Best Secured Credit Cards – Top 3 Secured Cards

What are the best secured credit cards? Listed are the top 3 secured cards to build credit fast.

The Three Best Secured Credit Cards

When it comes to poor or no credit, you may think that you have no way out. You don’t qualify for a traditional credit card, and a loan is out of the question. But, you’re certainly not alone, and there is a way out. You can safely build your credit and learn good financial habits with secured credit cards. Credit Fast has reviewed what we feel are the best secured credit cards. Are any of these top 3 secured cards we have chosen right for you?

A secured card comes with limitations or restrictions, so you don’t have to worry as much about overspending. It’s a great tool to help people with poor or no credit start to rebuild. If you’re not sure what secured credit cards are, this is for you. We’ll talk about secured credit cards, and then we’ll list the three best secured credit cards available.

Defining a Secured Credit Card

Simply put, a secured credit card is like a beginner credit card. You pay a deposit, and this deposit becomes your line of credit. So, if your initial deposit is $200, you have a $200 credit line. You can’t spend more than this deposit amount. If you do fail to pay your balance, the lender can keep your deposit.

This system makes secured cards a very low-risk option for the lenders. It’s exactly why people with bad or no credit can apply and receive them quite easily. Also, the secured cards typically come with higher interest rates than traditional credit cards. If you carry a balance from month to month, the lender profits because you’ll pay interest on your balance.

Low Fees is Why We Chose These Cards as the Top 3 Secured Cards

Some of the best secured credit cards have low annual fees. Some are higher, but you shouldn’t pay more than $50 for your card’s annual fee. Two of the Credit Fast picks for the top 3 secured cards have no annual fee. These low fee secured cards will save you money while you build or rebuild your credit.

Most large credit card issuers have a secured card or two. They hope that you use your secured card to build your credit. When your credit is high enough, they’re hoping you transfer to one of their unsecured cards. This gets more customers for the lenders, so it’s in their best interest to have good secured card options.

If you make your monthly payments on time for six to eight months, you may get a credit line increase. You will most likely have to call the lender and request it. Some credit card companies will increase your credit line automatically. They’ll look at your payment history and decide if you get your increase. You don’t want to stay on a secured card forever though.

Upgrade Your Secured Card to an Unsecured Card or Move On

Ideally, you should use the card responsibly for a year or a year and a half. Monitor your credit carefully during this time. Use this time to pay off any debts or dispute any errors. The healthier your credit history looks, the more lenders are going to want to work with you.

When you reach the point that your credit is good enough for an unsecured card, move on. First, ask your credit card issuer whether they can upgrade your secured credit card to an unsecured credit card. Doing this you can keep your same account open by simply doing a product change. Keeping the same account and credit card number is better for the age of accounts. Older well-maintained credit accounts are a positive reflection on your credit report.

Otherwise, pay off your balance, close your secured account, and get your new unsecured card. Be sure to ask where they’re going to send your deposit. Also, ask how long it’ll be before it’s in your hands. Use your new card responsibly and keep building up a strong credit history and score.

The Three Best Secured Credit Cards

Now that you know what a secured credit card is, Credit Fast will give you three good options. These mini-reviews will let you easily compare them side-by-side. You’ll be able to find out which one of these top 3 secured cards works the best for your situation. Our picks for the best secured credit cards to build credit fast include:

  • Capital One® Secured Mastercard®
  • Discover it® Secured Card
  • OpenSky® Secured Visa® Credit Card

1. Capital One Secured Card Mastercard

First up on our list of the best secured credit cards is the Capital One Secured card. This card comes with no annual fee. Also, your beginning credit deposit varies from $49, $99, and $200 for a $200 credit line. This will depend on your credit score when you apply for the card. After you make your first five payments on time, you can get a credit increase. The credit line caps at $3,000, which is high for this type of card.

This card is a MasterCard, so a variety of vendors accept it. It reports monthly to the credit bureaus. This card gives you free access to your FICO credit score through a service called CreditWise. People with credit scores ranging between 350 and 629 can benefit from having this card. This card comes with no foreign transaction fee, so you can use it if you travel.

It does come with a higher APR of 24.99%, and this is variable. You won’t get a 0% introductory period either with this card. But, you can avoid this fee by paying your balance in full each month. All in all, this is a solid option to help you improve your credit. It’s a basic card, but the no annual fee and flexible deposit amounts are huge bonuses.

2. Discover It Secured from Discover Card

Second on our list of the best secured credit cards is the Discover It Secured card. It stands out because it’s one of the very few secured options that gives cash back rewards. You’ll enjoy 2% cash back for restaurant and gas station purchases. This caps at $1,000 every three months, and then it starts over. However, you shouldn’t spend more than you can pay off each month because the APR is 23.99%.

You’ll also enjoy no annual fee, and it reports to all three credit bureaus. It comes with no foreign transaction fee, over limit fee, and no late fee on your first late payment. You should see your credit score climbing nicely if you use it responsibly. The minimum deposit starts at $200, and there is no flexibility with this price.

This card gives you free access to your FICO credit score. You can monitor your account and score online or from the app. It gives you access 24 hours a day, 7 days a week. It also comes with a Freeze It option. So this helps you prevent fraudulent purchases, balance transfers, and cash advances on misplaced or lost cards.

3. OpenSky Secured Visa

You don’t even need a bank account to apply and receive your OpenSky Secured Visa. It also gives you a flexible initial deposit. The deposit amount starts at $200, and it goes up to $3,000. This is great if you don’t have a lot of money on hand for your deposit. The lender allows you to send in your deposit four ways. A debit card will give you instant access, and mailing the deposit can take up to five days.

There is no hard credit check for this card either so your score won’t drop more. All you need is a stable job to apply, and you don’t need a credit history. The OpenSky Visa is an easy first credit card to get approved to help you build credit fast. It comes with a 25 day grace period for paying your bill. This makes it a great option if you’re learning how to manage your finances.

It also reports to the three credit bureaus each month. If you want to learn more about managing your finances, OpenSky can help. They offer free optional credit education to their customers. They’ll give you step-by-step credit building advice. This includes access to your credit score and how to dispute any errors.

These Best Secured Credit Cards Build Credit Fast Bottom Line

Building your credit score will take patience. It didn’t fall overnight, and it won’t go up overnight either. But, any one of the three best secured credit cards can help you build credit fast. You’ll learn how to use your card responsibly when you use it. You’ll be well on your way to having a healthier credit score when you choose the best secured credit cards.


CreditFast has reviewed the best secured credit cards on the market. Some of the credit card offers are from our advertising partners. CreditFast has objectively reviewed the features and benefits of each secured credit card. We have chosen credit card offers based on our editor’s recommendations.

Monica Kowollik

Director at CreditFast.com
Monica has covered credit card and personal finance news for over 15 years. From an early age, she developed an interest in financial literacy and saving money. Monica hopes to help others to improve their personal finances one article at a time.