Secured credit cards are a credit-building lifesaver when you have been not able to find a credit card due to poor or lack of charge. Even though you need to make a deposit (which is held as collateral), secured credit cards can’t just help you get a credit card but can also help you build or improve your credit score. Finding the ideal secured credit card with the best perks can be extremely tough if you do not know what is available. Here’s a list of the top 10 best secured credit cards for poor credit and distinctive characteristics of each one.
- Capital One Secured Credit Card
Though this secured credit card can cost you up to 22.9percent in interest, you might begin with a $200 credit limit by depositing as little as $49. As you establish your creditworthiness, they might improve your credit limit without needing a higher deposit. It’s a low, $29 annual fee.
- Citi Secured MasterCard
This card costs an 18.24% variable APR but only costs a $29 annual fee. Citi sets your deposit in an interest-bearing CD. This card even provides some of the perks of a conventional, unsecured card, such as retail purchase protection and car rental insurance.
- Digital Federal Credit Union Secured
This card has an APR of just 11.5percent and charges no yearly fee and no fee for cash advances. The DFCU doesn’t even charge a higher rate of interest on cash advances–a rare characteristic indeed.
- U.S. Bank Secured Visa
Although this card includes a purchase and balance transfer APR of 20.99%, it’s an annual fee of just $35 and no additional fees. Your deposit, which is from $300 to $5,000, is set in an interest-bearing savings accounts. Additionally, it provides advantages like car rental discounts and fraud protection.
- Wells Fargo Secured Card
This card, using its 18.99 APR, might not be the best for you in the event that you’ve got a habit of carrying a balance, but it hits a home run with it is low yearly fee of $25. With good payment history, Wells Fargo provides the choice to convert into an unsecured card.
- Applied Bank Platinum Zero Visa Card
Although this card has a $9.95 monthly maintenance fee, it doesn’t require a credit check and charges no monthly interest on purchases. It is perfect if you typically carry balances on your credit cards.
- Harley Davidson Secured Credit Card
This card costs a high 22.99% yearly fee but no additional fees. It’s a 24-day grace period and even gives rewards point for every $1 invested, which can be redeemable for gift cards.
- Navy Federal Rewards Secured Card
This card is intended for military personnel and their families and provides a low 8.99% APR and no annual fee! This card is one of the best choices if you qualify because it also rewards you for money spent. Following a year of great payments, the card could be converted into an unsecured credit card.
- USAA Secured Credit Card
This card can also be for military personnel and their families. You deposit from $250 to $5,000, and that is the amount of your credit limit. The deposit is put to a 2-year interest-bearing CD. It gives a low 9.39% interest rate and a $35 annual fee.
- 10. Unity Visa Secured Credit Card
This card includes a 6-month, 9.95% interest rate that switches to 17.99% after the introductory period. The $35 annual fee is the only fee you will pay. It is possible to deposit from $250 to $10,000.
If you choose to find a unique unsecured credit card, search for one with a low interest speed, low yearly fee, and one that puts your deposit into a interest-bearing savings account.