![]() ![]() You can earn 3% on the category of your choice, 2% cash back at grocery stores and wholesale club purchases, and 1% unlimited cash back on all other purchases. This option gives cardholders the opportunity to choose how you want to earn rewards. Bank of America’s Customized Cash Rewards Secured Credit Card took the fifth spot on our list for its zero-dollar annual fee, high credit limit, and rewards structure. Good for those who want a low annual fee and extensive rewards. Bank of America® Customized Cash Rewards Secured Credit Card Annual fee: $0 APR: 27.49% variable APR Security deposit: $200–$5,000 Our verdict But, if you use the card responsibly, you could get your deposit back and become eligible to upgrade to an unsecured credit card. For users who are looking for a little more spending power, this card may not be the best option. And users can raise their initial credit line by depositing more than the minimum amount, but only up to $1,000 maximum. Capital One’s Platinum Secured Credit Card made our list for its relatively low minimum deposit and zero-dollar annual fee. Good for those who are okay with a lower credit limit. Capital One Platinum Secured Credit Card Annual fee: $0 APR: 29.74% variable APR Security deposit: $49, $99, or $200 Our verdict ![]() What’s more-cardholders can earn 1% cash back Rewards on payment and manage transactions & rewards on-the-go with the First Progress Card Mobile App. At 14.49%, it’s almost 6% lower than the 20.40% average rate for most credit cards, according to the most recent figures from the Federal Reserve. The First Progress Platinum Prestige Mastercard® Secured Credit Card made our list for having one of the lowest APRs on our list. Good for those with bad credit who are on the hunt for a low APR. First Progress Platinum Prestige Mastercard® Secured Credit Card Annual fee: $0 APR: 14.49% variable APR Security deposit: $200–$2,000 Our verdict Bonus: this is a rewards card, so not only will you build credit, but you’ll have the opportunity to earn 1 rewards point for every dollar spent on your everyday purchases. A lower late payment fee could make this option a more attractive one for new-to-credit consumers who are working on establishing positive credit habits. First Tech’s secured credit card made our list for its lower APR, zero-dollar annual fee, and for having the lowest late payment fee on our list. Good for those who have a hard time making on-time payments. First Tech Platinum Secured Mastercard® Annual fee: $0 APR: 13.50%–18% variable APR Security deposit: $500–$25,000 Our verdict (Note: rates, fees, and account requirements are up to date as of March 21, 2023, but are subject to change.)Ģ. Some cards have higher deposit requirements, more lucrative rewards, and extra fees you want to be mindful of when choosing a card to add to your wallet. And, if you’re using a secured credit card to get your credit score back up to par, you’ll want to be extra selective about the tool you use to do that. Not all secured credit cards are created equally. _ The 10 best secured credit cards of March 2023 ( Read our full methodology here.)įirst Progress Platinum Prestige Mastercard® Secured Credit Cardīank of America® Customized Cash Rewards Secured Credit CardĬapital One Quicksilver Secured Cash Rewards Credit Card We weighed security deposits, annual fees, credit limits, rewards, and more. The Fortune Recommends TM editorial team reviewed close to 30 secured credit cards across various financial institutions. ![]() If you’re looking for a card to help you build or repair your credit, we’ll help make the decision a little easier. Because your lender has a financial cushion to fall back on in case you fail to make payments on your credit card, these credit cards usually have more lenient approval requirements. Secured cards are a type of credit card that have a lower barrier to entry because they require the cardholder to pay a security deposit that guarantees their line of credit. The good news: there are certain credit cards you may qualify for even if you have bad credit. Credit cards are a valuable tool for building up a positive credit history and repairing any damage your past actions may have had on your credit score. ![]()
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