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Secured Credit Cards Better Business Bureau Reliability Seal

The use of credit cards have become common practice for internet shopping, car rentals, travel reservations and so much more. Unfortunately, people that have had some past glitches in their credit history know how hard it can be to qualify for a credit card.

Secured credit cards give you the freedom of having a credit card, without the strict requirements of having to qualify for one. A secured credit card works differently than most credit cards. You must first make a cash payment, in advance, in order to use your secured credit card. After responsible use of the card, the secured credit card company will typically allow some credit without a deposit. This can ultimately improve your credit score and start improving your credit history.

Continue reading below reviews

2018

Secured Credit Card Reviews

5 stars
TopConsumerReviews.com Best-In-Class Blue Ribbon Award

USAA Secured Card® Platinum Visa®

USAA Eligibility Requirement: Today, USAA membership is only open to U.S. military service members, veterans who have received a discharge type of Honorable, and their eligible family members.
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3 stars

primor® Secured Visa Classic Card

Credit lines available from $200 to $5,000! Low fixed 13.99% interest rate on purchases - with no penalty rate!
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3 stars

primor® Secured Visa Gold Card

Credit lines available from $200 to $5,000! Super Low Fixed 9.99% interest rate on purchases - with no penalty rate!
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3 stars

Excent™ Secured Visa Blue Card

Build Credit History - Reports to all 3 nationwide credit bureaus
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3 stars

USAA Secured Card® American Express® Card

USAA Eligibility Requirement: Today, USAA membership is only open to U.S. military service members, veterans who have received a discharge type of Honorable, and their eligible family members.
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3 stars

UNITY® Visa Secured Credit Card

Unlike your Prepaid Card, UNITY Visa secured card can help you build your credit. Apply online in less than 5 minutes, and you could be approved today!
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3 stars

First Progress Platinum Elite MasterCard® Secured Credit Card

Fund your new MasterCard® secured credit card with your tax refund today!
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3 stars

First Progress Platinum Prestige MasterCard® Secured Credit Card

Fund your new MasterCard® secured credit card with your tax refund today!
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3 stars

First Progress Platinum Select MasterCard® Secured Credit Card

Fund your new MasterCard® secured credit card with your tax refund today!
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3 stars

OpenSky® Secured Visa® Credit Card

No credit check necessary to apply. OpenSky believes in giving an opportunity to everyone.
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Continued from above

All secured credit card companies work a little differently, so it's important to consider the following aspects:

  • Charges. What kind of charges can you anticipate with your secured credit card? Do they require an application fee? If so, how much?
  • Deposits. How much of a deposit does the secured credit card require?
  • Interest rates. What interest rate is charged on your outstanding balance with the secured credit card?

TopConsumerReviews.com has reviewed and ranked the best secured credit cards available today. We hope these reviews help you find the right secred credit card that meets your needs!

How a Secured Credit Card Can Help Rebuild Your Credit

If you've had some tough financial times you're probably experiencing a lot of hesitancy from creditors when it comes to approving your car or home loan application, a new credit card or even small business loan. Creditors want to see that you can spend responsibly and very importantly, that your monthly payments will show up on-time and as expected. There are several ways to improve your credit but obtaining a secured credit card is one place to start and here's why:

  • If your old credit cards have been closed, due to bankruptcy, poor spending or an erratic payment history, you'll have a hard time applying for a new one. Secured credit cards give almost anyone access to a Visa or MasterCard. The key to a secured credit card is a cash collateral deposit, typically the amount of credit you'll be granted, minus fees. However, once you've proven that you can spend responsibly, sometimes up to 12 to 18 months or less, these companies will upgrade the card to a more traditional line of credit. In turn, your new line of credit will appear on your credit history and will reflect positively.
  • Using your secured credit card wisely will improve your credit score and history as well as open doors to a better credit card in the future. One with fewer annual fees and a much lower interest rate. When you have one or more open credit cards, which reflect positive spending, it opens the door for additional creditors to lend for bigger ticket items.

Once you've obtained a secured credit card and a line of credit it's imperative you continue to prove your credit worthiness with the following steps:

  • Always, always, always make your monthly payment on time. Actually, shoot for at least a week before the due date to make sure any delays will not stop your payment from arriving on time. Making on-time minimum credit card payments consistently has a significant impact on your credit score and how future lenders will view your credit worthiness.
  • Don't exceed your credit limit even once. In fact, try to stay within a third of the available credit. Creditors are quick to report credit limit violations to the credit agencies and this will instantly stand out to future creditors. Utilizing only a portion of your available credit is most favorable. If at all possible, make attempts to pay off your balance each month to demonstrate responsible spending.

If you're working to improve your credit score start with a secured credit card and, from the start, make every effort to demonstrate responsible spending to earn and keep a line of credit. Payments must be sent early each month and avoid utilizing the full line of credit for best results.

 

The Pros and Cons of a Secured Credit Card

Liana Moran's secured credit card story is becoming more common. After graduating from Georgia Southern University in May of 2014, she landed a paid internship and decided it was time to get a credit card. For starters, the apartment she wanted to rent ...

Published:  Thu, 14 Jun 2018 17:00:00 GMT



How a Secured Credit Card Can Help Your Credit

One of the easiest ways to build credit and improve a credit score is to open a secured credit card. Whether you're young and new to credit, or are looking to improve your credit score because of past financial problems, a secured credit card can help.

Published:  Thu, 05 Apr 2018 09:04:00 GMT



What Is a Secured Credit Card

Secured credit cards enable virtually everyone to build (or rebuild) their credit by responsibly managing their secured credit card just like any other credit card. Best of all, many secured cards have low deposit requirements, and some even have a cash ...

Published:  Mon, 21 Aug 2017 13:00:00 GMT



Secured Credit Cards And What You Need To Know

This post was contributed by a community member. Do you have a poor credit history, or maybe no credit history at all If so, you know how hard it is to be approved for a credit card. Financial institutions usually extend credit cards to individuals with ...

Published:  Thu, 27 Jul 2017 05:05:00 GMT



What's the Difference Between Secured and Unsecured Credit Cards

"[Credit is a system whereby] a person who cannot pay gets another person who cannot pay to guarantee that he can pay." -- Charles Dickens As Charles Dickens describes it, credit sounds like a marvelous and miraculous thing. It doesn't quite work like ...

Published:  Fri, 25 Aug 2017 18:00:00 GMT



Finance 101: Secured Credit Cards

CHICOPEE, Mass. (Mass Appeal) - If you are looking to establish credit or control your debt, Todd Christian, financial counselor from Cambridge Credit, came to tell you about secured credit cards and the ChexSystem. We also discussed an event at ...

Published:  Wed, 23 Aug 2017 16:39:00 GMT



What's the Difference Between Secured and Unsecured Credit Cards

"[Credit is a system whereby] a person who cannot pay gets another person who cannot pay to guarantee that he can pay." -- Charles Dickens As Charles Dickens describes it, credit sounds like a marvelous and miraculous thing. It doesn't quite work like ...

Published:  Fri, 25 Aug 2017 18:00:00 GMT



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