line.
- You can change your choice category for future purchases every month using Online Banking or the Mobile Banking App.
- This card is a good way to build or rebuild your credit score. By using the card responsibly and making on-time payments, you can slowly improve your credit score.
OpenSky Plus Secured Credit Card
- Fees: The OpenSky Plus Secured Credit Card does not have any annual fees. This means that you will not have to pay a yearly fee to keep the card open. This is a great feature, as many credit cards charge annual fees.
- APR: The APR for the OpenSky Plus Secured Credit Card is 29.74%. This is a relatively high interest rate, so it is important to pay your bill in full each month to avoid interest charges. The APR is the annual percentage rate charged on unpaid balances. The higher the APR, the more interest you will pay on your debt.
- Cash back: The OpenSky Plus Secured Credit Card does not offer any cash back rewards. This is a drawback, as many secured credit cards offer cash back rewards for purchases.
- Minimum deposit: The minimum security deposit to open the OpenSky Plus Secured Credit Card is $300. This is a relatively low minimum deposit, making the card accessible to people with limited credit history.
- Welcome bonus: The OpenSky Plus Secured Credit Card does not offer a welcome bonus. This is a drawback, as many credit cards offer welcome bonuses of up to $1,000. A welcome bonus is a gift card or cash bonus that you can earn for opening a new credit card and making certain purchases within a certain time period.
Overall, the OpenSky Plus Secured Credit Card is a good option for people who are looking for a secured credit card with no annual fees and a low minimum deposit. However, it is important to be aware of the high interest rate and to pay your bill in full each month to avoid interest charges.
Here are some additional things to keep in mind about the OpenSky Plus Secured Credit Card:
- Your credit limit will be determined based on the amount of your security deposit, your income, and your ability to manage the established credit line.
- This card is a good way to build or rebuild your credit score. By using the card responsibly and making on-time payments, you can slowly improve your credit score.
U.S. Bank Secured Visa Credit Card
Fees
- The U.S. Bank Secured Visa Credit Card does not have any annual maintenance fees. This means that you will not have to pay a yearly fee to keep the card open. This is a great feature, as many credit cards charge annual fees.
- The U.S. Bank Secured Visa Credit Card does charge some other fees, such as a balance transfer fee of 3% of the transfer amount or $5 minimum, whichever is greater, and a cash advance fee of 5% of the advance amount or $10 minimum, whichever is greater.
- The U.S. Bank Secured Visa Credit Card does not charge an overdraft protection fee.
- The U.S. Bank Secured Visa Credit Card charges a foreign transaction fee of 3% of each foreign transaction.
- The U.S. Bank Secured Visa Credit Card charges a late payment fee of up to $41 and a returned payment fee of up to $41.
APR
The APR for the U.S. Bank Secured Visa Credit Card is 29.24%. This is a relatively high interest rate, so it is important to pay your bill in full each month to avoid interest charges. The APR is the annual percentage rate charged on unpaid balances. The higher the APR, the more interest you will pay on your debt.
Cash back
The U.S. Bank Secured Visa Credit Card does not offer any cash back rewards. This is a drawback, as many secured credit cards offer cash back rewards for purchases.
Minimum deposit
The minimum security deposit to open the U.S. Bank Secured Visa Credit Card is $300. Your credit limit will be determined based on various factors, including the amount of your security deposit, your income, and your ability to manage the established credit line. This arrangement encourages responsible credit utilization and aids in gradually enhancing your financial standing.
Welcome bonus:
The U.S. Bank Secured Visa Credit Card does not offer a welcome bonus. This is a drawback, as many credit cards offer welcome bonuses of up to $1,000. A welcome bonus is a gift card or cash bonus that you can earn for opening a new credit card and making certain purchases within a certain time period.
Overall, the U.S. Bank Secured Visa Credit Card is a good option for people who are looking for a secured credit card with no annual fees and a low minimum deposit. However, it is important to be aware of the high interest rate and to pay your bill in full each month to avoid interest charges.
Here are some additional things to keep in mind about the U.S. Bank Secured Visa Credit Card:
- You can increase your credit limit by making timely payments and increasing your credit score.
- This card is a good way to build or rebuild your credit score. By using the card responsibly and making on-time payments, you can slowly improve your credit score.
Requirements to get secured credit cards for bad credit
The requirements to get secured credit cards for bad credit may vary depending on the card issuer, but in general, the following are common requirements:
- Age: Most issuers require applicants to be at least 18 years old.
- Residence: Applicants must be legal permanent residents of the United States.
- Income: Issuers may require applicants to have a minimum income, but in general, it is not necessary to have a good credit history to meet this requirement.
- Security deposit: Secured credit card issuers require applicants to make a security deposit, which is typically equal to the credit limit of the card. The deposit is used to secure the card payments in case the cardholder fails to pay.
Once you meet the requirements, you can apply for a secured credit card. The application process is similar to that of a traditional credit card, and it can generally be completed online or over the phone.
If you have bad credit, a secured credit card can be a good way to start building your credit history. By using the credit card responsibly and paying your balances on time, you can improve your credit score and eventually qualify for a traditional credit card with a higher credit limit.
Key points of secured credit cards for bad credit
Secured credit cards can be a good option for people with bad credit. They require a security deposit, but they can help build or rebuild a credit history.
Secured credit cards have some drawbacks, such as higher interest rates and lower credit limits. However, if used responsibly, a secured credit card can help improve your credit score within a few months.
When choosing a secured credit card, compare offers and choose one with a low interest rate and a reasonable credit limit. Use the credit card responsibly and make your payments on time to improve your credit score.
Pros and cons
We have created a table with advantanges and disadvantage of the secured credit cards for bad credit:
| Pros | Cons |
|---|---|
| Can help build or rebuild credit history | Typically have higher interest rates and lower credit limits |
| No credit check required | May require a security deposit |
| Can help you learn to manage credit responsibly | May have annual fees |
| Can be a good option for people with limited or no credit history | May have late payment fees and other fees |
Here is a more detailed explanation of each of the pros and cons:
Pros
- Secured credit cards can help build or rebuild credit history. When you use a secured credit card responsibly and make your payments on time, you can improve your credit score. A good credit score can help you qualify for better interest rates on loans, mortgages, and other forms of credit.
- No credit check required. Some secured credit card issuers do not require a credit check, which can make them a good option for people with limited or no credit history.
- Can help you learn to manage credit responsibly. Using a secured credit card can help you learn how to use credit responsibly, such as making your payments on time and not spending more than you can afford.
Cons
- Typically have higher interest rates and lower credit limits. Secured credit cards typically have higher interest rates than traditional credit cards. This is because the issuer is taking on more risk by issuing a card to someone with a poor credit history. Additionally, secured credit cards may have lower credit limits than traditional credit cards.
- May require a security deposit. A security deposit is typically required for a secured credit card. The amount of the security deposit will vary depending on the issuer and your credit history.
- May have annual fees. Some secured credit cards have annual fees. These fees can add up over time, so it is important to choose a card with no or low annual fees.
- May have late payment fees and other fees. Secured credit cards may have late payment fees and other fees. These fees can be costly, so it is important to make your payments on time and in full to avoid these fees.
Frequent questions
Here are some frequently asked questions about secured credit cards for bad credit:
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Updated the day 5 September, 2023 by Alfredo Barandiarán
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